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2023-05-07

Blessed to have withnessed the Duo 🥰 #Buffetology #Mungerism

A Full Recap of Everything Warren Buffett and Charlie Munger Said at Berkshire’s Annual Meeting

2022-09-06

Short everything [Miser]

SPY: Making Money In A Bear Market (Technical Analysis)

2022-08-20

The Apes will Hodl with diamond hands no matter what despite having down 50%!

Ryan Cohen Just Dumped Bed Bath & Beyond. Could GameStop Be Next?

2022-08-19

just hold BBBY, it will hit to the moon! altho im down 50% for now

2022-08-17

Great article! I would like to share it.

Why Is Bed Bath & Beyond Stock Up 29% Tuesday?

2022-08-14

llittttt

How to Make 300% in the Stock Market Without Really Trying

2022-08-14

Great article! I would like to share it.

How to Make 300% in the Stock Market Without Really Trying

2022-05-01

thanks for the quick recap post!

Full Recap of Berkshire Hathaway’s Annual Shareholders Meeting Saturday

2022-04-28

number 7 and 9 are the same?

Tiger Chart｜10 Warren Buffett Quotes

2022-04-27

thanks author/admin for the effort of drafting this Post.

Tiger Chart｜The Warren Buffett & Berkshire Hathaway Timeline

2022-04-23

Great ariticle, would you like to share it?

Got $1,000? 5 Buffett Stocks to Buy and Hold Forever

2022-04-23

Happy World Book Day 2022!

@Tiger_Academy:Top 10 Books Recommended By Buffett

2022-04-18

Great ariticle, would you like to share it?

Alibaba: Munger Is Not The Thesis

2022-03-15

litt

Berkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday

Go to Tiger App to see more news

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to have withnessed the Duo 🥰 #Buffetology #Mungerism","listText":"Blessed to have withnessed the Duo 🥰 #Buffetology #Mungerism","text":"Blessed to have withnessed the Duo 🥰 #Buffetology #Mungerism","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947438788","repostId":"1128633960","repostType":2,"repost":{"id":"1128633960","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":1,"media_name":"Dow Jones","id":"1012688067","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1683417035,"share":"https://ttm.financial/m/news/1128633960?lang=&edition=fundamental","pubTime":"2023-05-07 07:50","market":"us","language":"en","title":"A Full Recap of Everything Warren Buffett and Charlie Munger Said at Berkshire’s Annual Meeting","url":"https://stock-news.laohu8.com/highlight/detail?id=1128633960","media":"Dow Jones","summary":"The Q&A session at Berkshire Hathaway’s 2023 annual shareholders’ meeting ended early on Saturday, a","content":"<html><head></head><body><p>The Q&amp;A session at Berkshire Hathaway’s 2023 annual shareholders’ meeting ended early on Saturday, after back-to-back three-hour sessions of questioning for the conglomerate’s management.</p><p>CEO Warren Buffett and vice chairmen Charlie Munger, Ajit Jain, and Greg Abel addressed queries from shareholders about Berkshire’s business performance, their thoughts on macroeconomic issues and the recent banking turmoil</p><p>Buffett, 92, and Munger, 99, sprinkled in genial anecdotes and grandfatherly advice for Berkshire’s younger shareholders. Attendance was high at this year’s so-called “Woodstock for Capitalists,” after a relatively muted 2022 confab following two year of virtual meetings during the Covid-19 pandemic.</p><p>Berkshire’s first-quarter results were released earlier on Saturday morning, showing a 12.6% rise in operating profit, to $8.1 billion, and a faster pace of buybacks compared with the fourth quarter of 2022.</p><h3>Berkshire Won’t Be Investing In Automakers, Buffett Says</h3><p>Berkshire Hathaway (ticker: BRK.A, BRK.B) isn’t likely to invest in shares of automakers like General Motors (GM) or Ford Motor (F), CEO Warren Buffett said at the company’s annual shareholders’ meeting on Saturday.</p><p>“Charlie [Munger] and I have long felt that the auto business is just too tough,” Buffett said, adding an anecdote about Henry Ford’s challenges in the industry in the early 1900s.</p><p>Buffett said that there are too many global competitors for the automaking business to generate attractive returns. It’s also in the midst of a transition to electric vehicles, which imposes huge capital costs and risks in the near term before it becomes clear which companies will be successful and which won’t.</p><p>Berkshire prefers the auto dealership business, where it owns 78 dealerships across the U.S. Those generate more than $8 billion in annual revenue, making Berkshire among the largest dealership groups in the U.S.</p><h3>Buffett Says Berkshire Remains On the Hunt for an ‘Elephant-Sized’ Acquisition</h3><p>Berkshire Hathaway (ticker: BRK.A, BRK.B) has nearly $130 billion in cash and Treasury bills on its balance sheet. There’s ongoing speculation about what the company might do with all that dry powder.</p><p>At Berkshire’s annual shareholders’ meeting on Saturday, CEO Warren Buffett said that he would rather do a deal for a large company than sit on the cash, earning interest, but that it all depends on the prices available. Things are generally expensive these days.</p><p>“If we could buy a company for $15 billion, $75 billion, $100 billion, we could do it,” Buffett said. He noted that it’s more complex to buy a publicly traded company due to the longer timeline, shareholder vote, and other rules. But there just aren’t that many private companies of that scale available.</p><p>Buffett spoke about opportunities that emerged during the global financial crisis in 2008, including deals to buy shares in several troubled banks at attractive prices, and said that he expects Berkshire to get similar calls in the future.</p><p>“There’s no one else quite like us who can [do a deal] under the right circumstances,” Buffett said.</p><p>In the meantime, Berkshire is earning close to 5% on its T-bills. It has also been buying stock in recent years.</p><h3>Cash Is Not Trash, Buffett Says</h3><p>Buffett is watching currency in circulation, calling it &#34;one of the most interesting figures&#34; to consider and calling out those who previously said &#34;cash is trash&#34; back in 2007 and 2008.</p><p style=\"text-align: start;\">&#34;The Federal Reserve balance sheet has gone from $800 billion to $2.2 trillion and most of that&#39;s in $100 bills overwhelmingly. … I would really like to know where all of that is,&#34; he said.</p><p style=\"text-align: start;\">&#34;Anyone who thinks cash is trash ought to look at the Federal Reserve balance sheet,&#34; he added. &#34;It is just astounding the way $100 bills have spread. … Believe me, cash is not trash.&#34;</p><h3 style=\"text-align: start;\">Buffett knocks down speculation Berkshire would take full control of Occidental</h3><p>Buffett said Saturday that Berkshire Hathaway won&#39;t take full control of Occidental Petroleum, the energy stock where it has amassed a stake above 20%.</p><p>&#34;There&#39;s speculation about us buying control, we&#39;re not going to buy control. … We wouldn&#39;t know what to do with it,&#34; he said.</p><h3 style=\"text-align: start;\">Buffett says he’ll stick with Bank of America</h3><p>Buffett says he’s keeping his Bank of America holdings <em>— </em>but that he doesn’t know what’s in store.</p><p style=\"text-align: start;\">“We do remain with one bank holding ... , but we originated that deal, with Bank of America. I like Bank of America, I liked the management and I proposed the deal for them. So I stick with it,” said Buffett.</p><p style=\"text-align: start;\">He said that the recent crises in the banking sector have reaffirmed his belief that the American public and lawmakers fail to understand the banking sector.</p><p style=\"text-align: start;\">“But do I know how to project out what’s going to happen from here? The answer is I don’t, because I’ve seen so many things in the last few months, which really weren’t that unexpected to me to see. But which reconfirmed my belief that the American public doesn’t understand our banking system.”</p><h3 style=\"text-align: start;\">It’s a joke to think of ‘tokens’ as the world’s reserve currency, Buffett says</h3><p>People may be losing faith in the dollar, but that doesn’t make it bitcoin’s moment to shine, Buffett said.</p><p style=\"text-align: start;\">“Forget about all the toys – it’s a joke to think of any tokens, that’s madness,” when it comes to the reserve currency of the world, he said. “But it’s also madness to just keep printing money.”</p><p style=\"text-align: start;\">Buffett was responding to a question about the current dedollarization trend and warned about the extent to which the U.S. has been printing money.</p><p style=\"text-align: start;\">“It’s easy for America to do a lot, but if we do too much it’s very hard to see how you recover once you’ve let the genie out of the bottle,” he said. “People lose faith in the currency and they behave in an entirely different manner than they do when they feel … they’re going to have something with roughly equal purchasing power. It changes the economy.”</p><p style=\"text-align: start;\">Munger criticized it more sharply, saying “at some point printing money to buy boats will become counterproductive.”</p><p style=\"text-align: start;\">Still, Buffett stood by the dollar: “We are the reserve currency, I see no option for any other currency to be the reserve currency,” he said.</p><p style=\"text-align: start;\">Bitcoin gained popularity among investors in 2021 because of its potential to act as an inflation hedge, after the U.S. printed trillions of dollars in Covid-19 stimulus. Many have let go of that narrative after bitcoin dropped more than 60% in 2022 amid persistently high inflation.</p><h3>Buffett Says Streaming Remains a Challenging Business, Sticks With Paramount</h3><p>CEO Warren Buffett addressed Berkshire Hathaway’s (ticker: BRK.A, BRK.B) investment in Paramount Global (PARA) at the company’s annual shareholders’ meeting in Omaha on Saturday. The media company is in the midst of an expensive transition from legacy businesses in cable TV and movies to a streaming future.</p><p>Paramount shares dropped 28% on May 5 following a disastrous quarterly earnings report that included a large loss and a slash to the company’s dividend.</p><p>“It’s not good news when any company cuts its dividend dramatically,” Buffett said.</p><p>He noted that the streaming business remains challenging, with numerous competitors keeping prices low. It’s easy to cancel a streaming subscription and hop to a competing service.</p><p>“There are a bunch of companies who don’t want to quit,” Buffett said. “Who knows what will happen with pricing.”</p><p>Berkshire became the largest holder of Paramount stock last year, with a stake of around 15%. Shares are down by about half since Berkshire began buying in the first quarter of 2022.</p><h3>Buffett Faults Bank Risk Taking, Calls for More Active FDIC</h3><p>Berkshire Hathaway (ticker: BRK.A, BRK.B) CEO Warren Buffett sees excessive risk taking at banks as the root of the 2023 banking turmoil. He called for more conservative banking practices and better communication from regulators at Berkshire’s 2023 annual shareholders’ meeting.</p><p style=\"text-align: start;\">“The situation in banking is what it always was,” Buffett said. “Fear is contagious. Sometimes the fear is justified, sometimes it isn’t.” Buffett recalled that his father, Howard Buffett, lost his job during a bank run in the Great Depression.</p><p style=\"text-align: start;\">Buffett praised the Federal Deposit Insurance Corp. for the greater stability of the banking system offered by the regulators’ deposit insurance, but said that it needed to better communicate with the American public to prevent further potential bank runs and potentially consider guaranteeing 100% of deposits until the current turmoil has passed. That’s especially relevant today, when digital banking makes deposits less “sticky,” he said.</p><p style=\"text-align: start;\">Buffett faulted management at First Republic Bank—which was shut down by the Federal Deposit Insurance Corp. last month before its takeover by JPMorgan Chase (JPM)—for concentrating its balance sheet in low-yielding assets that lost value as interest rates rose over the past year.</p><p style=\"text-align: start;\">Buffett placed signs reading “Available for Sale” and “Held-to-Maturity” on the table in front of him and Charlie Munger, Berkshire’s vice chairman, to laughs from the audience. Those are terms that refer to the accounting treatment of securities on a bank’s balance sheet.</p><p style=\"text-align: start;\">“I’m old fashioned,” Munger said. “I liked it when banks didn’t do investment banking…I think having a lot of investment bankers trying to get rich isn’t a good thing. I think bankers should be more like engineers, thinking about what could go wrong.”</p><h3>Abel Says He’ll Continue Buffett’s Approach to Share Buybacks</h3><p>Berkshire Hathaway’s (ticker: BRK.A, BRK.B) vice chairman Greg Abel, Warren Buffett’s appointed successor as CEO, will continue to buy back stock when it appears cheap and the best use of the conglomerate’s cash.</p><p>Berkshire bought back $4.4 billion of stock in the first three months of 2023, up from $2.6 billion in the fourth quarter of 2022.</p><p>“Greg understands capital allocation as well as I do…and I expect he’ll make those decisions under the same framework that Charlie and I do,” Buffett said.</p><p>Buffett is all about intrinsic value, and seeks to buy back Berkshire stock when its price falls below that estimate. He has praised companies like Apple (AAPL) for using excess capital to repurchase shares. He has also criticized management teams for buying back their company’s stock at inflated prices in the past.</p><p>“When the opportunity presents itself, we’ll want to be an active purchaser of Berkshire shares,” Abel said. “It’s great for our shareholders to be able to own a larger share in all of Berkshire’s businesses.”</p><h3>Insurance Profits Are Up at Berkshire, But Jain Worries About a Florida Hurricane</h3><p>Pricing is strong and improving in catastrophe insurance after a tough decade and a half for the category, Berkshire Hathaway’s (ticker: BRK.A, BRK.B) vice chairman in charge of insurance operations Ajit Jain said at the company’s annual shareholders’ meeting on Saturday. Those are policies that insure homes and businesses against natural disasters including earthquakes and hurricanes.</p><p style=\"text-align: start;\">That has helped to drive better underwriting profits at Berkshire’s reinsurance businesses.</p><p style=\"text-align: start;\">Jain warned that the company’s exposure was “unbalanced,” however, with particularly large concentration in Florida. Across all of Berkshire’s insurance operations, the conglomerate could see a loss of up to $15 billion if there’s a majorly destructive hurricane in Florida this year—if there isn’t, it could mean a profit of up to $7 billion, Jain estimated.</p><p style=\"text-align: start;\">Jain said that the recently acquired insurer Alleghany, which Berkshire bought last year for about $11.6 billion, would continue doing business as it had before the deal.</p><p style=\"text-align: start;\">“We treat our operating units independent of each other,” Jain said. “Alleghany will keep doing what they’re doing and they’ve been very successful at it.”</p><h3>Berkshire Hathaway Is Taking Part In the Energy Transition</h3><p>Berkshire Hathaway (ticker: BRK.A, BRK.B) CEO Warren Buffett and vice chairman Greg Abel addressed the conglomerate’s efforts to boost its participation in renewable energy generation at the conglomerate’s 2023 annual shareholders’ meeting in Omaha on Saturday.</p><p style=\"text-align: start;\">“There’s no question there’s an energy transition going on,” said Abel, who oversees Berkshire’s non-insurance businesses, including Berkshire Hathaway Energy. He said the utility company is working to reduce its carbon footprint by 50% in 2030 relative to 2005 levels.</p><p style=\"text-align: start;\">Berkshire Hathaway Energy is investing in windmills and other clean energy generation, plus extending transmission lines to more renewable energy sources, which by their nature are more distributed than traditional power plants.</p><p style=\"text-align: start;\">“It’s a very, very good business opportunity for us,” Abel added.</p><p style=\"text-align: start;\">Buffett said that the United States’ approach to renewable energy is overly fragmented, with different rules and regulations state by state and no society-wide organized effort. He drew a comparison to the World War II-era coordination between the federal government and American businesses to reorient the nation’s industrial economy to support the war effort.</p><p style=\"text-align: start;\">“The capital is there, the people are there, the objective is obvious, we just don’t seem to be able to do it in peacetime,” Buffett said.</p><h3>Buffett and Munger Disagree on the Future of Value Investing</h3><p>Legendary value investors Warren Buffett and Charlie Munger see divergent paths for value investors in the coming years. The Berkshire Hathaway (ticker: BRK.A, BRK.B) managers were responding to shareholders’ questions at the company’s annual meeting in Omaha on Saturday.</p><p style=\"text-align: start;\">“I think value investors are going to have a harder time now that there are so many of them competing for a diminished set of opportunities,” Munger said. “My advice to value investors is to get used to making less.”</p><p style=\"text-align: start;\">“Charlie has been telling me the same thing the whole time we’ve known each other,” Buffett said. The two first met over dinner in 1959.</p><p style=\"text-align: start;\">Buffett sees more opportunities than his long-time partner. “What gives you opportunities is other people doing dumb things,” he said. “...And there’s been a great increase in people doing dumb things.”</p><p style=\"text-align: start;\">The 92-year-old value investor noted that Berkshire’s current scale can be both an advantage and a disadvantage, with many potential opportunities too small to move the needle for the $719 billion conglomerate.</p><p style=\"text-align: start;\">A long-term investing horizon is still key to realizing value in investing, Buffett said. “I’d love to be born today, start out with not too much money, and turn it into a lot of money,” he said. “I’m sure Charlie would too.”</p><p style=\"text-align: start;\">“I’d like my big pile [of money] to stay just the way it is,” Munger quipped, to laughs from the crowd. He has a net worth of approximately $2.4 billion, according to Forbes.</p><h3>Buffett, 92, and Munger, 99 Aren’t Particularly Bullish on AI, Robotics</h3><p>A shareholder asked Berkshire Hathaway&#39;s Warren Buffett and Charlie Munger to share their thoughts on artificial intelligence and robotics and which businesses stood to be disrupted most. “I thank you for asking Charlie that question,” Buffett, 92, demurred.</p><p style=\"text-align: start;\">Munger, 99, noted that he was impressed by the level of automation at BYD (ticker: BYDDY) factories in Asia. But, “I think regular old intelligence works just fine,” Munger added.</p><p style=\"text-align: start;\">“There won’t be any AI that will replace Ajit [Jain, Berkshire vice chairman],” Buffett quipped. He went on to warn about the potential risks of AI technologies, drawing a parallel to the development of the atomic bomb.</p><h3>Buffett’s Vice Chairmen Discuss Berkshire’s Businesses</h3><p>Berkshire Hathaway CEO Warren Buffett kicked a question about the company’s subsidiaries’ performance to his deputies.</p><p style=\"text-align: start;\">Geico is coming off a strong first quarter, with an underwriting profit of $703 million, versus a loss of $178 million in the year-ago quarter.</p><p style=\"text-align: start;\">Ajit Jain, who oversees Berkshire’s insurance operations, said that Geico is working to close the gap with competitors on its employment of telematics, or usage-based insurance, which adjusts customers’ rates based on how they drive.</p><p style=\"text-align: start;\">“Geico’s technology needs a lot more work than I thought it would,” Jain said, noting that the company uses more than 600 distinct tech platforms.</p><p style=\"text-align: start;\">Greg Abel, who oversees non-insurance operations and is in line to succeed Buffett as CEO, spoke about BNSF. He said there was “more work to be done” on making the railroad more efficient and productive and that he was aware of most competitors moving to precision-scheduled railroading.</p><p style=\"text-align: start;\">2022 was a “reset” year for the business, Abel said, that will set it up for better long-term growth.</p><h3>Buffett Agrees With Regulators’ Decision to Protect Failing Bank Deposits</h3><p>The 2023 Berkshire Hathaway shareholders’ meeting’s first question had to do with the past few months’ banking-industry turmoil.</p><p style=\"text-align: start;\">CEO Warren Buffett said that regulators made the right decision to intervene to protect depositors at banks including Silicon Valley Bank, which failed in March.</p><p style=\"text-align: start;\">Had they not, “it would have been catastrophic,” Buffett said.</p><h3>Buffett Talks First-Quarter Results, Berkshire’s Balance Sheet, and Buybacks</h3><p>Berkshire Hathaway CEO Warren Buffett ran through the company’s first-quarter results, which were released on Saturday morning. The conglomerate’s operating profit after taxes was up almost 13% year over year, to $8.1 billion.</p><p style=\"text-align: start;\">Buffett attributed the gain to a higher return on the company’s stock portfolio, better interest income on its cash holdings, and a higher insurance underwriting profit.</p><p style=\"text-align: start;\">He continued with an overview of Berkshire’s balance sheet, noting that the company’s $504.5 billion in shareholders’ equity is more than any other American company. Berkshire’s insurance float—the difference between an insurance company’s cash collected from premiums and the claims it must pay out—stood at $165.1 billion at the end of the first quarter, while cash and Treasury bills were $127.7 billion. That’s a lot of ammo for potential acquisitions or interest income.</p><p style=\"text-align: start;\">Berkshire bought back about 9,600 class A shares in the first quarter, worth about $4.4 billion. That was faster than the first-quarter pace of buybacks, but slower than Berkshire’s repurchases in 2020 and 2021.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Full Recap of Everything Warren Buffett and Charlie Munger Said at Berkshire’s Annual Meeting</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Full Recap of Everything Warren Buffett and Charlie Munger Said at Berkshire’s Annual Meeting\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012688067\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-05-07 07:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The Q&amp;A session at Berkshire Hathaway’s 2023 annual shareholders’ meeting ended early on Saturday, after back-to-back three-hour sessions of questioning for the conglomerate’s management.</p><p>CEO Warren Buffett and vice chairmen Charlie Munger, Ajit Jain, and Greg Abel addressed queries from shareholders about Berkshire’s business performance, their thoughts on macroeconomic issues and the recent banking turmoil</p><p>Buffett, 92, and Munger, 99, sprinkled in genial anecdotes and grandfatherly advice for Berkshire’s younger shareholders. Attendance was high at this year’s so-called “Woodstock for Capitalists,” after a relatively muted 2022 confab following two year of virtual meetings during the Covid-19 pandemic.</p><p>Berkshire’s first-quarter results were released earlier on Saturday morning, showing a 12.6% rise in operating profit, to $8.1 billion, and a faster pace of buybacks compared with the fourth quarter of 2022.</p><h3>Berkshire Won’t Be Investing In Automakers, Buffett Says</h3><p>Berkshire Hathaway (ticker: BRK.A, BRK.B) isn’t likely to invest in shares of automakers like General Motors (GM) or Ford Motor (F), CEO Warren Buffett said at the company’s annual shareholders’ meeting on Saturday.</p><p>“Charlie [Munger] and I have long felt that the auto business is just too tough,” Buffett said, adding an anecdote about Henry Ford’s challenges in the industry in the early 1900s.</p><p>Buffett said that there are too many global competitors for the automaking business to generate attractive returns. It’s also in the midst of a transition to electric vehicles, which imposes huge capital costs and risks in the near term before it becomes clear which companies will be successful and which won’t.</p><p>Berkshire prefers the auto dealership business, where it owns 78 dealerships across the U.S. Those generate more than $8 billion in annual revenue, making Berkshire among the largest dealership groups in the U.S.</p><h3>Buffett Says Berkshire Remains On the Hunt for an ‘Elephant-Sized’ Acquisition</h3><p>Berkshire Hathaway (ticker: BRK.A, BRK.B) has nearly $130 billion in cash and Treasury bills on its balance sheet. There’s ongoing speculation about what the company might do with all that dry powder.</p><p>At Berkshire’s annual shareholders’ meeting on Saturday, CEO Warren Buffett said that he would rather do a deal for a large company than sit on the cash, earning interest, but that it all depends on the prices available. Things are generally expensive these days.</p><p>“If we could buy a company for $15 billion, $75 billion, $100 billion, we could do it,” Buffett said. He noted that it’s more complex to buy a publicly traded company due to the longer timeline, shareholder vote, and other rules. But there just aren’t that many private companies of that scale available.</p><p>Buffett spoke about opportunities that emerged during the global financial crisis in 2008, including deals to buy shares in several troubled banks at attractive prices, and said that he expects Berkshire to get similar calls in the future.</p><p>“There’s no one else quite like us who can [do a deal] under the right circumstances,” Buffett said.</p><p>In the meantime, Berkshire is earning close to 5% on its T-bills. It has also been buying stock in recent years.</p><h3>Cash Is Not Trash, Buffett Says</h3><p>Buffett is watching currency in circulation, calling it &#34;one of the most interesting figures&#34; to consider and calling out those who previously said &#34;cash is trash&#34; back in 2007 and 2008.</p><p style=\"text-align: start;\">&#34;The Federal Reserve balance sheet has gone from $800 billion to $2.2 trillion and most of that&#39;s in $100 bills overwhelmingly. … I would really like to know where all of that is,&#34; he said.</p><p style=\"text-align: start;\">&#34;Anyone who thinks cash is trash ought to look at the Federal Reserve balance sheet,&#34; he added. &#34;It is just astounding the way $100 bills have spread. … Believe me, cash is not trash.&#34;</p><h3 style=\"text-align: start;\">Buffett knocks down speculation Berkshire would take full control of Occidental</h3><p>Buffett said Saturday that Berkshire Hathaway won&#39;t take full control of Occidental Petroleum, the energy stock where it has amassed a stake above 20%.</p><p>&#34;There&#39;s speculation about us buying control, we&#39;re not going to buy control. … We wouldn&#39;t know what to do with it,&#34; he said.</p><h3 style=\"text-align: start;\">Buffett says he’ll stick with Bank of America</h3><p>Buffett says he’s keeping his Bank of America holdings <em>— </em>but that he doesn’t know what’s in store.</p><p style=\"text-align: start;\">“We do remain with one bank holding ... , but we originated that deal, with Bank of America. I like Bank of America, I liked the management and I proposed the deal for them. So I stick with it,” said Buffett.</p><p style=\"text-align: start;\">He said that the recent crises in the banking sector have reaffirmed his belief that the American public and lawmakers fail to understand the banking sector.</p><p style=\"text-align: start;\">“But do I know how to project out what’s going to happen from here? The answer is I don’t, because I’ve seen so many things in the last few months, which really weren’t that unexpected to me to see. But which reconfirmed my belief that the American public doesn’t understand our banking system.”</p><h3 style=\"text-align: start;\">It’s a joke to think of ‘tokens’ as the world’s reserve currency, Buffett says</h3><p>People may be losing faith in the dollar, but that doesn’t make it bitcoin’s moment to shine, Buffett said.</p><p style=\"text-align: start;\">“Forget about all the toys – it’s a joke to think of any tokens, that’s madness,” when it comes to the reserve currency of the world, he said. “But it’s also madness to just keep printing money.”</p><p style=\"text-align: start;\">Buffett was responding to a question about the current dedollarization trend and warned about the extent to which the U.S. has been printing money.</p><p style=\"text-align: start;\">“It’s easy for America to do a lot, but if we do too much it’s very hard to see how you recover once you’ve let the genie out of the bottle,” he said. “People lose faith in the currency and they behave in an entirely different manner than they do when they feel … they’re going to have something with roughly equal purchasing power. It changes the economy.”</p><p style=\"text-align: start;\">Munger criticized it more sharply, saying “at some point printing money to buy boats will become counterproductive.”</p><p style=\"text-align: start;\">Still, Buffett stood by the dollar: “We are the reserve currency, I see no option for any other currency to be the reserve currency,” he said.</p><p style=\"text-align: start;\">Bitcoin gained popularity among investors in 2021 because of its potential to act as an inflation hedge, after the U.S. printed trillions of dollars in Covid-19 stimulus. Many have let go of that narrative after bitcoin dropped more than 60% in 2022 amid persistently high inflation.</p><h3>Buffett Says Streaming Remains a Challenging Business, Sticks With Paramount</h3><p>CEO Warren Buffett addressed Berkshire Hathaway’s (ticker: BRK.A, BRK.B) investment in Paramount Global (PARA) at the company’s annual shareholders’ meeting in Omaha on Saturday. The media company is in the midst of an expensive transition from legacy businesses in cable TV and movies to a streaming future.</p><p>Paramount shares dropped 28% on May 5 following a disastrous quarterly earnings report that included a large loss and a slash to the company’s dividend.</p><p>“It’s not good news when any company cuts its dividend dramatically,” Buffett said.</p><p>He noted that the streaming business remains challenging, with numerous competitors keeping prices low. It’s easy to cancel a streaming subscription and hop to a competing service.</p><p>“There are a bunch of companies who don’t want to quit,” Buffett said. “Who knows what will happen with pricing.”</p><p>Berkshire became the largest holder of Paramount stock last year, with a stake of around 15%. Shares are down by about half since Berkshire began buying in the first quarter of 2022.</p><h3>Buffett Faults Bank Risk Taking, Calls for More Active FDIC</h3><p>Berkshire Hathaway (ticker: BRK.A, BRK.B) CEO Warren Buffett sees excessive risk taking at banks as the root of the 2023 banking turmoil. He called for more conservative banking practices and better communication from regulators at Berkshire’s 2023 annual shareholders’ meeting.</p><p style=\"text-align: start;\">“The situation in banking is what it always was,” Buffett said. “Fear is contagious. Sometimes the fear is justified, sometimes it isn’t.” Buffett recalled that his father, Howard Buffett, lost his job during a bank run in the Great Depression.</p><p style=\"text-align: start;\">Buffett praised the Federal Deposit Insurance Corp. for the greater stability of the banking system offered by the regulators’ deposit insurance, but said that it needed to better communicate with the American public to prevent further potential bank runs and potentially consider guaranteeing 100% of deposits until the current turmoil has passed. That’s especially relevant today, when digital banking makes deposits less “sticky,” he said.</p><p style=\"text-align: start;\">Buffett faulted management at First Republic Bank—which was shut down by the Federal Deposit Insurance Corp. last month before its takeover by JPMorgan Chase (JPM)—for concentrating its balance sheet in low-yielding assets that lost value as interest rates rose over the past year.</p><p style=\"text-align: start;\">Buffett placed signs reading “Available for Sale” and “Held-to-Maturity” on the table in front of him and Charlie Munger, Berkshire’s vice chairman, to laughs from the audience. Those are terms that refer to the accounting treatment of securities on a bank’s balance sheet.</p><p style=\"text-align: start;\">“I’m old fashioned,” Munger said. “I liked it when banks didn’t do investment banking…I think having a lot of investment bankers trying to get rich isn’t a good thing. I think bankers should be more like engineers, thinking about what could go wrong.”</p><h3>Abel Says He’ll Continue Buffett’s Approach to Share Buybacks</h3><p>Berkshire Hathaway’s (ticker: BRK.A, BRK.B) vice chairman Greg Abel, Warren Buffett’s appointed successor as CEO, will continue to buy back stock when it appears cheap and the best use of the conglomerate’s cash.</p><p>Berkshire bought back $4.4 billion of stock in the first three months of 2023, up from $2.6 billion in the fourth quarter of 2022.</p><p>“Greg understands capital allocation as well as I do…and I expect he’ll make those decisions under the same framework that Charlie and I do,” Buffett said.</p><p>Buffett is all about intrinsic value, and seeks to buy back Berkshire stock when its price falls below that estimate. He has praised companies like Apple (AAPL) for using excess capital to repurchase shares. He has also criticized management teams for buying back their company’s stock at inflated prices in the past.</p><p>“When the opportunity presents itself, we’ll want to be an active purchaser of Berkshire shares,” Abel said. “It’s great for our shareholders to be able to own a larger share in all of Berkshire’s businesses.”</p><h3>Insurance Profits Are Up at Berkshire, But Jain Worries About a Florida Hurricane</h3><p>Pricing is strong and improving in catastrophe insurance after a tough decade and a half for the category, Berkshire Hathaway’s (ticker: BRK.A, BRK.B) vice chairman in charge of insurance operations Ajit Jain said at the company’s annual shareholders’ meeting on Saturday. Those are policies that insure homes and businesses against natural disasters including earthquakes and hurricanes.</p><p style=\"text-align: start;\">That has helped to drive better underwriting profits at Berkshire’s reinsurance businesses.</p><p style=\"text-align: start;\">Jain warned that the company’s exposure was “unbalanced,” however, with particularly large concentration in Florida. Across all of Berkshire’s insurance operations, the conglomerate could see a loss of up to $15 billion if there’s a majorly destructive hurricane in Florida this year—if there isn’t, it could mean a profit of up to $7 billion, Jain estimated.</p><p style=\"text-align: start;\">Jain said that the recently acquired insurer Alleghany, which Berkshire bought last year for about $11.6 billion, would continue doing business as it had before the deal.</p><p style=\"text-align: start;\">“We treat our operating units independent of each other,” Jain said. “Alleghany will keep doing what they’re doing and they’ve been very successful at it.”</p><h3>Berkshire Hathaway Is Taking Part In the Energy Transition</h3><p>Berkshire Hathaway (ticker: BRK.A, BRK.B) CEO Warren Buffett and vice chairman Greg Abel addressed the conglomerate’s efforts to boost its participation in renewable energy generation at the conglomerate’s 2023 annual shareholders’ meeting in Omaha on Saturday.</p><p style=\"text-align: start;\">“There’s no question there’s an energy transition going on,” said Abel, who oversees Berkshire’s non-insurance businesses, including Berkshire Hathaway Energy. He said the utility company is working to reduce its carbon footprint by 50% in 2030 relative to 2005 levels.</p><p style=\"text-align: start;\">Berkshire Hathaway Energy is investing in windmills and other clean energy generation, plus extending transmission lines to more renewable energy sources, which by their nature are more distributed than traditional power plants.</p><p style=\"text-align: start;\">“It’s a very, very good business opportunity for us,” Abel added.</p><p style=\"text-align: start;\">Buffett said that the United States’ approach to renewable energy is overly fragmented, with different rules and regulations state by state and no society-wide organized effort. He drew a comparison to the World War II-era coordination between the federal government and American businesses to reorient the nation’s industrial economy to support the war effort.</p><p style=\"text-align: start;\">“The capital is there, the people are there, the objective is obvious, we just don’t seem to be able to do it in peacetime,” Buffett said.</p><h3>Buffett and Munger Disagree on the Future of Value Investing</h3><p>Legendary value investors Warren Buffett and Charlie Munger see divergent paths for value investors in the coming years. The Berkshire Hathaway (ticker: BRK.A, BRK.B) managers were responding to shareholders’ questions at the company’s annual meeting in Omaha on Saturday.</p><p style=\"text-align: start;\">“I think value investors are going to have a harder time now that there are so many of them competing for a diminished set of opportunities,” Munger said. “My advice to value investors is to get used to making less.”</p><p style=\"text-align: start;\">“Charlie has been telling me the same thing the whole time we’ve known each other,” Buffett said. The two first met over dinner in 1959.</p><p style=\"text-align: start;\">Buffett sees more opportunities than his long-time partner. “What gives you opportunities is other people doing dumb things,” he said. “...And there’s been a great increase in people doing dumb things.”</p><p style=\"text-align: start;\">The 92-year-old value investor noted that Berkshire’s current scale can be both an advantage and a disadvantage, with many potential opportunities too small to move the needle for the $719 billion conglomerate.</p><p style=\"text-align: start;\">A long-term investing horizon is still key to realizing value in investing, Buffett said. “I’d love to be born today, start out with not too much money, and turn it into a lot of money,” he said. “I’m sure Charlie would too.”</p><p style=\"text-align: start;\">“I’d like my big pile [of money] to stay just the way it is,” Munger quipped, to laughs from the crowd. He has a net worth of approximately $2.4 billion, according to Forbes.</p><h3>Buffett, 92, and Munger, 99 Aren’t Particularly Bullish on AI, Robotics</h3><p>A shareholder asked Berkshire Hathaway&#39;s Warren Buffett and Charlie Munger to share their thoughts on artificial intelligence and robotics and which businesses stood to be disrupted most. “I thank you for asking Charlie that question,” Buffett, 92, demurred.</p><p style=\"text-align: start;\">Munger, 99, noted that he was impressed by the level of automation at BYD (ticker: BYDDY) factories in Asia. But, “I think regular old intelligence works just fine,” Munger added.</p><p style=\"text-align: start;\">“There won’t be any AI that will replace Ajit [Jain, Berkshire vice chairman],” Buffett quipped. He went on to warn about the potential risks of AI technologies, drawing a parallel to the development of the atomic bomb.</p><h3>Buffett’s Vice Chairmen Discuss Berkshire’s Businesses</h3><p>Berkshire Hathaway CEO Warren Buffett kicked a question about the company’s subsidiaries’ performance to his deputies.</p><p style=\"text-align: start;\">Geico is coming off a strong first quarter, with an underwriting profit of $703 million, versus a loss of $178 million in the year-ago quarter.</p><p style=\"text-align: start;\">Ajit Jain, who oversees Berkshire’s insurance operations, said that Geico is working to close the gap with competitors on its employment of telematics, or usage-based insurance, which adjusts customers’ rates based on how they drive.</p><p style=\"text-align: start;\">“Geico’s technology needs a lot more work than I thought it would,” Jain said, noting that the company uses more than 600 distinct tech platforms.</p><p style=\"text-align: start;\">Greg Abel, who oversees non-insurance operations and is in line to succeed Buffett as CEO, spoke about BNSF. He said there was “more work to be done” on making the railroad more efficient and productive and that he was aware of most competitors moving to precision-scheduled railroading.</p><p style=\"text-align: start;\">2022 was a “reset” year for the business, Abel said, that will set it up for better long-term growth.</p><h3>Buffett Agrees With Regulators’ Decision to Protect Failing Bank Deposits</h3><p>The 2023 Berkshire Hathaway shareholders’ meeting’s first question had to do with the past few months’ banking-industry turmoil.</p><p style=\"text-align: start;\">CEO Warren Buffett said that regulators made the right decision to intervene to protect depositors at banks including Silicon Valley Bank, which failed in March.</p><p style=\"text-align: start;\">Had they not, “it would have been catastrophic,” Buffett said.</p><h3>Buffett Talks First-Quarter Results, Berkshire’s Balance Sheet, and Buybacks</h3><p>Berkshire Hathaway CEO Warren Buffett ran through the company’s first-quarter results, which were released on Saturday morning. The conglomerate’s operating profit after taxes was up almost 13% year over year, to $8.1 billion.</p><p style=\"text-align: start;\">Buffett attributed the gain to a higher return on the company’s stock portfolio, better interest income on its cash holdings, and a higher insurance underwriting profit.</p><p style=\"text-align: start;\">He continued with an overview of Berkshire’s balance sheet, noting that the company’s $504.5 billion in shareholders’ equity is more than any other American company. Berkshire’s insurance float—the difference between an insurance company’s cash collected from premiums and the claims it must pay out—stood at $165.1 billion at the end of the first quarter, while cash and Treasury bills were $127.7 billion. That’s a lot of ammo for potential acquisitions or interest income.</p><p style=\"text-align: start;\">Berkshire bought back about 9,600 class A shares in the first quarter, worth about $4.4 billion. That was faster than the first-quarter pace of buybacks, but slower than Berkshire’s repurchases in 2020 and 2021.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128633960","content_text":"The Q&A session at Berkshire Hathaway’s 2023 annual shareholders’ meeting ended early on Saturday, after back-to-back three-hour sessions of questioning for the conglomerate’s management.CEO Warren Buffett and vice chairmen Charlie Munger, Ajit Jain, and Greg Abel addressed queries from shareholders about Berkshire’s business performance, their thoughts on macroeconomic issues and the recent banking turmoilBuffett, 92, and Munger, 99, sprinkled in genial anecdotes and grandfatherly advice for Berkshire’s younger shareholders. Attendance was high at this year’s so-called “Woodstock for Capitalists,” after a relatively muted 2022 confab following two year of virtual meetings during the Covid-19 pandemic.Berkshire’s first-quarter results were released earlier on Saturday morning, showing a 12.6% rise in operating profit, to $8.1 billion, and a faster pace of buybacks compared with the fourth quarter of 2022.Berkshire Won’t Be Investing In Automakers, Buffett SaysBerkshire Hathaway (ticker: BRK.A, BRK.B) isn’t likely to invest in shares of automakers like General Motors (GM) or Ford Motor (F), CEO Warren Buffett said at the company’s annual shareholders’ meeting on Saturday.“Charlie [Munger] and I have long felt that the auto business is just too tough,” Buffett said, adding an anecdote about Henry Ford’s challenges in the industry in the early 1900s.Buffett said that there are too many global competitors for the automaking business to generate attractive returns. It’s also in the midst of a transition to electric vehicles, which imposes huge capital costs and risks in the near term before it becomes clear which companies will be successful and which won’t.Berkshire prefers the auto dealership business, where it owns 78 dealerships across the U.S. Those generate more than $8 billion in annual revenue, making Berkshire among the largest dealership groups in the U.S.Buffett Says Berkshire Remains On the Hunt for an ‘Elephant-Sized’ AcquisitionBerkshire Hathaway (ticker: BRK.A, BRK.B) has nearly $130 billion in cash and Treasury bills on its balance sheet. There’s ongoing speculation about what the company might do with all that dry powder.At Berkshire’s annual shareholders’ meeting on Saturday, CEO Warren Buffett said that he would rather do a deal for a large company than sit on the cash, earning interest, but that it all depends on the prices available. Things are generally expensive these days.“If we could buy a company for $15 billion, $75 billion, $100 billion, we could do it,” Buffett said. He noted that it’s more complex to buy a publicly traded company due to the longer timeline, shareholder vote, and other rules. But there just aren’t that many private companies of that scale available.Buffett spoke about opportunities that emerged during the global financial crisis in 2008, including deals to buy shares in several troubled banks at attractive prices, and said that he expects Berkshire to get similar calls in the future.“There’s no one else quite like us who can [do a deal] under the right circumstances,” Buffett said.In the meantime, Berkshire is earning close to 5% on its T-bills. It has also been buying stock in recent years.Cash Is Not Trash, Buffett SaysBuffett is watching currency in circulation, calling it \"one of the most interesting figures\" to consider and calling out those who previously said \"cash is trash\" back in 2007 and 2008.\"The Federal Reserve balance sheet has gone from $800 billion to $2.2 trillion and most of that's in $100 bills overwhelmingly. … I would really like to know where all of that is,\" he said.\"Anyone who thinks cash is trash ought to look at the Federal Reserve balance sheet,\" he added. \"It is just astounding the way $100 bills have spread. … Believe me, cash is not trash.\"Buffett knocks down speculation Berkshire would take full control of OccidentalBuffett said Saturday that Berkshire Hathaway won't take full control of Occidental Petroleum, the energy stock where it has amassed a stake above 20%.\"There's speculation about us buying control, we're not going to buy control. … We wouldn't know what to do with it,\" he said.Buffett says he’ll stick with Bank of AmericaBuffett says he’s keeping his Bank of America holdings — but that he doesn’t know what’s in store.“We do remain with one bank holding ... , but we originated that deal, with Bank of America. I like Bank of America, I liked the management and I proposed the deal for them. So I stick with it,” said Buffett.He said that the recent crises in the banking sector have reaffirmed his belief that the American public and lawmakers fail to understand the banking sector.“But do I know how to project out what’s going to happen from here? The answer is I don’t, because I’ve seen so many things in the last few months, which really weren’t that unexpected to me to see. But which reconfirmed my belief that the American public doesn’t understand our banking system.”It’s a joke to think of ‘tokens’ as the world’s reserve currency, Buffett saysPeople may be losing faith in the dollar, but that doesn’t make it bitcoin’s moment to shine, Buffett said.“Forget about all the toys – it’s a joke to think of any tokens, that’s madness,” when it comes to the reserve currency of the world, he said. “But it’s also madness to just keep printing money.”Buffett was responding to a question about the current dedollarization trend and warned about the extent to which the U.S. has been printing money.“It’s easy for America to do a lot, but if we do too much it’s very hard to see how you recover once you’ve let the genie out of the bottle,” he said. “People lose faith in the currency and they behave in an entirely different manner than they do when they feel … they’re going to have something with roughly equal purchasing power. It changes the economy.”Munger criticized it more sharply, saying “at some point printing money to buy boats will become counterproductive.”Still, Buffett stood by the dollar: “We are the reserve currency, I see no option for any other currency to be the reserve currency,” he said.Bitcoin gained popularity among investors in 2021 because of its potential to act as an inflation hedge, after the U.S. printed trillions of dollars in Covid-19 stimulus. Many have let go of that narrative after bitcoin dropped more than 60% in 2022 amid persistently high inflation.Buffett Says Streaming Remains a Challenging Business, Sticks With ParamountCEO Warren Buffett addressed Berkshire Hathaway’s (ticker: BRK.A, BRK.B) investment in Paramount Global (PARA) at the company’s annual shareholders’ meeting in Omaha on Saturday. The media company is in the midst of an expensive transition from legacy businesses in cable TV and movies to a streaming future.Paramount shares dropped 28% on May 5 following a disastrous quarterly earnings report that included a large loss and a slash to the company’s dividend.“It’s not good news when any company cuts its dividend dramatically,” Buffett said.He noted that the streaming business remains challenging, with numerous competitors keeping prices low. It’s easy to cancel a streaming subscription and hop to a competing service.“There are a bunch of companies who don’t want to quit,” Buffett said. “Who knows what will happen with pricing.”Berkshire became the largest holder of Paramount stock last year, with a stake of around 15%. Shares are down by about half since Berkshire began buying in the first quarter of 2022.Buffett Faults Bank Risk Taking, Calls for More Active FDICBerkshire Hathaway (ticker: BRK.A, BRK.B) CEO Warren Buffett sees excessive risk taking at banks as the root of the 2023 banking turmoil. He called for more conservative banking practices and better communication from regulators at Berkshire’s 2023 annual shareholders’ meeting.“The situation in banking is what it always was,” Buffett said. “Fear is contagious. Sometimes the fear is justified, sometimes it isn’t.” Buffett recalled that his father, Howard Buffett, lost his job during a bank run in the Great Depression.Buffett praised the Federal Deposit Insurance Corp. for the greater stability of the banking system offered by the regulators’ deposit insurance, but said that it needed to better communicate with the American public to prevent further potential bank runs and potentially consider guaranteeing 100% of deposits until the current turmoil has passed. That’s especially relevant today, when digital banking makes deposits less “sticky,” he said.Buffett faulted management at First Republic Bank—which was shut down by the Federal Deposit Insurance Corp. last month before its takeover by JPMorgan Chase (JPM)—for concentrating its balance sheet in low-yielding assets that lost value as interest rates rose over the past year.Buffett placed signs reading “Available for Sale” and “Held-to-Maturity” on the table in front of him and Charlie Munger, Berkshire’s vice chairman, to laughs from the audience. Those are terms that refer to the accounting treatment of securities on a bank’s balance sheet.“I’m old fashioned,” Munger said. “I liked it when banks didn’t do investment banking…I think having a lot of investment bankers trying to get rich isn’t a good thing. I think bankers should be more like engineers, thinking about what could go wrong.”Abel Says He’ll Continue Buffett’s Approach to Share BuybacksBerkshire Hathaway’s (ticker: BRK.A, BRK.B) vice chairman Greg Abel, Warren Buffett’s appointed successor as CEO, will continue to buy back stock when it appears cheap and the best use of the conglomerate’s cash.Berkshire bought back $4.4 billion of stock in the first three months of 2023, up from $2.6 billion in the fourth quarter of 2022.“Greg understands capital allocation as well as I do…and I expect he’ll make those decisions under the same framework that Charlie and I do,” Buffett said.Buffett is all about intrinsic value, and seeks to buy back Berkshire stock when its price falls below that estimate. He has praised companies like Apple (AAPL) for using excess capital to repurchase shares. He has also criticized management teams for buying back their company’s stock at inflated prices in the past.“When the opportunity presents itself, we’ll want to be an active purchaser of Berkshire shares,” Abel said. “It’s great for our shareholders to be able to own a larger share in all of Berkshire’s businesses.”Insurance Profits Are Up at Berkshire, But Jain Worries About a Florida HurricanePricing is strong and improving in catastrophe insurance after a tough decade and a half for the category, Berkshire Hathaway’s (ticker: BRK.A, BRK.B) vice chairman in charge of insurance operations Ajit Jain said at the company’s annual shareholders’ meeting on Saturday. Those are policies that insure homes and businesses against natural disasters including earthquakes and hurricanes.That has helped to drive better underwriting profits at Berkshire’s reinsurance businesses.Jain warned that the company’s exposure was “unbalanced,” however, with particularly large concentration in Florida. Across all of Berkshire’s insurance operations, the conglomerate could see a loss of up to $15 billion if there’s a majorly destructive hurricane in Florida this year—if there isn’t, it could mean a profit of up to $7 billion, Jain estimated.Jain said that the recently acquired insurer Alleghany, which Berkshire bought last year for about $11.6 billion, would continue doing business as it had before the deal.“We treat our operating units independent of each other,” Jain said. “Alleghany will keep doing what they’re doing and they’ve been very successful at it.”Berkshire Hathaway Is Taking Part In the Energy TransitionBerkshire Hathaway (ticker: BRK.A, BRK.B) CEO Warren Buffett and vice chairman Greg Abel addressed the conglomerate’s efforts to boost its participation in renewable energy generation at the conglomerate’s 2023 annual shareholders’ meeting in Omaha on Saturday.“There’s no question there’s an energy transition going on,” said Abel, who oversees Berkshire’s non-insurance businesses, including Berkshire Hathaway Energy. He said the utility company is working to reduce its carbon footprint by 50% in 2030 relative to 2005 levels.Berkshire Hathaway Energy is investing in windmills and other clean energy generation, plus extending transmission lines to more renewable energy sources, which by their nature are more distributed than traditional power plants.“It’s a very, very good business opportunity for us,” Abel added.Buffett said that the United States’ approach to renewable energy is overly fragmented, with different rules and regulations state by state and no society-wide organized effort. He drew a comparison to the World War II-era coordination between the federal government and American businesses to reorient the nation’s industrial economy to support the war effort.“The capital is there, the people are there, the objective is obvious, we just don’t seem to be able to do it in peacetime,” Buffett said.Buffett and Munger Disagree on the Future of Value InvestingLegendary value investors Warren Buffett and Charlie Munger see divergent paths for value investors in the coming years. The Berkshire Hathaway (ticker: BRK.A, BRK.B) managers were responding to shareholders’ questions at the company’s annual meeting in Omaha on Saturday.“I think value investors are going to have a harder time now that there are so many of them competing for a diminished set of opportunities,” Munger said. “My advice to value investors is to get used to making less.”“Charlie has been telling me the same thing the whole time we’ve known each other,” Buffett said. The two first met over dinner in 1959.Buffett sees more opportunities than his long-time partner. “What gives you opportunities is other people doing dumb things,” he said. “...And there’s been a great increase in people doing dumb things.”The 92-year-old value investor noted that Berkshire’s current scale can be both an advantage and a disadvantage, with many potential opportunities too small to move the needle for the $719 billion conglomerate.A long-term investing horizon is still key to realizing value in investing, Buffett said. “I’d love to be born today, start out with not too much money, and turn it into a lot of money,” he said. “I’m sure Charlie would too.”“I’d like my big pile [of money] to stay just the way it is,” Munger quipped, to laughs from the crowd. He has a net worth of approximately $2.4 billion, according to Forbes.Buffett, 92, and Munger, 99 Aren’t Particularly Bullish on AI, RoboticsA shareholder asked Berkshire Hathaway's Warren Buffett and Charlie Munger to share their thoughts on artificial intelligence and robotics and which businesses stood to be disrupted most. “I thank you for asking Charlie that question,” Buffett, 92, demurred.Munger, 99, noted that he was impressed by the level of automation at BYD (ticker: BYDDY) factories in Asia. But, “I think regular old intelligence works just fine,” Munger added.“There won’t be any AI that will replace Ajit [Jain, Berkshire vice chairman],” Buffett quipped. He went on to warn about the potential risks of AI technologies, drawing a parallel to the development of the atomic bomb.Buffett’s Vice Chairmen Discuss Berkshire’s BusinessesBerkshire Hathaway CEO Warren Buffett kicked a question about the company’s subsidiaries’ performance to his deputies.Geico is coming off a strong first quarter, with an underwriting profit of $703 million, versus a loss of $178 million in the year-ago quarter.Ajit Jain, who oversees Berkshire’s insurance operations, said that Geico is working to close the gap with competitors on its employment of telematics, or usage-based insurance, which adjusts customers’ rates based on how they drive.“Geico’s technology needs a lot more work than I thought it would,” Jain said, noting that the company uses more than 600 distinct tech platforms.Greg Abel, who oversees non-insurance operations and is in line to succeed Buffett as CEO, spoke about BNSF. He said there was “more work to be done” on making the railroad more efficient and productive and that he was aware of most competitors moving to precision-scheduled railroading.2022 was a “reset” year for the business, Abel said, that will set it up for better long-term growth.Buffett Agrees With Regulators’ Decision to Protect Failing Bank DepositsThe 2023 Berkshire Hathaway shareholders’ meeting’s first question had to do with the past few months’ banking-industry turmoil.CEO Warren Buffett said that regulators made the right decision to intervene to protect depositors at banks including Silicon Valley Bank, which failed in March.Had they not, “it would have been catastrophic,” Buffett said.Buffett Talks First-Quarter Results, Berkshire’s Balance Sheet, and BuybacksBerkshire Hathaway CEO Warren Buffett ran through the company’s first-quarter results, which were released on Saturday morning. The conglomerate’s operating profit after taxes was up almost 13% year over year, to $8.1 billion.Buffett attributed the gain to a higher return on the company’s stock portfolio, better interest income on its cash holdings, and a higher insurance underwriting profit.He continued with an overview of Berkshire’s balance sheet, noting that the company’s $504.5 billion in shareholders’ equity is more than any other American company. Berkshire’s insurance float—the difference between an insurance company’s cash collected from premiums and the claims it must pay out—stood at $165.1 billion at the end of the first quarter, while cash and Treasury bills were $127.7 billion. That’s a lot of ammo for potential acquisitions or interest income.Berkshire bought back about 9,600 class A shares in the first quarter, worth about $4.4 billion. That was faster than the first-quarter pace of buybacks, but slower than Berkshire’s repurchases in 2020 and 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":92,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931123839,"gmtCreate":1662424185921,"gmtModify":1676537055814,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Short everything&nbsp;[Miser]&nbsp;","listText":"Short everything&nbsp;[Miser]&nbsp;","text":"Short everything [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931123839","repostId":"1140356635","repostType":2,"repost":{"id":"1140356635","pubTimestamp":1662364813,"share":"https://ttm.financial/m/news/1140356635?lang=&edition=fundamental","pubTime":"2022-09-05 16:00","market":"other","language":"en","title":"SPY: Making Money In A Bear Market (Technical Analysis)","url":"https://stock-news.laohu8.com/highlight/detail?id=1140356635","media":"Seeking Alpha","summary":"SummaryThis is a technical analysis article on the SPY ETF. Professional traders hate risk and love ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>This is a technical analysis article on the SPY ETF. Professional traders hate risk and love &#34;sure things.&#34; Why? Because trading is risky enough. They prefer to make money the easy way.</li><li>They are always on the search for contrarian trades that are a &#34;slam dunk.&#34; Why? Because they don&#39;t want to be fired for being wrong.</li><li>They love being right all the time and getting big, fat bonuses at year end.</li><li>So what is a slam dunk in this bear market? Knowing that the Fed is in a bind and has to take the economy down which creates the bear market we trade.</li><li>What is the slam dunk rule? Buy puts or some other short strategy after every bounce, until the bottom bounce, which is still a very long way off.</li></ul><p>The easiest way to make money in a bear market (NYSEARCA:SPY) is to short every bounce as long as there is no bottom in place. There is no bottom in place yet for this market. TheSPY is targeting a retest of $364 and there is no indication that $364 is the bottom. The SPY could still go lower, based on the bind the Fed is in, because the Fed is targeting a 2.2% inflation rate. That is a long way off, and so is the bottoming process in the SPY determined by that Fed target.</p><p><b>Isn&#39;t Trading Very Risky?</b></p><p>Trading is risky enough, so the only way to reduce risk is to find slam dunk trades. To do that with any stock or the market, traders look for &#34;research&#34; that gives them the lowest risk, successful trade. That &#34;insightful information&#34; is hard to come by usually. However, in the case of this bear market, everyone has that insight, because the Fed is giving it free to everyone. Fed Chairman Powell just warned of the &#34;pain&#34; that is coming to bring inflation down.</p><p>Because the economy was running hot, with very high employment and very high inflation, the Fed has told us what they are going to do. Even if the Fed did not tell us, it was easy to see what they would have to do. With that knowledge we know this bear market will continue until it bottoms. With that obvious conclusion, we can find a way to make money in this bear market.</p><p>What&#39;s An Example Of A Successful Trade?</p><p>Friday was a good example of a bear market bounce where you could make money shorting. We actually provided a minute by minute description of the bounce on Friday morning, using our live charting system with comments. We watched the day traders short it on the opening gap. Then we watched it going up to be stopped by resistance.</p><p>For those subscribers that missed the live comments, we published an article as the bounce reached its top. We bought puts and we are still holding them. We are sitting on a nice profit because the bounce failed and then dropped back to the $392 support level. We have discussed this level frequently.</p><p><b>Where Is The Bottom Of This Bear Market?</b></p><p>We don&#39;t expect the support at $392 to hold and we don&#39;t expect another bounce from this level. Our short term target for the SPY is $388. As discussed here in previous articles, our longer term target is a retest of $364 and it could go lower to find a new bottom. Thus you can see why we are buying November, out of the money, puts to make easy money, as this bear market continues for the foreseeable future. The end of the recent big bounce up failed at $428 resistance, and we don&#39;t expect another big bounce until we retest $364 or from a lower bottom.</p><p><b>How Do The Pros Make Money In A Bear Market?</b></p><p>The professionals know all of this and are coining money on these slam dunk bounces. They are buying the S&amp;P VIX Index (VIX) or the ProShares UltraShort S&amp;P 500 (SDS) which go up when the market goes down. They are selling calls on their stock portfolios or buying puts like us. (Our Model Portfolio is in cash so we cannot sell calls) The professionals know how to make money in a bear market and so do we.</p><p>Everyone knows the rule: buy the dips and sell the tops. It works both in a bull market and in a bear market, as happened on Friday. Only the day-traders caught a little bit of the bounce, because they don&#39;t last long in a bear market. However, the dives, from the top of the bounce last much longer in a bear market and this is where the easy money is made by shorting or buying puts or buying the SDS.</p><p><b>When Was The Sell Signal On Friday&#39;s Bounce?</b></p><p>Here is the 5-minute chart showing the rise and fall of this bounce on Friday and how we called it minute by minute on our live charts for our subscribers.</p><p><img src=\"https://static.tigerbbs.com/15c79d5b3e782f9684a0f803719b0f4b\" tg-width=\"640\" tg-height=\"784\" referrerpolicy=\"no-referrer\"/></p><p>Buying Puts At The Top Of The Bounce (StockCharts.com)</p><p>Here are the minute by minute comments we gave our subscribers as we commented on the live charts. We signed off to publish the sell signal in an article to our subscribers and then to buy our puts.</p><p><i>9:55 am the day traders shorted the top but failed to fill the gap by covering early. I am still looking before the gap to be filled</i></p><p><i>10:27 surprising retest of 400 and I think another chance to short at 400 -401 price resistance especially on Friday in a bear market and holiday weekend when everyone goes home early especially daytraders</i></p><p><i>10:34 at 400.72 looking for sell signal, overbought, At price resistance, daytraders usually short</i></p><p><i>10:41 at 401.12 RSI overbought waiting for the breakdown sell signal by day traders.</i></p><p><i>10:46 at 401 toppy candlesticks inviting daytraders to short but they are waiting for RSI to turn down.</i></p><p><i>10:50 red candlestick, waiting for RSI breakdown for red vertical line</i></p><p><i>10:53 here come the sellers at 400, red vertical line now.</i></p><p><i>11:08 signing off, bye bye with this red vertical sell signal in place</i></p><p>As you can see on the above chart, the first RSI sell signal, at the top of the chart where we put the vertical red line, was a head fake. After filling the gap by taking price down, the day-traders then took it back up to the final wall of resistance at $401. The second vertical, red line, sell signal proved to be correct. That is where we ended our comments and wrote an article to our subscribers. Then we bought our puts as the RSI continued down, unlike the head fake, first red, vertical line. Our put position has a nice gain and is still open.</p><p><b>What&#39;s Ahead In The Coming Weeks?</b></p><p>So much for day-trading. Most of us are interested in what the weekly chart is telling us longer term about this market. It is not a pretty picture. As you can see, all the signals have turned down on the chart. This indicates to us, weeks of selling ahead that will take the SPY down to retest $364.</p><p>September is usually a terrible month according to the<i>Stock Traders Almanac</i>, which provides all the historical data on the market. To help things along, we have the Fed &#34;pain&#34; announcement coming on September 18th. We think the market bottoms in October and then we start the best six months for the stock market. In May we may finally see the bottom of this bear market.</p><p>Here is the weekly chart:</p><p><img src=\"https://static.tigerbbs.com/4b8c6b84f3e7b149c95d54de0b1f6f8d\" tg-width=\"640\" tg-height=\"784\" referrerpolicy=\"no-referrer\"/></p><p>SPY Targeting $364 (StockCharts.com)</p><p><b>Conclusion</b></p><p>The weekly chart has lagging, but more reliable signals than the daily chart. In other words, these signals do not reverse as quickly as the daily chart. We expect the negative trend of all these sell signals to continue for the coming weeks, still targeting $364. We will be shorting any bounce such as happened on Friday and you can tune in with our free trial.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SPY: Making Money In A Bear Market (Technical Analysis)</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSPY: Making Money In A Bear Market (Technical Analysis)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-05 16:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4538914-spy-making-money-bear-market-technical-analysis><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThis is a technical analysis article on the SPY ETF. Professional traders hate risk and love \"sure things.\" Why? Because trading is risky enough. They prefer to make money the easy way.They are...</p>\n\n<a href=\"https://seekingalpha.com/article/4538914-spy-making-money-bear-market-technical-analysis\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4538914-spy-making-money-bear-market-technical-analysis","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140356635","content_text":"SummaryThis is a technical analysis article on the SPY ETF. Professional traders hate risk and love \"sure things.\" Why? Because trading is risky enough. They prefer to make money the easy way.They are always on the search for contrarian trades that are a \"slam dunk.\" Why? Because they don't want to be fired for being wrong.They love being right all the time and getting big, fat bonuses at year end.So what is a slam dunk in this bear market? Knowing that the Fed is in a bind and has to take the economy down which creates the bear market we trade.What is the slam dunk rule? Buy puts or some other short strategy after every bounce, until the bottom bounce, which is still a very long way off.The easiest way to make money in a bear market (NYSEARCA:SPY) is to short every bounce as long as there is no bottom in place. There is no bottom in place yet for this market. TheSPY is targeting a retest of $364 and there is no indication that $364 is the bottom. The SPY could still go lower, based on the bind the Fed is in, because the Fed is targeting a 2.2% inflation rate. That is a long way off, and so is the bottoming process in the SPY determined by that Fed target.Isn't Trading Very Risky?Trading is risky enough, so the only way to reduce risk is to find slam dunk trades. To do that with any stock or the market, traders look for \"research\" that gives them the lowest risk, successful trade. That \"insightful information\" is hard to come by usually. However, in the case of this bear market, everyone has that insight, because the Fed is giving it free to everyone. Fed Chairman Powell just warned of the \"pain\" that is coming to bring inflation down.Because the economy was running hot, with very high employment and very high inflation, the Fed has told us what they are going to do. Even if the Fed did not tell us, it was easy to see what they would have to do. With that knowledge we know this bear market will continue until it bottoms. With that obvious conclusion, we can find a way to make money in this bear market.What's An Example Of A Successful Trade?Friday was a good example of a bear market bounce where you could make money shorting. We actually provided a minute by minute description of the bounce on Friday morning, using our live charting system with comments. We watched the day traders short it on the opening gap. Then we watched it going up to be stopped by resistance.For those subscribers that missed the live comments, we published an article as the bounce reached its top. We bought puts and we are still holding them. We are sitting on a nice profit because the bounce failed and then dropped back to the $392 support level. We have discussed this level frequently.Where Is The Bottom Of This Bear Market?We don't expect the support at $392 to hold and we don't expect another bounce from this level. Our short term target for the SPY is $388. As discussed here in previous articles, our longer term target is a retest of $364 and it could go lower to find a new bottom. Thus you can see why we are buying November, out of the money, puts to make easy money, as this bear market continues for the foreseeable future. The end of the recent big bounce up failed at $428 resistance, and we don't expect another big bounce until we retest $364 or from a lower bottom.How Do The Pros Make Money In A Bear Market?The professionals know all of this and are coining money on these slam dunk bounces. They are buying the S&P VIX Index (VIX) or the ProShares UltraShort S&P 500 (SDS) which go up when the market goes down. They are selling calls on their stock portfolios or buying puts like us. (Our Model Portfolio is in cash so we cannot sell calls) The professionals know how to make money in a bear market and so do we.Everyone knows the rule: buy the dips and sell the tops. It works both in a bull market and in a bear market, as happened on Friday. Only the day-traders caught a little bit of the bounce, because they don't last long in a bear market. However, the dives, from the top of the bounce last much longer in a bear market and this is where the easy money is made by shorting or buying puts or buying the SDS.When Was The Sell Signal On Friday's Bounce?Here is the 5-minute chart showing the rise and fall of this bounce on Friday and how we called it minute by minute on our live charts for our subscribers.Buying Puts At The Top Of The Bounce (StockCharts.com)Here are the minute by minute comments we gave our subscribers as we commented on the live charts. We signed off to publish the sell signal in an article to our subscribers and then to buy our puts.9:55 am the day traders shorted the top but failed to fill the gap by covering early. I am still looking before the gap to be filled10:27 surprising retest of 400 and I think another chance to short at 400 -401 price resistance especially on Friday in a bear market and holiday weekend when everyone goes home early especially daytraders10:34 at 400.72 looking for sell signal, overbought, At price resistance, daytraders usually short10:41 at 401.12 RSI overbought waiting for the breakdown sell signal by day traders.10:46 at 401 toppy candlesticks inviting daytraders to short but they are waiting for RSI to turn down.10:50 red candlestick, waiting for RSI breakdown for red vertical line10:53 here come the sellers at 400, red vertical line now.11:08 signing off, bye bye with this red vertical sell signal in placeAs you can see on the above chart, the first RSI sell signal, at the top of the chart where we put the vertical red line, was a head fake. After filling the gap by taking price down, the day-traders then took it back up to the final wall of resistance at $401. The second vertical, red line, sell signal proved to be correct. That is where we ended our comments and wrote an article to our subscribers. Then we bought our puts as the RSI continued down, unlike the head fake, first red, vertical line. Our put position has a nice gain and is still open.What's Ahead In The Coming Weeks?So much for day-trading. Most of us are interested in what the weekly chart is telling us longer term about this market. It is not a pretty picture. As you can see, all the signals have turned down on the chart. This indicates to us, weeks of selling ahead that will take the SPY down to retest $364.September is usually a terrible month according to theStock Traders Almanac, which provides all the historical data on the market. To help things along, we have the Fed \"pain\" announcement coming on September 18th. We think the market bottoms in October and then we start the best six months for the stock market. In May we may finally see the bottom of this bear market.Here is the weekly chart:SPY Targeting $364 (StockCharts.com)ConclusionThe weekly chart has lagging, but more reliable signals than the daily chart. In other words, these signals do not reverse as quickly as the daily chart. We expect the negative trend of all these sell signals to continue for the coming weeks, still targeting $364. We will be shorting any bounce such as happened on Friday and you can tune in with our free trial.","news_type":1},"isVote":1,"tweetType":1,"viewCount":144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998613362,"gmtCreate":1660977647058,"gmtModify":1676536434650,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"The Apes will&nbsp;Hodl with diamond hands&nbsp;no matter what despite having down 50%!","listText":"The Apes will&nbsp;Hodl with diamond hands&nbsp;no matter what despite having down 50%!","text":"The Apes will Hodl with diamond hands no matter what despite having down 50%!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998613362","repostId":"1179796338","repostType":2,"repost":{"id":"1179796338","pubTimestamp":1660955396,"share":"https://ttm.financial/m/news/1179796338?lang=&edition=fundamental","pubTime":"2022-08-20 08:29","market":"us","language":"en","title":"Ryan Cohen Just Dumped Bed Bath & Beyond. Could GameStop Be Next?","url":"https://stock-news.laohu8.com/highlight/detail?id=1179796338","media":"Barrons","summary":"So much for diamond hands.Ryan Cohen, meme stock cheerleader extraordinaire, just did something that","content":"<html><head></head><body><p>So much for diamond hands.</p><p>Ryan Cohen, meme stock cheerleader extraordinaire, just did something that no self-respecting Reddit trader would do: He sold his entire stake in Bed Bath &amp; Beyond.</p><p>The decision to sell may have been a smart one. Cohen first bought Bed Bath &amp; Beyond’s stock at $15.34 a share, only to watch the stock tumble below $5. Losing about two-thirds of your money on a trade is never great, even when you are a billionaire.</p><p>Then Bed Bath &amp; Beyond went parabolic. The stock surged more than 400% from June 26 through Aug. 17, and Cohen did what any smart investor would do—he sold everything. That turned what could have been a sizable loss into a sizable gain of about $60 million.</p><p>The decision makes all kinds of sense, particularly with the stock down more than 40% on Friday. Wells Fargo analyst Zachary Fadem noted Thursday that Bed Bath shares had spiked even as the company likely was seeing more weakness during its second quarter as foot traffic in its stores dropped. Bed Bath &amp; Beyond even had to release a statement saying that it was taking steps to strengthen its balance sheet as the amount of cash it has on hand became alarmingly low.</p><p>“[We] believe the writing is on the wall that BBBY shares have again decoupled from economic reality,” Fadem wrote.</p><p>Turning the company around has likely proven tougher than Cohen thought when he first bought his stake. UBS analyst Michael Lasser, who has a Sell rating on the stock, noted that the current retail environment isn’t going to help Bed Bath &amp; Beyond as it tries to turn its business around.</p><p>“The reads from the retailers who reported this week is that the consumer spending environment has become more volatile in recent weeks,” he wrote. “Plus, the categories that experienced sharp spikes in demand in the last couple of years like grills, small appliances, and others have sharply receded. These conditions won’t make it easier for Bed Bath to effectuate a turnaround.“</p><p>All this is perfectly rational, but by selling Cohen broke the cardinal rule of meme trading—you never sell. These so-called diamond hands are supposed to be able to handle all the pressure, no matter the amount of volatility. Cohen didn’t, though, and that has to raise the prospects that he might at some point decide that it’s prudent to take profits in his much more successful trade—GameStop (GME). GameStop stock, down 3.8% to $36.49 in trading Friday, but remains in the range between $25 and $50 it has settled into this year. The remaining diamond hands, though, will surely be tested if it breaks below $25.</p><p>In a market this volatile, however, does it even make sense to buy and hold forever, especially in companies that hardly meet the definition of high quality? If Cohen is anything to go by, diamond hands may soon be a thing of the past.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ryan Cohen Just Dumped Bed Bath & Beyond. Could GameStop Be Next?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRyan Cohen Just Dumped Bed Bath & Beyond. Could GameStop Be Next?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-20 08:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/ryan-cohen-bed-bath-beyond-gamestop-stock-price-51660915976?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>So much for diamond hands.Ryan Cohen, meme stock cheerleader extraordinaire, just did something that no self-respecting Reddit trader would do: He sold his entire stake in Bed Bath & Beyond.The ...</p>\n\n<a href=\"https://www.barrons.com/articles/ryan-cohen-bed-bath-beyond-gamestop-stock-price-51660915976?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居","GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/ryan-cohen-bed-bath-beyond-gamestop-stock-price-51660915976?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179796338","content_text":"So much for diamond hands.Ryan Cohen, meme stock cheerleader extraordinaire, just did something that no self-respecting Reddit trader would do: He sold his entire stake in Bed Bath & Beyond.The decision to sell may have been a smart one. Cohen first bought Bed Bath & Beyond’s stock at $15.34 a share, only to watch the stock tumble below $5. Losing about two-thirds of your money on a trade is never great, even when you are a billionaire.Then Bed Bath & Beyond went parabolic. The stock surged more than 400% from June 26 through Aug. 17, and Cohen did what any smart investor would do—he sold everything. That turned what could have been a sizable loss into a sizable gain of about $60 million.The decision makes all kinds of sense, particularly with the stock down more than 40% on Friday. Wells Fargo analyst Zachary Fadem noted Thursday that Bed Bath shares had spiked even as the company likely was seeing more weakness during its second quarter as foot traffic in its stores dropped. Bed Bath & Beyond even had to release a statement saying that it was taking steps to strengthen its balance sheet as the amount of cash it has on hand became alarmingly low.“[We] believe the writing is on the wall that BBBY shares have again decoupled from economic reality,” Fadem wrote.Turning the company around has likely proven tougher than Cohen thought when he first bought his stake. UBS analyst Michael Lasser, who has a Sell rating on the stock, noted that the current retail environment isn’t going to help Bed Bath & Beyond as it tries to turn its business around.“The reads from the retailers who reported this week is that the consumer spending environment has become more volatile in recent weeks,” he wrote. “Plus, the categories that experienced sharp spikes in demand in the last couple of years like grills, small appliances, and others have sharply receded. These conditions won’t make it easier for Bed Bath to effectuate a turnaround.“All this is perfectly rational, but by selling Cohen broke the cardinal rule of meme trading—you never sell. These so-called diamond hands are supposed to be able to handle all the pressure, no matter the amount of volatility. Cohen didn’t, though, and that has to raise the prospects that he might at some point decide that it’s prudent to take profits in his much more successful trade—GameStop (GME). GameStop stock, down 3.8% to $36.49 in trading Friday, but remains in the range between $25 and $50 it has settled into this year. The remaining diamond hands, though, will surely be tested if it breaks below $25.In a market this volatile, however, does it even make sense to buy and hold forever, especially in companies that hardly meet the definition of high quality? If Cohen is anything to go by, diamond hands may soon be a thing of the past.","news_type":1},"isVote":1,"tweetType":1,"viewCount":116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998982241,"gmtCreate":1660918925587,"gmtModify":1676536423389,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"just hold BBBY, it will hit to the&nbsp;moon! altho im down 50% for now","listText":"just hold BBBY, it will hit to the&nbsp;moon! altho im down 50% for now","text":"just hold BBBY, it will hit to the moon! altho im down 50% for now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998982241","isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993256100,"gmtCreate":1660696482202,"gmtModify":1676536380874,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Great article! I would like to share it.","listText":"Great article! I would like to share it.","text":"Great article! I would like to share it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993256100","repostId":"1190837880","repostType":2,"repost":{"id":"1190837880","pubTimestamp":1660694245,"share":"https://ttm.financial/m/news/1190837880?lang=&edition=fundamental","pubTime":"2022-08-17 07:57","market":"us","language":"en","title":"Why Is Bed Bath & Beyond Stock Up 29% Tuesday?","url":"https://stock-news.laohu8.com/highlight/detail?id=1190837880","media":"InvestorPlace","summary":"Bed Bath & Beyond stock is soaring 29% today amid surging retail investor interest.A large call opti","content":"<html><head></head><body><ul><li><a href=\"https://laohu8.com/S/BBBY\">Bed Bath &amp; Beyond</a> stock is soaring 29% today amid surging retail investor interest.</li><li>A large call options bet placed by GameStop(GME) chairman Ryan Cohen has sparked additional interest.</li><li>If held to expiry, Cohen&#39;s bets only pay off if BBBY stock hits the $60 to $80 range by January.</li></ul><p>This meme stock rally may have more room to run, considering today’s price action across a range of high-profile meme stocks. At the time of this writing, <a href=\"https://laohu8.com/S/BBBY\">Bed Bath &amp; Beyond </a> stock in particular is appreciating 29%. In fact, at today’s highs, BBBY stock actually soared more than 75%. This incredible move comes as retail investors digest an intriguing move from GameStop (NYSE:GME) chairman Ryan Cohen.</p><p>Cohen just loaded up on Bed Bath &amp; Beyond call options. Via a regulatory filing yesterday, Ryan Cohen’s RC Ventures made a big bet on BBBY stock hitting very high price targets. These targets range from the $60 to $80 level, meaning Cohen could lose the entirety of his bet if shares fail to trade at these levels by the January 2023 expiry.</p><p>Cohen’s bet isn’t insignificant, with the call options placed at very out-of-the-money levels. Today’s surge has certainly propelled the value of Cohen’s bet higher, too, although it’s unclear whether he intends to hold the options to expiry or not.</p><p>Let’s dive into what investors should make of this intriguing BBBY stock bet.</p><p>BBBY Stock Soars on Retail Investor Interest</p><p>The interesting thing about the recent surge in BBBY stock is that most of the gains have occurred in August. The 13-F filing that was released was for positions entered into before July 31. Accordingly, Ryan Cohen appears to have made this bet before it was popular to do so.</p><p>This fact appears to have encouraged retail investors to continue to double down, with call options flying for Bed Bath &amp; Beyond. Still a troubled retailer, investors looking for outsized short-term gains appear to be far outnumbering fundamentals-oriented investors. As such, it will be interesting to see how long this move can last.</p><p>Short interest remains high in BBBY stock — and it will likely remain high if the stock stays detached from fundamentals. That said, near-term short covering can potentially lead to a short squeeze, which is what investors are after.</p><p>It’s unclear how long Ryan Cohen will hold onto this speculative bet. However, he has been right on other short squeezes in the past. Accordingly, retail investors seem to be taking the bet as a sign more upside is on the horizon. If anything, Bed Bath &amp; Beyond will be a fun stock to watch from here.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Is Bed Bath & Beyond Stock Up 29% Tuesday?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Is Bed Bath & Beyond Stock Up 29% Tuesday?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-17 07:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/08/why-is-bed-bath-beyond-bbby-stock-up-60-today/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bed Bath & Beyond stock is soaring 29% today amid surging retail investor interest.A large call options bet placed by GameStop(GME) chairman Ryan Cohen has sparked additional interest.If held to ...</p>\n\n<a href=\"https://investorplace.com/2022/08/why-is-bed-bath-beyond-bbby-stock-up-60-today/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居"},"source_url":"https://investorplace.com/2022/08/why-is-bed-bath-beyond-bbby-stock-up-60-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190837880","content_text":"Bed Bath & Beyond stock is soaring 29% today amid surging retail investor interest.A large call options bet placed by GameStop(GME) chairman Ryan Cohen has sparked additional interest.If held to expiry, Cohen's bets only pay off if BBBY stock hits the $60 to $80 range by January.This meme stock rally may have more room to run, considering today’s price action across a range of high-profile meme stocks. At the time of this writing, Bed Bath & Beyond  stock in particular is appreciating 29%. In fact, at today’s highs, BBBY stock actually soared more than 75%. This incredible move comes as retail investors digest an intriguing move from GameStop (NYSE:GME) chairman Ryan Cohen.Cohen just loaded up on Bed Bath & Beyond call options. Via a regulatory filing yesterday, Ryan Cohen’s RC Ventures made a big bet on BBBY stock hitting very high price targets. These targets range from the $60 to $80 level, meaning Cohen could lose the entirety of his bet if shares fail to trade at these levels by the January 2023 expiry.Cohen’s bet isn’t insignificant, with the call options placed at very out-of-the-money levels. Today’s surge has certainly propelled the value of Cohen’s bet higher, too, although it’s unclear whether he intends to hold the options to expiry or not.Let’s dive into what investors should make of this intriguing BBBY stock bet.BBBY Stock Soars on Retail Investor InterestThe interesting thing about the recent surge in BBBY stock is that most of the gains have occurred in August. The 13-F filing that was released was for positions entered into before July 31. Accordingly, Ryan Cohen appears to have made this bet before it was popular to do so.This fact appears to have encouraged retail investors to continue to double down, with call options flying for Bed Bath & Beyond. Still a troubled retailer, investors looking for outsized short-term gains appear to be far outnumbering fundamentals-oriented investors. As such, it will be interesting to see how long this move can last.Short interest remains high in BBBY stock — and it will likely remain high if the stock stays detached from fundamentals. That said, near-term short covering can potentially lead to a short squeeze, which is what investors are after.It’s unclear how long Ryan Cohen will hold onto this speculative bet. However, he has been right on other short squeezes in the past. Accordingly, retail investors seem to be taking the bet as a sign more upside is on the horizon. If anything, Bed Bath & Beyond will be a fun stock to watch from here.","news_type":1},"isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999399831,"gmtCreate":1660459148125,"gmtModify":1676533475326,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"llittttt","listText":"llittttt","text":"llittttt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9999399831","repostId":"2259268147","repostType":2,"repost":{"id":"2259268147","pubTimestamp":1660443357,"share":"https://ttm.financial/m/news/2259268147?lang=&edition=fundamental","pubTime":"2022-08-14 10:15","market":"us","language":"en","title":"How to Make 300% in the Stock Market Without Really Trying","url":"https://stock-news.laohu8.com/highlight/detail?id=2259268147","media":"InvestorPlace","summary":"In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/7cec91627f47c890c9b15078a688d4f9\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>In 2012, I made 300% returns in the stock market without really trying.</p><p>It happened again in 2020…</p><p>And then again in 2021…</p><p>My secret?</p><p><i><b>I bought companies in consolidating industries</b></i>.</p><p>For 2012, it was the airline industry. Ammunition in 2020. And coal in 2021.</p><p>In each of these cases, a “terrible” industry would see profits rise 5x… 10x… 20x… after bankruptcies, liquidations and mergers left the industry with few remaining players. It’s a wellspring of easy profits.</p><p>The strategy only works every several years; industry consolidation doesn’t happen all the time.</p><p>But when it does happen, investors can outperform the market. And today, one new industry is teasing 300% returns. Read on to find which one.</p><p>And if you enjoy this article, <b>click here to subscribe to Tom Yeung’s </b><b><i>Profit &amp; Protection</i></b><b> to get the latest updates in your inbox</b>.</p><h2>Exploiting Inefficient Markets</h2><p>The reason for airline outperformance was simple:</p><p>Markets are efficient vehicles for gathering consensus market views…</p><p><i><b>…but consensus views are sometimes slow to change, especially with consolidating industries</b></i>.</p><p>In the case of airlines, investors “knew” it was a terrible industry.</p><p>“For 100 years, airline transport has not been a good business,” Warren Buffett said in a 2013 interview on <i>CNBC</i>. “A seat on an airliner as a commodity to a great extent.”</p><p>But managers with billion-dollar funds often can’t see the changes that you and I do. The tight-fisted Mr. Buffett flies around in a private jet he once named “The Indefensible.” And how would an analyst sitting in Wall Street’s glass buildings (as I once did) know the price of a gallon of milk? Even I almost missed the rise of airline fares.</p><p>Yet, these Wall Street blind spots create enormous buying opportunities.</p><ul><li><b>Railways.</b> Companies like <b>Canadian Pacific Railway</b> (NYSE:<b><u>CP</u></b>) rose +600% between 2009-2014.</li><li><b>Ammunition.</b> Bullet-maker <b><a href=\"https://laohu8.com/S/VGL.AU\">Vista</a> Outdoors</b> (NYSE:<b><u>VSTO</u></b>) jumped +550% between 2020-2021.</li><li><b>Coal.</b> Near-bankrupt miner <b><a href=\"https://laohu8.com/S/BTU\">Peabody</a> Energy</b> (NYSE:<b><u>BTU</u></b>) skyrocketed +900% between 2021-2022</li></ul><p>In each of these instances, a “Main Street” industry would suddenly become a superstar winner because of one word:</p><p><i><b>Consolidation</b></i>.</p><p>In the case of airlines, mega-mergers between top players meant that the top 4 carriers controlled two-thirds of the industry by 2013. <b>Delta</b> (NYSE:<b><u>DAL</u></b>) would make up 80% of all flights from Atlanta’s Hartsfield-Jackson airport that year.</p><p>In rail, these same forces would turn a struggling industry into one of America’s most profitable sectors. Only seven Class I freight railroads exist today, down from 33 in 1980. And concentration in specific sectors is higher; two railroads now originate 65% of all U.S. grain.</p><p>These changes are apparent to anyone who works in the business. Try to buy ammunition at your local gun store, and you’ll have a choice between two manufacturers. Shells now easily cost over a dollar per round. And at the grocery store, our choice of meat and prepackaged bread is an illusion. 2-3 companies now own dozens of brands on store shelves.</p><p>Observant investors will notice these things in everyday life.</p><p>Meanwhile, outsiders on Wall Street are often slow in responding to these tectonic shifts, especially when they’re happening far away from the glass high-rise offices of <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a> or Omaha.</p><h2>Beating the Street at Its Own Game</h2><p>There are three ingredients to these hidden gems:</p><ul><li><b>A “Hated” Industry.</b> A history of low returns, poor growth and high capital requirements will set the stage for cheap stock prices.</li><li><b>Consolidation.</b> Mergers, acquisitions and bankruptcies that give the remaining players pricing power.</li><li><b>Essential Goods.</b> Sectors that produce goods that are difficult or impossible to substitute.</li></ul><p>And today, one sector stands out as the next big winner:</p><p><i><b>Telecom</b></i>.</p><h2>From Four to Three</h2><p>Ask any Wall Street investor about telecom, and watch them respond with a mix of apathy and disgust. The <b><a href=\"https://laohu8.com/S/EMDI\">iShares</a> Global Communication Services ETF</b> (NYSEARCA:<b><u>IXP</u></b>) has risen just 7% since 2005, underperforming every other sector of the Global Industry Classification Standard (GICS).</p><p><img src=\"https://static.tigerbbs.com/d89746888da2d9510b64a9f031eaecd5\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/683bb6c2aa728f75d0baebfe009399e0\" tg-width=\"580\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>There’s a good reason for the dismal performance. For years, America’s telecom firms have fought in a seven-way battle. The two top players <b>AT&amp;T</b> (NYSE:<b><u>T</u></b>) and <b>Verizon</b> (NYSE:<b><u>VZ</u></b>) competed against upstarts <b>Sprint</b> and <b>T-Mobile</b> (NASDAQ:<b><u>TMUS</u></b>), along with smaller players <b>Leap</b>, <b>MetroPCS</b> and <b>U.S. Cellular</b> (NYSE:<b><u>USM</u></b>).</p><p>It was a recipe for disaster. High capital expenditure, changing technologies and a massive country to cover meant that firms like Verizon could sink $20 billion per year since 2000 into capital investment and <i>still</i> see end-user prices stagnate.</p><p>Put another way, my $40-per-month cell phone bill had barely budged in the 20 years leading up to 2020</p><p><i><b>But that also gives telecom the perfect setup for 300% gains</b></i>.</p><p>Since 2011, the number of wireless providers has shrunk from seven to four. And with U.S. Cellular’s market share dropping to 1%, the wireless industry has become a three-way race.</p><p>Prices have already started creeping up. The cheapest plan from T-Mobile for a single line now costs $70 after taxes and fees, reversing years of price declines. According to the BLS, spending on cell phone services finally stopped falling in 2020.</p><p>“A stable competitive market never has more than three significant competitors,” BCG founder Bruce Henderson noted in 1976. The “rule of three” eventually makes it “neither practical nor advantageous for either competitor to increase or decrease share.”</p><p>In other words, telecom is no longer a race to the bottom.</p><h2>Which Telecom Stock Should You Buy?</h2><p>So, why do I say investors can make 300% with virtually no effort?</p><p>That’s because there’s no need for fancy 3-stage DCF models…</p><p>…Complicated intrinsic value calculations…</p><p>…Or reading the tea leaves of management guidance.</p><p>That’s because when industries consolidate, <b>all companies gain</b>.</p><p>For airlines in 2013, investors could have easily made the same high returns on <b>Southwest </b>(NYSE:<b><u>LUV</u></b>), <b>United</b> (NASDAQ:<b><u>UAL</u></b>) or <b>Hawaiian</b> (NASDAQ:<b><u>HA</u></b>).</p><p>Similarly, telecom’s three remaining players – AT&amp;T, Verizon and T-Mobile – all stand to profit. Even though Profit &amp; Protection has highlighted AT&amp;T for its cheapest starting price, the trio all provide the same essential wireless services, and all have begun flexing their oligopolistic pricing power.</p><p><i><b>Bottom line: buy AT&amp;T if you only pick one telecom, but all three should outperform over the next decade</b></i>.</p><h2>Some Patience Required… </h2><p>Consolidation plays are phenomenal for their high batting average and relative safety. AT&amp;T has a 6% dividend yield, one of the highest rates for a blue-chip stock.</p><p>The strategy, however, can take years to play out. Freight railroad <b>CSX</b> (NASDAQ:<b><u>CSX</u></b>) took over a decade to rise 10x.</p><p>That means high-frequency traders are better off buying high-beta momentum stocks listed in Tuesday’s newsletter. But if you are willing to wait for returns without really trying, then AT&amp;T and the telecom industry provides a stunningly attractive play.</p></body></html>","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to Make 300% in the Stock Market Without Really Trying</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to Make 300% in the Stock Market Without Really Trying\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-14 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And then again in 2021…My secret?I bought companies in consolidating industries.For 2012, it was the ...</p>\n\n<a href=\"https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4190":"消闲用品","BK4016":"铁路","BK4532":"文艺复兴科技持仓","BK4515":"5G概念","BK4520":"美国基建股","PSQ":"纳指反向ETF","BK4008":"航空公司","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","VSTO":"Vista Outdoor Inc","LUV":"西南航空","CP":"加拿大太平洋铁路","QID":"纳指两倍做空ETF","BK4533":"AQR资本管理(全球第二大对冲基金)","TQQQ":"纳指三倍做多ETF","BK4566":"资本集团","DAL":"达美航空","BK4559":"巴菲特持仓","BK4132":"无线电信业务","TMUS":"T-Mobile US Inc","BK4550":"红杉资本持仓","BK4500":"航空公司","VZ":"威瑞森","BK4115":"综合电信业务","USM":"美国无线电话","BK4156":"煤与消费用燃料","QLD":"纳指两倍做多ETF","BTU":"Peabody","BK4561":"索罗斯持仓",".IXIC":"NASDAQ Composite","BK4581":"高盛持仓","SQQQ":"纳指三倍做空ETF","CSX":"CSX运输","BK4549":"软银资本持仓","UAL":"联合大陆航空","QQQ":"纳指100ETF","T":"美国电话电报","HA":"夏威夷控股"},"source_url":"https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259268147","content_text":"In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And then again in 2021…My secret?I bought companies in consolidating industries.For 2012, it was the airline industry. Ammunition in 2020. And coal in 2021.In each of these cases, a “terrible” industry would see profits rise 5x… 10x… 20x… after bankruptcies, liquidations and mergers left the industry with few remaining players. It’s a wellspring of easy profits.The strategy only works every several years; industry consolidation doesn’t happen all the time.But when it does happen, investors can outperform the market. And today, one new industry is teasing 300% returns. Read on to find which one.And if you enjoy this article, click here to subscribe to Tom Yeung’s Profit & Protection to get the latest updates in your inbox.Exploiting Inefficient MarketsThe reason for airline outperformance was simple:Markets are efficient vehicles for gathering consensus market views……but consensus views are sometimes slow to change, especially with consolidating industries.In the case of airlines, investors “knew” it was a terrible industry.“For 100 years, airline transport has not been a good business,” Warren Buffett said in a 2013 interview on CNBC. “A seat on an airliner as a commodity to a great extent.”But managers with billion-dollar funds often can’t see the changes that you and I do. The tight-fisted Mr. Buffett flies around in a private jet he once named “The Indefensible.” And how would an analyst sitting in Wall Street’s glass buildings (as I once did) know the price of a gallon of milk? Even I almost missed the rise of airline fares.Yet, these Wall Street blind spots create enormous buying opportunities.Railways. Companies like Canadian Pacific Railway (NYSE:CP) rose +600% between 2009-2014.Ammunition. Bullet-maker Vista Outdoors (NYSE:VSTO) jumped +550% between 2020-2021.Coal. Near-bankrupt miner Peabody Energy (NYSE:BTU) skyrocketed +900% between 2021-2022In each of these instances, a “Main Street” industry would suddenly become a superstar winner because of one word:Consolidation.In the case of airlines, mega-mergers between top players meant that the top 4 carriers controlled two-thirds of the industry by 2013. Delta (NYSE:DAL) would make up 80% of all flights from Atlanta’s Hartsfield-Jackson airport that year.In rail, these same forces would turn a struggling industry into one of America’s most profitable sectors. Only seven Class I freight railroads exist today, down from 33 in 1980. And concentration in specific sectors is higher; two railroads now originate 65% of all U.S. grain.These changes are apparent to anyone who works in the business. Try to buy ammunition at your local gun store, and you’ll have a choice between two manufacturers. Shells now easily cost over a dollar per round. And at the grocery store, our choice of meat and prepackaged bread is an illusion. 2-3 companies now own dozens of brands on store shelves.Observant investors will notice these things in everyday life.Meanwhile, outsiders on Wall Street are often slow in responding to these tectonic shifts, especially when they’re happening far away from the glass high-rise offices of Manhattan or Omaha.Beating the Street at Its Own GameThere are three ingredients to these hidden gems:A “Hated” Industry. A history of low returns, poor growth and high capital requirements will set the stage for cheap stock prices.Consolidation. Mergers, acquisitions and bankruptcies that give the remaining players pricing power.Essential Goods. Sectors that produce goods that are difficult or impossible to substitute.And today, one sector stands out as the next big winner:Telecom.From Four to ThreeAsk any Wall Street investor about telecom, and watch them respond with a mix of apathy and disgust. The iShares Global Communication Services ETF (NYSEARCA:IXP) has risen just 7% since 2005, underperforming every other sector of the Global Industry Classification Standard (GICS).There’s a good reason for the dismal performance. For years, America’s telecom firms have fought in a seven-way battle. The two top players AT&T (NYSE:T) and Verizon (NYSE:VZ) competed against upstarts Sprint and T-Mobile (NASDAQ:TMUS), along with smaller players Leap, MetroPCS and U.S. Cellular (NYSE:USM).It was a recipe for disaster. High capital expenditure, changing technologies and a massive country to cover meant that firms like Verizon could sink $20 billion per year since 2000 into capital investment and still see end-user prices stagnate.Put another way, my $40-per-month cell phone bill had barely budged in the 20 years leading up to 2020But that also gives telecom the perfect setup for 300% gains.Since 2011, the number of wireless providers has shrunk from seven to four. And with U.S. Cellular’s market share dropping to 1%, the wireless industry has become a three-way race.Prices have already started creeping up. The cheapest plan from T-Mobile for a single line now costs $70 after taxes and fees, reversing years of price declines. According to the BLS, spending on cell phone services finally stopped falling in 2020.“A stable competitive market never has more than three significant competitors,” BCG founder Bruce Henderson noted in 1976. The “rule of three” eventually makes it “neither practical nor advantageous for either competitor to increase or decrease share.”In other words, telecom is no longer a race to the bottom.Which Telecom Stock Should You Buy?So, why do I say investors can make 300% with virtually no effort?That’s because there’s no need for fancy 3-stage DCF models……Complicated intrinsic value calculations……Or reading the tea leaves of management guidance.That’s because when industries consolidate, all companies gain.For airlines in 2013, investors could have easily made the same high returns on Southwest (NYSE:LUV), United (NASDAQ:UAL) or Hawaiian (NASDAQ:HA).Similarly, telecom’s three remaining players – AT&T, Verizon and T-Mobile – all stand to profit. Even though Profit & Protection has highlighted AT&T for its cheapest starting price, the trio all provide the same essential wireless services, and all have begun flexing their oligopolistic pricing power.Bottom line: buy AT&T if you only pick one telecom, but all three should outperform over the next decade.Some Patience Required… Consolidation plays are phenomenal for their high batting average and relative safety. AT&T has a 6% dividend yield, one of the highest rates for a blue-chip stock.The strategy, however, can take years to play out. Freight railroad CSX (NASDAQ:CSX) took over a decade to rise 10x.That means high-frequency traders are better off buying high-beta momentum stocks listed in Tuesday’s newsletter. But if you are willing to wait for returns without really trying, then AT&T and the telecom industry provides a stunningly attractive play.","news_type":1},"isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999399967,"gmtCreate":1660459143062,"gmtModify":1676533475317,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Great article! I would like to share it.","listText":"Great article! I would like to share it.","text":"Great article! I would like to share it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9999399967","repostId":"2259268147","repostType":2,"repost":{"id":"2259268147","pubTimestamp":1660443357,"share":"https://ttm.financial/m/news/2259268147?lang=&edition=fundamental","pubTime":"2022-08-14 10:15","market":"us","language":"en","title":"How to Make 300% in the Stock Market Without Really Trying","url":"https://stock-news.laohu8.com/highlight/detail?id=2259268147","media":"InvestorPlace","summary":"In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/7cec91627f47c890c9b15078a688d4f9\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>In 2012, I made 300% returns in the stock market without really trying.</p><p>It happened again in 2020…</p><p>And then again in 2021…</p><p>My secret?</p><p><i><b>I bought companies in consolidating industries</b></i>.</p><p>For 2012, it was the airline industry. Ammunition in 2020. And coal in 2021.</p><p>In each of these cases, a “terrible” industry would see profits rise 5x… 10x… 20x… after bankruptcies, liquidations and mergers left the industry with few remaining players. It’s a wellspring of easy profits.</p><p>The strategy only works every several years; industry consolidation doesn’t happen all the time.</p><p>But when it does happen, investors can outperform the market. And today, one new industry is teasing 300% returns. Read on to find which one.</p><p>And if you enjoy this article, <b>click here to subscribe to Tom Yeung’s </b><b><i>Profit &amp; Protection</i></b><b> to get the latest updates in your inbox</b>.</p><h2>Exploiting Inefficient Markets</h2><p>The reason for airline outperformance was simple:</p><p>Markets are efficient vehicles for gathering consensus market views…</p><p><i><b>…but consensus views are sometimes slow to change, especially with consolidating industries</b></i>.</p><p>In the case of airlines, investors “knew” it was a terrible industry.</p><p>“For 100 years, airline transport has not been a good business,” Warren Buffett said in a 2013 interview on <i>CNBC</i>. “A seat on an airliner as a commodity to a great extent.”</p><p>But managers with billion-dollar funds often can’t see the changes that you and I do. The tight-fisted Mr. Buffett flies around in a private jet he once named “The Indefensible.” And how would an analyst sitting in Wall Street’s glass buildings (as I once did) know the price of a gallon of milk? Even I almost missed the rise of airline fares.</p><p>Yet, these Wall Street blind spots create enormous buying opportunities.</p><ul><li><b>Railways.</b> Companies like <b>Canadian Pacific Railway</b> (NYSE:<b><u>CP</u></b>) rose +600% between 2009-2014.</li><li><b>Ammunition.</b> Bullet-maker <b><a href=\"https://laohu8.com/S/VGL.AU\">Vista</a> Outdoors</b> (NYSE:<b><u>VSTO</u></b>) jumped +550% between 2020-2021.</li><li><b>Coal.</b> Near-bankrupt miner <b><a href=\"https://laohu8.com/S/BTU\">Peabody</a> Energy</b> (NYSE:<b><u>BTU</u></b>) skyrocketed +900% between 2021-2022</li></ul><p>In each of these instances, a “Main Street” industry would suddenly become a superstar winner because of one word:</p><p><i><b>Consolidation</b></i>.</p><p>In the case of airlines, mega-mergers between top players meant that the top 4 carriers controlled two-thirds of the industry by 2013. <b>Delta</b> (NYSE:<b><u>DAL</u></b>) would make up 80% of all flights from Atlanta’s Hartsfield-Jackson airport that year.</p><p>In rail, these same forces would turn a struggling industry into one of America’s most profitable sectors. Only seven Class I freight railroads exist today, down from 33 in 1980. And concentration in specific sectors is higher; two railroads now originate 65% of all U.S. grain.</p><p>These changes are apparent to anyone who works in the business. Try to buy ammunition at your local gun store, and you’ll have a choice between two manufacturers. Shells now easily cost over a dollar per round. And at the grocery store, our choice of meat and prepackaged bread is an illusion. 2-3 companies now own dozens of brands on store shelves.</p><p>Observant investors will notice these things in everyday life.</p><p>Meanwhile, outsiders on Wall Street are often slow in responding to these tectonic shifts, especially when they’re happening far away from the glass high-rise offices of <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a> or Omaha.</p><h2>Beating the Street at Its Own Game</h2><p>There are three ingredients to these hidden gems:</p><ul><li><b>A “Hated” Industry.</b> A history of low returns, poor growth and high capital requirements will set the stage for cheap stock prices.</li><li><b>Consolidation.</b> Mergers, acquisitions and bankruptcies that give the remaining players pricing power.</li><li><b>Essential Goods.</b> Sectors that produce goods that are difficult or impossible to substitute.</li></ul><p>And today, one sector stands out as the next big winner:</p><p><i><b>Telecom</b></i>.</p><h2>From Four to Three</h2><p>Ask any Wall Street investor about telecom, and watch them respond with a mix of apathy and disgust. The <b><a href=\"https://laohu8.com/S/EMDI\">iShares</a> Global Communication Services ETF</b> (NYSEARCA:<b><u>IXP</u></b>) has risen just 7% since 2005, underperforming every other sector of the Global Industry Classification Standard (GICS).</p><p><img src=\"https://static.tigerbbs.com/d89746888da2d9510b64a9f031eaecd5\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/683bb6c2aa728f75d0baebfe009399e0\" tg-width=\"580\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>There’s a good reason for the dismal performance. For years, America’s telecom firms have fought in a seven-way battle. The two top players <b>AT&amp;T</b> (NYSE:<b><u>T</u></b>) and <b>Verizon</b> (NYSE:<b><u>VZ</u></b>) competed against upstarts <b>Sprint</b> and <b>T-Mobile</b> (NASDAQ:<b><u>TMUS</u></b>), along with smaller players <b>Leap</b>, <b>MetroPCS</b> and <b>U.S. Cellular</b> (NYSE:<b><u>USM</u></b>).</p><p>It was a recipe for disaster. High capital expenditure, changing technologies and a massive country to cover meant that firms like Verizon could sink $20 billion per year since 2000 into capital investment and <i>still</i> see end-user prices stagnate.</p><p>Put another way, my $40-per-month cell phone bill had barely budged in the 20 years leading up to 2020</p><p><i><b>But that also gives telecom the perfect setup for 300% gains</b></i>.</p><p>Since 2011, the number of wireless providers has shrunk from seven to four. And with U.S. Cellular’s market share dropping to 1%, the wireless industry has become a three-way race.</p><p>Prices have already started creeping up. The cheapest plan from T-Mobile for a single line now costs $70 after taxes and fees, reversing years of price declines. According to the BLS, spending on cell phone services finally stopped falling in 2020.</p><p>“A stable competitive market never has more than three significant competitors,” BCG founder Bruce Henderson noted in 1976. The “rule of three” eventually makes it “neither practical nor advantageous for either competitor to increase or decrease share.”</p><p>In other words, telecom is no longer a race to the bottom.</p><h2>Which Telecom Stock Should You Buy?</h2><p>So, why do I say investors can make 300% with virtually no effort?</p><p>That’s because there’s no need for fancy 3-stage DCF models…</p><p>…Complicated intrinsic value calculations…</p><p>…Or reading the tea leaves of management guidance.</p><p>That’s because when industries consolidate, <b>all companies gain</b>.</p><p>For airlines in 2013, investors could have easily made the same high returns on <b>Southwest </b>(NYSE:<b><u>LUV</u></b>), <b>United</b> (NASDAQ:<b><u>UAL</u></b>) or <b>Hawaiian</b> (NASDAQ:<b><u>HA</u></b>).</p><p>Similarly, telecom’s three remaining players – AT&amp;T, Verizon and T-Mobile – all stand to profit. Even though Profit &amp; Protection has highlighted AT&amp;T for its cheapest starting price, the trio all provide the same essential wireless services, and all have begun flexing their oligopolistic pricing power.</p><p><i><b>Bottom line: buy AT&amp;T if you only pick one telecom, but all three should outperform over the next decade</b></i>.</p><h2>Some Patience Required… </h2><p>Consolidation plays are phenomenal for their high batting average and relative safety. AT&amp;T has a 6% dividend yield, one of the highest rates for a blue-chip stock.</p><p>The strategy, however, can take years to play out. Freight railroad <b>CSX</b> (NASDAQ:<b><u>CSX</u></b>) took over a decade to rise 10x.</p><p>That means high-frequency traders are better off buying high-beta momentum stocks listed in Tuesday’s newsletter. But if you are willing to wait for returns without really trying, then AT&amp;T and the telecom industry provides a stunningly attractive play.</p></body></html>","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to Make 300% in the Stock Market Without Really Trying</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to Make 300% in the Stock Market Without Really Trying\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-14 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And then again in 2021…My secret?I bought companies in consolidating industries.For 2012, it was the ...</p>\n\n<a href=\"https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4190":"消闲用品","BK4016":"铁路","BK4532":"文艺复兴科技持仓","BK4515":"5G概念","BK4520":"美国基建股","PSQ":"纳指反向ETF","BK4008":"航空公司","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","VSTO":"Vista Outdoor Inc","LUV":"西南航空","CP":"加拿大太平洋铁路","QID":"纳指两倍做空ETF","BK4533":"AQR资本管理(全球第二大对冲基金)","TQQQ":"纳指三倍做多ETF","BK4566":"资本集团","DAL":"达美航空","BK4559":"巴菲特持仓","BK4132":"无线电信业务","TMUS":"T-Mobile US Inc","BK4550":"红杉资本持仓","BK4500":"航空公司","VZ":"威瑞森","BK4115":"综合电信业务","USM":"美国无线电话","BK4156":"煤与消费用燃料","QLD":"纳指两倍做多ETF","BTU":"Peabody","BK4561":"索罗斯持仓",".IXIC":"NASDAQ Composite","BK4581":"高盛持仓","SQQQ":"纳指三倍做空ETF","CSX":"CSX运输","BK4549":"软银资本持仓","UAL":"联合大陆航空","QQQ":"纳指100ETF","T":"美国电话电报","HA":"夏威夷控股"},"source_url":"https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259268147","content_text":"In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And then again in 2021…My secret?I bought companies in consolidating industries.For 2012, it was the airline industry. Ammunition in 2020. And coal in 2021.In each of these cases, a “terrible” industry would see profits rise 5x… 10x… 20x… after bankruptcies, liquidations and mergers left the industry with few remaining players. It’s a wellspring of easy profits.The strategy only works every several years; industry consolidation doesn’t happen all the time.But when it does happen, investors can outperform the market. And today, one new industry is teasing 300% returns. Read on to find which one.And if you enjoy this article, click here to subscribe to Tom Yeung’s Profit & Protection to get the latest updates in your inbox.Exploiting Inefficient MarketsThe reason for airline outperformance was simple:Markets are efficient vehicles for gathering consensus market views……but consensus views are sometimes slow to change, especially with consolidating industries.In the case of airlines, investors “knew” it was a terrible industry.“For 100 years, airline transport has not been a good business,” Warren Buffett said in a 2013 interview on CNBC. “A seat on an airliner as a commodity to a great extent.”But managers with billion-dollar funds often can’t see the changes that you and I do. The tight-fisted Mr. Buffett flies around in a private jet he once named “The Indefensible.” And how would an analyst sitting in Wall Street’s glass buildings (as I once did) know the price of a gallon of milk? Even I almost missed the rise of airline fares.Yet, these Wall Street blind spots create enormous buying opportunities.Railways. Companies like Canadian Pacific Railway (NYSE:CP) rose +600% between 2009-2014.Ammunition. Bullet-maker Vista Outdoors (NYSE:VSTO) jumped +550% between 2020-2021.Coal. Near-bankrupt miner Peabody Energy (NYSE:BTU) skyrocketed +900% between 2021-2022In each of these instances, a “Main Street” industry would suddenly become a superstar winner because of one word:Consolidation.In the case of airlines, mega-mergers between top players meant that the top 4 carriers controlled two-thirds of the industry by 2013. Delta (NYSE:DAL) would make up 80% of all flights from Atlanta’s Hartsfield-Jackson airport that year.In rail, these same forces would turn a struggling industry into one of America’s most profitable sectors. Only seven Class I freight railroads exist today, down from 33 in 1980. And concentration in specific sectors is higher; two railroads now originate 65% of all U.S. grain.These changes are apparent to anyone who works in the business. Try to buy ammunition at your local gun store, and you’ll have a choice between two manufacturers. Shells now easily cost over a dollar per round. And at the grocery store, our choice of meat and prepackaged bread is an illusion. 2-3 companies now own dozens of brands on store shelves.Observant investors will notice these things in everyday life.Meanwhile, outsiders on Wall Street are often slow in responding to these tectonic shifts, especially when they’re happening far away from the glass high-rise offices of Manhattan or Omaha.Beating the Street at Its Own GameThere are three ingredients to these hidden gems:A “Hated” Industry. A history of low returns, poor growth and high capital requirements will set the stage for cheap stock prices.Consolidation. Mergers, acquisitions and bankruptcies that give the remaining players pricing power.Essential Goods. Sectors that produce goods that are difficult or impossible to substitute.And today, one sector stands out as the next big winner:Telecom.From Four to ThreeAsk any Wall Street investor about telecom, and watch them respond with a mix of apathy and disgust. The iShares Global Communication Services ETF (NYSEARCA:IXP) has risen just 7% since 2005, underperforming every other sector of the Global Industry Classification Standard (GICS).There’s a good reason for the dismal performance. For years, America’s telecom firms have fought in a seven-way battle. The two top players AT&T (NYSE:T) and Verizon (NYSE:VZ) competed against upstarts Sprint and T-Mobile (NASDAQ:TMUS), along with smaller players Leap, MetroPCS and U.S. Cellular (NYSE:USM).It was a recipe for disaster. High capital expenditure, changing technologies and a massive country to cover meant that firms like Verizon could sink $20 billion per year since 2000 into capital investment and still see end-user prices stagnate.Put another way, my $40-per-month cell phone bill had barely budged in the 20 years leading up to 2020But that also gives telecom the perfect setup for 300% gains.Since 2011, the number of wireless providers has shrunk from seven to four. And with U.S. Cellular’s market share dropping to 1%, the wireless industry has become a three-way race.Prices have already started creeping up. The cheapest plan from T-Mobile for a single line now costs $70 after taxes and fees, reversing years of price declines. According to the BLS, spending on cell phone services finally stopped falling in 2020.“A stable competitive market never has more than three significant competitors,” BCG founder Bruce Henderson noted in 1976. The “rule of three” eventually makes it “neither practical nor advantageous for either competitor to increase or decrease share.”In other words, telecom is no longer a race to the bottom.Which Telecom Stock Should You Buy?So, why do I say investors can make 300% with virtually no effort?That’s because there’s no need for fancy 3-stage DCF models……Complicated intrinsic value calculations……Or reading the tea leaves of management guidance.That’s because when industries consolidate, all companies gain.For airlines in 2013, investors could have easily made the same high returns on Southwest (NYSE:LUV), United (NASDAQ:UAL) or Hawaiian (NASDAQ:HA).Similarly, telecom’s three remaining players – AT&T, Verizon and T-Mobile – all stand to profit. Even though Profit & Protection has highlighted AT&T for its cheapest starting price, the trio all provide the same essential wireless services, and all have begun flexing their oligopolistic pricing power.Bottom line: buy AT&T if you only pick one telecom, but all three should outperform over the next decade.Some Patience Required… Consolidation plays are phenomenal for their high batting average and relative safety. AT&T has a 6% dividend yield, one of the highest rates for a blue-chip stock.The strategy, however, can take years to play out. Freight railroad CSX (NASDAQ:CSX) took over a decade to rise 10x.That means high-frequency traders are better off buying high-beta momentum stocks listed in Tuesday’s newsletter. But if you are willing to wait for returns without really trying, then AT&T and the telecom industry provides a stunningly attractive play.","news_type":1},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9063017331,"gmtCreate":1651371532002,"gmtModify":1676534897005,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"thanks for the quick recap post!","listText":"thanks for the quick recap post!","text":"thanks for the quick recap post!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9063017331","repostId":"1102313596","repostType":2,"repost":{"id":"1102313596","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651364553,"share":"https://ttm.financial/m/news/1102313596?lang=&edition=fundamental","pubTime":"2022-05-01 08:22","market":"us","language":"en","title":"Full Recap of Berkshire Hathaway’s Annual Shareholders Meeting Saturday","url":"https://stock-news.laohu8.com/highlight/detail?id=1102313596","media":"Tiger Newspress","summary":"Berkshire Hathaway Chairman Warren Buffett on Saturday put fresh money behind Activision and Chevron","content":"<html><head></head><body><p>Berkshire Hathaway Chairman Warren Buffett on Saturday put fresh money behind Activision and Chevron and doled out sharp criticism against speculation in the market.</p><p>Speaking at Berkshire Hathaway’s first in-person annual meeting since 2019, Buffett went so far as to say the market’s turned into a “gambling parlor.”</p><p>The Oracle of Omaha also commented on inflation, building on prior remarks he has made. Buffett had previously said that inflation “swindles” equity investors, but noted Saturday that it “swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody.”</p><p>Buffett and his longtime partner, Vice Chairman Charlie Munger, fielded shareholder questions on a broad range of issues for hours.</p><p>Buffett also said that Berkshire had been increasing its stake in Activision Blizzard as part of a merger arbitrage bet that Microsoft’s proposed deal to buy the video game company will close. Additionally, Berkshire revealed it had ramped up its stock bets by more than $51 billion during the first quarter amid the broader market’s downturn.</p><p>Buffett also stressed the importance of cash as “new forms of money” like bitcoin pop up.</p><p>“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill. “That’s what money is.”</p><p>Check out full recap below for more from the two investing legends.</p><h3><b>Berkshire bought more than $51 billion of stocks during Q1′s market rout</b></h3><p>Berkshire bought more than $51 billion worth of stocks during the first quarter’s market turmoil, including sizable investments in Chevron, HP and Occidental. The buying at the start of the year marked a sharp reversal from 2021 that saw $7.4 billion of net sales in stocks.</p><p>The S&amp;P 500 suffered a 5% sell-off in the first quarter, posting its worst quarter since the start of the pandemic. The rout continued in April with the equity benchmark down another 8.8% amid fears of surging inflation and rising rates.</p><h3><b>Buffett says Berkshire is “better than the banks”</b></h3><p>Warren Buffett has a long history of teasing investment bankers and their institutions – saying that they encourage mergers and spinoffs to reap fees, rather than improve companies.</p><p>Today, he noted that Berkshire Hathaway would always be cash-rich, and in times of need, would be “better than the banks” at extending credit lines to companies in need. While Buffett was talking, someone was shouting from the crowd in the CHI Center. It was unclear what the audience member was said.</p><p>“Was that a banker screaming?” Buffett joked.</p><h3><b>Buffett warns shareholders about “new forms of money” and the importance of cash</b></h3><p>Warren Buffett warned shareholders about “new forms of money” as he recalled the financial crisis of 2008 and said Berkshire Hathaway will “always have a lot of cash on hand.”</p><p>Buffett did not explicitly identify bitcoin or other cryptocurrencies, though he has made headlines for calling bitcoin “rat poison” in the past and has said it has no unique value. Charlie Munger has also spoken with hostility about it.</p><p>“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill.</p><p>“That’s what money is,” he added. “It may turn out that it becomes worth dramatically less at purchasing power. It can become almost like paper money as it has in many countries. But that when people tell you that they’re reaching [for] new forms of money, this is the only thing that will pay bills.”</p><h3><b>Berkshire put money to work after finding ‘little exciting’ in the market</b></h3><p>In his annual chairman letter to shareholders in February, Warren Buffett said there is “little that excites us” in the market. But soon after, he put Berkshire’s money to work.</p><p>Berkshire at the beginning of March revealed a big stake in oil giant Occidental Petroleum. At the beginning of April, Berkshire announced a major stake in tech hardware stock HP. Berkshire’s first-quarter filing revealed the company significantly increased its bet on Chevron.</p><p>“We found some things we prefer to owning Treasury bills,” quipped Berkshire vice chairman and Buffett’s right-hand man Charlie Munger.</p><h3><b>Buffett on his massive Occidental investment</b></h3><p>Buffett scooped up 14% of oil giant <a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>, worth more than $7 billion, in two weeks during March.</p><p>He pointed out that the stake was even larger when accounting for the index fund providers who own a huge chunk of the company.</p><p>“That’s not investment. You’re not buying from [investors]. I find it just incredible. You couldn’t do that with Berkshire. ... Overwhelmingly, large companies in America, they became poker chips,” Buffett said.</p><p>“That enabled us, in a two-week period, to buy 14% of a business that’s been around for decades,” Buffett said. “Imagine trying to [buy] 14% of the farms in this country. 14% of the apartment houses. 14% of the auto dealerships, or just anything, when already 40% were locked up some other place. It defies anything Charlie and I have seen, and we’ve seen a lot.”</p><p>The legendary investor said that the short-term volatility earlier this year fueled by “gambling mentality” allowed him to find good long-term opportunities.</p><h3><b>Executives of Berkshire’s portfolio companies discuss impact of inflation</b></h3><p>Ahead of the shareholder meeting, the executives of several Berkshire portfolio companies told CNBC how inflation was hitting their businesses.</p><p>One of those executives was Jim Weber, CEO of Brooks Running.</p><p>Weber said it was tough to raise prices for Brooks’ products but that he thinks some of the cost pressures could cool soon.</p><p>“We don’t have unlimited pricing power, but we have taken selective price increases where we think we can. But our whole industry is so competitive. It’s a big market place. ... I do believe in the supply chain that costs are going to mediate a bit,” Weber said.</p><h3><b>Buffett wants Berkshire to be in a ‘position to operate’ should the economy stop</b></h3><p>Buffett said he wants Berkshire Hathaway to be in a “position to operate” should the economy stop.</p><p>“We want Berkshire Hathaway to be there and in a position to operate if the economy stops,” Buffett said. “And that can always happen, it can always happen.”</p><p>Buffett played a significant role during the Great Recession, providing capital during a pivotal moment to companies such as Bank of America and Goldman Sachs. The move drew criticism from those who disapproved of the support of big banks.</p><p>The billionaire investor made those remarks while also praising the Federal Reserve’s role during the 2008 financial crisis and the pandemic.</p><p>“The Federal Reserve has not gone,” Buffett said. He added the Fed will “do whatever is necessary. ... That’s what happened in 2008 and 2009, and that’s what happened in 2020, and you’ll hope it happens again next time.”</p><h3><b>Buffett says he has &#34;so much trouble&#34; finding businesses to invest in</b></h3><p>Warren Buffett said Berkshire Hathaway is open to investing in businesses anywhere, not just in the U.S.</p><p>“We have so much trouble finding good ideas that we can’t afford to ignore any,” Buffett said. “But they do have to be sizable.”</p><p>Buffett said while he does seek out new investments, he prefers to be approached proactively.</p><p>“We’ll pay any price, climb any hills to find businesses, but we actually prefer when they fall into our lap,” Buffett said.</p><h3><b>Munger says today’s stock market &#34;almost a mania of speculation&#34;</b></h3><p>Munger said today’s stock market has become “almost a mania of speculation.”</p><p>His comment alluded to both high frequency algorithmic trading and access new investors have that intensified during the pandemic.</p><p>“We have computers with algorithms trading against other computers,” Munger said. “We’ve got people who know nothing about stocks, being advised by stockbrokers who know even less.</p><p>“I understand the commission though,” Buffett joked.</p><p>After Munger likened the activity to a casino, where people play craps and roulette, Buffett expanded on the comparison.</p><p>“People and traders’ poker chips are pulling the handle,” he said. “They’ve got the system set up so that if you want to buy a three-day call on the stock you can do it and they make more money selling you calls than if you buy stock, so they teach you calls. Nobody’s going around selling calls on farms. That’s why markets do crazy things. Occasionally Berkshire gets a chance to do something. It’s not because we’re smarter. … we’re sane, and that’s the main requirement in this business.”</p><h3><b>Munger blasts calls for separate Berkshire chairman and CEO</b></h3><p>Berkshire Hathaway Vice Chairman Charlie Munger had some stern words in response to a proposal to oust CEO Warren Buffett as chairman.</p><p>“It’s the most ridiculous criticism I ever heard,” Munger said.</p><p>“It’s like Odysseus would come back from winning the battle of Troy and so forth and some guy would say, ‘I don’t like the way you were holding your spear when you won that battle,’” he added, referencing ancient Greek epic “The Odyssey.”</p><p>The California Public Employees’ Retirement System, or CalPERS, the biggest public pension fund in the U.S., earlier this month said it would vote in favor of a shareholder proposal to remove Buffett from his chairman role while remaining CEO. The proposal’s aim stems from concerns about corporate governance with one person holding dual roles.</p><p>“Some guy that’s never run any business, doesn’t know anything — I don’t think too much of this activity,” Munger said.</p><h3><b>Berkshire’s head of insurance explains how Geico has fallen behind rival Progressive</b></h3><p>Berkshire Hathaway Vice Chairman Ajit Jain, who runs all of the conglomerate’s insurance businesses, lamented about how Geico has fallen behind rival Progressive in the car insurance business.</p><p>“Each one have their plusses and minuses, but having said that, there’s no question that recently Progressive has done a much better job than Geico … both in terms of margins and in terms of growth,” Jain said.</p><p>“There are a number of causes for that, but I think the biggest culprit is as far as Geico is concerned … is telematics,” he added. Telematics refers to putting a device on a car that tracks driving patterns, in exchange for a lower insurance rate.</p><p>“Progressive has been on the telematics bandwagon for more than 10 years. Geico, until recently, wasn’t involved in telematics,” Jain said. “It’s a long journey, but the journey has started, and the initial results are promising. It will take a while, but my hope is that in the next year or two, Geico will be positioned to catch up with Progressive.”</p><p>Jain’s comments came after Berkshire reported earlier in the day a massive earnings drop in its insurance underwriting business for the first quarter.</p><h3><b>Buffett says he has never been &#34;good at timing&#34;</b></h3><p>Warren Buffett said he has never figured out how to time the markets.</p><p>“We haven’t the faintest idea what the stock market was gonna do when it opens on Monday,” Buffett said in response to an audience question.</p><p>“I don’t think we’ve ever made a decision where either one of us has either said or been thinking we should buy or sell based on what the market is going to do, or for that matter, on what the economy’s going to do. We don’t know,” he continued.</p><p>The Oracle of Omaha said he often gets misplaced credit for the stock winners he’s picked over the years, pointing out he’s also missed out on some big opportunities as well. Buffett said he failed to make some big purchases in the early days of the pandemic. In a single day in March 2020, the Dow Jones Industrial Average dropped 12.9%,its worst day since 1987.</p><p>Instead, Buffett adheres to a value investing strategy, or picking stocks with attractive valuations, instead of focusing on the vagaries of the stock market.</p><p>“We have not been good at timing,” Buffett said. “We’ve been reasonably good at figuring out when we were getting enough for our money. And we had no idea when we bought anything, but we always hoped it would the down for a while so we could buy more. ... I mean, that stuff, you could you could learn in fourth grade.”</p><h3><b>Munger says &#34;just say no&#34; to putting bitcoin in your retirement account</b></h3><p>Charlie Munger is still down on bitcoin.</p><p>He responded to an audience member question asking what single stock they would invest in given how high inflation has been rising.</p><p>The Berkshire executives didn’t say where they would put their money, but Munger was clear about where he wouldn’t invest: bitcoin.</p><p>“When you have your own retirement account, and your friendly adviser suggests you put all the money in into bitcoin, just say no,” he said.</p><p>Munger’s answer was a thinly veiled reference tobig news from Fidelity this week, which will now allow employees to putbitcoininto their employee-sponsored retirement accounts.</p><p>Munger and Buffett have both long been critics of bitcoin, which has become increasingly attractive to certain investors for its potential as an inflation hedge.</p><h3><b>Buffett describes his start to investing when he was 11 years old</b></h3><p>A trip to the New York Stock Exchange when he was 9 years old was inspiring for Warren Buffett, who is known to have started investing when he was 11 years old.</p><p>“I went to the New York Stock Exchange, I was in awe of it,” Buffett said. “I got very interested in technical analysis and charted stocks and did all kinds of crazy things, did hours and hours and hours and saved money to buy other stocks and tried shorting. I just did everything.”</p><p>The investor bought a stock at 11 after spending his childhood reading books on the subject from the library and in his father’s office. He said his approach to investing later changed completely when he was 19 or 20 years old after reading one particular book passage in what he said must have been Benjamin Graham’s “The Intelligent Investor.”</p><p>“I looked at this book and I saw one paragraph and it told me I’ve been doing everything wrong. I just had the whole approach wrong,” Buffett said.</p><h3><b>Buffett wants to make it clear he’s not the only one picking stocks at Berkshire Hathaway</b></h3><p>Warren Buffett wants to make it clear that he’s not the only one at Berkshire Hathaway picking stocks.</p><p>“I see headlines in papers just time after time after time that say, ‘Buffett’s buying such and such,’” Buffett said. “I’m not buying such and such. Berkshire Hathaway is buying.”</p><p>The investor said a stock pick may have been made by other finance professionals in his organization without Buffett’s ever having heard of it.</p><p>“But the headline will attract more people if it says Buffett buying this than if it says Berkshire Hathaway, and we don’t know whether it is the people that work for him, the headline is designed to bring people into the story,” Buffett said.</p><p>“The easiest thing to do is basically shut up and not have a bunch of people facing consequences they didn’t ask for in the first place,” he said.</p><h3><b>Buffett says inflation ‘swindles almost everybody’</b></h3><p>When asked about his previous comments that inflation “swindles” equity investors, Buffett said the damage from rising prices was much broader than that.</p><p>“Inflation swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody,” he said.</p><p>Buffett pointed out that inflation also raises the amount of capital that companies need to have and that it isn’t as simple as raising prices to maintain inflation-adjusted profits.</p><p>The Berkshire Hathaway CEO cautioned against listening to people who claim to be able to predict the path of inflation.</p><p>“The question is how much ... and the answer is nobody knows,” Buffett said.</p><p>Buffett reiterated that the best protection against the inflation is investing in your own skills.</p><h3><b>Buffett says Berkshire now owns 9.5% of Activision Blizzard</b></h3><p>Warren Buffett said Berkshire Hathaway has been increasing its stake inActivision Blizzardin a merger arbitrage bet thatMicrosoft’sproposed acquisition of the video game company will close.</p><p>In the fourth quarter of 2021, Berkshire first purchased about $1 billion worth of Activision Blizzard stock, in a bet the company was undervalued. Buffett has saidBerkshire “had no prior knowledge”of Microsoft’s plan to buy the company when Berkshire made its initial investment.</p><p>In January, Microsoftannounced intentions to buy Activisionfor $95 per share. Its stock closed at $75.60 per share on Friday.</p><p>Buffett said he has been buying more shares of Activision since the deal was announced as the stock is trading way below Microsoft’s offer. Buying at these levels will yield a bigger return if the deal closes.</p><p>Buffett said Berkshire now owns about 9.5% of Activision. “If we went over 10%, we would file a report,” he said.</p><p>“If the deal goes through, we make some money, and if the deal doesn’t go through, who knows what happens,” Buffett said.</p><p>“We don’t know what the Justice Department will do, we don’t know what the E.U. will do, we don’t know what 30 other jurisdictions will do. One thing we do know is that Microsoft has the money,” Buffett added.</p><h3><b>Buffett: ‘I look at Berkshire as a painting’</b></h3><p>The possibilities for Berkshire Hathaway are endless in the eyes of Warren Buffett, who likened the company to a work of art.</p><p>“I look at Berkshire as a painting,” Buffett said. “It’s unlimited in size; it’s got an ever-expanding canvas, and I get to paint what I want.”</p><p>Buffett did acknowledge that he doesn’t know much about art, but added that “other people look at paintings and they see something, then they’ll see something additional later on, and they really have a different sort of perception in relation to that. To me, Berkshire is a painting, and I get to paint.”</p><p>“It’s in my head, and I see different things in it as I go along,” Buffett said. “It’s satisfying.”</p><h3><b>Buffett calls Jerome Powell a hero</b></h3><p>In addressing a question about inflation, Buffett talked about the massive stimulus during the pandemic as a key reason for the rising prices now.</p><p>“You print loads of money, and money is going to be worth less,” Buffett said.</p><p>However, he did not criticize the Federal Reserve for its actions to boost money supply and stabilize markets during the health crisis.</p><p>“In my book,Jay Powellis a hero. It’s very simple. He did what he had to do,” Buffett said.</p><h3><b>Buffett says people are becoming more tribal</b></h3><p>Warren Buffett said people are becoming more tribal.</p><p>“My general assumption — there’s no way to prove it — but essentially, people are now behaving somewhat more tribal than they have for a long time,” Buffett said.</p><p>“It’s fun to participate in, but it can get very dangerous when people say two plus two is five and the other says two plus two is three, you know, and they’re gonna give you those answers,” he continued.</p><p>The investor said the country seems as tribal as it appeared during the 1930s when public sentiment was split in the U.S. around Franklin Roosevelt. Buffett said he was raised in a household where he and his siblings weren’t served dessert until they “said something nasty” about Roosevelt.</p><p>“I don’t think it’s a good development for society,” Buffett said.</p><h3><b>Buffett says he won’t buy bitcoin because ‘it doesn’t produce anything’</b></h3><p>Warren Buffettreiterated his skepticism of bitcoin on Saturday, saying he would be unwilling to buy it for even extremely low prices because it produces nothing of value.</p><p>“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”</p><p>Buffett listed farmland, apartment buildings — and even art — as assets that had more tangible value than bitcoin.</p><p>“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things. We can put up Berkshire coins, put up Berkshire money but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”</p><h3><b>Berkshire’s business meeting concludes with shareholder votes</b></h3><p>Berkshire’s formal business meeting followed nearly five hours of Q&amp;A with Warren Buffett and Charlie Munger. Shareholders voted on a number of proposals at the meeting.</p><p>The proposal that garnered most attention was from the non-profit National Legal and Policy Center. It calls for the company to strip Buffett of his chairman role. Shareholders voted down the proposal backed by CALPERS, the largest U.S. public pension fund.</p><p>Brunel Pension requested the board of Berkshire to publish an annual assessment addressing how the company manages physical and transitional climate-related risks. The number of votes against the motion outnumbered the ones for it.</p><p>One shareholder also took issue with Berkshire’s climate change initiative. The proposal called for Berkshire to issue a report addressing if and how it intends to measure, disclose, and reduce the GHG emissions associated in alignment with the Paris Agreement’s 1.5°C goal, requiring net zero emissions. Shareholders voted it down.</p><p>The last proposal asked Berkshire to report to shareholders on the outcomes of their diversity, equity and inclusion efforts by publishing quantitative data on workforce composition and recruitment, retention, and promotion rates of employees by gender, race, and ethnicity. The motion also failed.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Full Recap of Berkshire Hathaway’s Annual Shareholders Meeting Saturday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFull Recap of Berkshire Hathaway’s Annual Shareholders Meeting Saturday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-05-01 08:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Berkshire Hathaway Chairman Warren Buffett on Saturday put fresh money behind Activision and Chevron and doled out sharp criticism against speculation in the market.</p><p>Speaking at Berkshire Hathaway’s first in-person annual meeting since 2019, Buffett went so far as to say the market’s turned into a “gambling parlor.”</p><p>The Oracle of Omaha also commented on inflation, building on prior remarks he has made. Buffett had previously said that inflation “swindles” equity investors, but noted Saturday that it “swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody.”</p><p>Buffett and his longtime partner, Vice Chairman Charlie Munger, fielded shareholder questions on a broad range of issues for hours.</p><p>Buffett also said that Berkshire had been increasing its stake in Activision Blizzard as part of a merger arbitrage bet that Microsoft’s proposed deal to buy the video game company will close. Additionally, Berkshire revealed it had ramped up its stock bets by more than $51 billion during the first quarter amid the broader market’s downturn.</p><p>Buffett also stressed the importance of cash as “new forms of money” like bitcoin pop up.</p><p>“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill. “That’s what money is.”</p><p>Check out full recap below for more from the two investing legends.</p><h3><b>Berkshire bought more than $51 billion of stocks during Q1′s market rout</b></h3><p>Berkshire bought more than $51 billion worth of stocks during the first quarter’s market turmoil, including sizable investments in Chevron, HP and Occidental. The buying at the start of the year marked a sharp reversal from 2021 that saw $7.4 billion of net sales in stocks.</p><p>The S&amp;P 500 suffered a 5% sell-off in the first quarter, posting its worst quarter since the start of the pandemic. The rout continued in April with the equity benchmark down another 8.8% amid fears of surging inflation and rising rates.</p><h3><b>Buffett says Berkshire is “better than the banks”</b></h3><p>Warren Buffett has a long history of teasing investment bankers and their institutions – saying that they encourage mergers and spinoffs to reap fees, rather than improve companies.</p><p>Today, he noted that Berkshire Hathaway would always be cash-rich, and in times of need, would be “better than the banks” at extending credit lines to companies in need. While Buffett was talking, someone was shouting from the crowd in the CHI Center. It was unclear what the audience member was said.</p><p>“Was that a banker screaming?” Buffett joked.</p><h3><b>Buffett warns shareholders about “new forms of money” and the importance of cash</b></h3><p>Warren Buffett warned shareholders about “new forms of money” as he recalled the financial crisis of 2008 and said Berkshire Hathaway will “always have a lot of cash on hand.”</p><p>Buffett did not explicitly identify bitcoin or other cryptocurrencies, though he has made headlines for calling bitcoin “rat poison” in the past and has said it has no unique value. Charlie Munger has also spoken with hostility about it.</p><p>“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill.</p><p>“That’s what money is,” he added. “It may turn out that it becomes worth dramatically less at purchasing power. It can become almost like paper money as it has in many countries. But that when people tell you that they’re reaching [for] new forms of money, this is the only thing that will pay bills.”</p><h3><b>Berkshire put money to work after finding ‘little exciting’ in the market</b></h3><p>In his annual chairman letter to shareholders in February, Warren Buffett said there is “little that excites us” in the market. But soon after, he put Berkshire’s money to work.</p><p>Berkshire at the beginning of March revealed a big stake in oil giant Occidental Petroleum. At the beginning of April, Berkshire announced a major stake in tech hardware stock HP. Berkshire’s first-quarter filing revealed the company significantly increased its bet on Chevron.</p><p>“We found some things we prefer to owning Treasury bills,” quipped Berkshire vice chairman and Buffett’s right-hand man Charlie Munger.</p><h3><b>Buffett on his massive Occidental investment</b></h3><p>Buffett scooped up 14% of oil giant <a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>, worth more than $7 billion, in two weeks during March.</p><p>He pointed out that the stake was even larger when accounting for the index fund providers who own a huge chunk of the company.</p><p>“That’s not investment. You’re not buying from [investors]. I find it just incredible. You couldn’t do that with Berkshire. ... Overwhelmingly, large companies in America, they became poker chips,” Buffett said.</p><p>“That enabled us, in a two-week period, to buy 14% of a business that’s been around for decades,” Buffett said. “Imagine trying to [buy] 14% of the farms in this country. 14% of the apartment houses. 14% of the auto dealerships, or just anything, when already 40% were locked up some other place. It defies anything Charlie and I have seen, and we’ve seen a lot.”</p><p>The legendary investor said that the short-term volatility earlier this year fueled by “gambling mentality” allowed him to find good long-term opportunities.</p><h3><b>Executives of Berkshire’s portfolio companies discuss impact of inflation</b></h3><p>Ahead of the shareholder meeting, the executives of several Berkshire portfolio companies told CNBC how inflation was hitting their businesses.</p><p>One of those executives was Jim Weber, CEO of Brooks Running.</p><p>Weber said it was tough to raise prices for Brooks’ products but that he thinks some of the cost pressures could cool soon.</p><p>“We don’t have unlimited pricing power, but we have taken selective price increases where we think we can. But our whole industry is so competitive. It’s a big market place. ... I do believe in the supply chain that costs are going to mediate a bit,” Weber said.</p><h3><b>Buffett wants Berkshire to be in a ‘position to operate’ should the economy stop</b></h3><p>Buffett said he wants Berkshire Hathaway to be in a “position to operate” should the economy stop.</p><p>“We want Berkshire Hathaway to be there and in a position to operate if the economy stops,” Buffett said. “And that can always happen, it can always happen.”</p><p>Buffett played a significant role during the Great Recession, providing capital during a pivotal moment to companies such as Bank of America and Goldman Sachs. The move drew criticism from those who disapproved of the support of big banks.</p><p>The billionaire investor made those remarks while also praising the Federal Reserve’s role during the 2008 financial crisis and the pandemic.</p><p>“The Federal Reserve has not gone,” Buffett said. He added the Fed will “do whatever is necessary. ... That’s what happened in 2008 and 2009, and that’s what happened in 2020, and you’ll hope it happens again next time.”</p><h3><b>Buffett says he has &#34;so much trouble&#34; finding businesses to invest in</b></h3><p>Warren Buffett said Berkshire Hathaway is open to investing in businesses anywhere, not just in the U.S.</p><p>“We have so much trouble finding good ideas that we can’t afford to ignore any,” Buffett said. “But they do have to be sizable.”</p><p>Buffett said while he does seek out new investments, he prefers to be approached proactively.</p><p>“We’ll pay any price, climb any hills to find businesses, but we actually prefer when they fall into our lap,” Buffett said.</p><h3><b>Munger says today’s stock market &#34;almost a mania of speculation&#34;</b></h3><p>Munger said today’s stock market has become “almost a mania of speculation.”</p><p>His comment alluded to both high frequency algorithmic trading and access new investors have that intensified during the pandemic.</p><p>“We have computers with algorithms trading against other computers,” Munger said. “We’ve got people who know nothing about stocks, being advised by stockbrokers who know even less.</p><p>“I understand the commission though,” Buffett joked.</p><p>After Munger likened the activity to a casino, where people play craps and roulette, Buffett expanded on the comparison.</p><p>“People and traders’ poker chips are pulling the handle,” he said. “They’ve got the system set up so that if you want to buy a three-day call on the stock you can do it and they make more money selling you calls than if you buy stock, so they teach you calls. Nobody’s going around selling calls on farms. That’s why markets do crazy things. Occasionally Berkshire gets a chance to do something. It’s not because we’re smarter. … we’re sane, and that’s the main requirement in this business.”</p><h3><b>Munger blasts calls for separate Berkshire chairman and CEO</b></h3><p>Berkshire Hathaway Vice Chairman Charlie Munger had some stern words in response to a proposal to oust CEO Warren Buffett as chairman.</p><p>“It’s the most ridiculous criticism I ever heard,” Munger said.</p><p>“It’s like Odysseus would come back from winning the battle of Troy and so forth and some guy would say, ‘I don’t like the way you were holding your spear when you won that battle,’” he added, referencing ancient Greek epic “The Odyssey.”</p><p>The California Public Employees’ Retirement System, or CalPERS, the biggest public pension fund in the U.S., earlier this month said it would vote in favor of a shareholder proposal to remove Buffett from his chairman role while remaining CEO. The proposal’s aim stems from concerns about corporate governance with one person holding dual roles.</p><p>“Some guy that’s never run any business, doesn’t know anything — I don’t think too much of this activity,” Munger said.</p><h3><b>Berkshire’s head of insurance explains how Geico has fallen behind rival Progressive</b></h3><p>Berkshire Hathaway Vice Chairman Ajit Jain, who runs all of the conglomerate’s insurance businesses, lamented about how Geico has fallen behind rival Progressive in the car insurance business.</p><p>“Each one have their plusses and minuses, but having said that, there’s no question that recently Progressive has done a much better job than Geico … both in terms of margins and in terms of growth,” Jain said.</p><p>“There are a number of causes for that, but I think the biggest culprit is as far as Geico is concerned … is telematics,” he added. Telematics refers to putting a device on a car that tracks driving patterns, in exchange for a lower insurance rate.</p><p>“Progressive has been on the telematics bandwagon for more than 10 years. Geico, until recently, wasn’t involved in telematics,” Jain said. “It’s a long journey, but the journey has started, and the initial results are promising. It will take a while, but my hope is that in the next year or two, Geico will be positioned to catch up with Progressive.”</p><p>Jain’s comments came after Berkshire reported earlier in the day a massive earnings drop in its insurance underwriting business for the first quarter.</p><h3><b>Buffett says he has never been &#34;good at timing&#34;</b></h3><p>Warren Buffett said he has never figured out how to time the markets.</p><p>“We haven’t the faintest idea what the stock market was gonna do when it opens on Monday,” Buffett said in response to an audience question.</p><p>“I don’t think we’ve ever made a decision where either one of us has either said or been thinking we should buy or sell based on what the market is going to do, or for that matter, on what the economy’s going to do. We don’t know,” he continued.</p><p>The Oracle of Omaha said he often gets misplaced credit for the stock winners he’s picked over the years, pointing out he’s also missed out on some big opportunities as well. Buffett said he failed to make some big purchases in the early days of the pandemic. In a single day in March 2020, the Dow Jones Industrial Average dropped 12.9%,its worst day since 1987.</p><p>Instead, Buffett adheres to a value investing strategy, or picking stocks with attractive valuations, instead of focusing on the vagaries of the stock market.</p><p>“We have not been good at timing,” Buffett said. “We’ve been reasonably good at figuring out when we were getting enough for our money. And we had no idea when we bought anything, but we always hoped it would the down for a while so we could buy more. ... I mean, that stuff, you could you could learn in fourth grade.”</p><h3><b>Munger says &#34;just say no&#34; to putting bitcoin in your retirement account</b></h3><p>Charlie Munger is still down on bitcoin.</p><p>He responded to an audience member question asking what single stock they would invest in given how high inflation has been rising.</p><p>The Berkshire executives didn’t say where they would put their money, but Munger was clear about where he wouldn’t invest: bitcoin.</p><p>“When you have your own retirement account, and your friendly adviser suggests you put all the money in into bitcoin, just say no,” he said.</p><p>Munger’s answer was a thinly veiled reference tobig news from Fidelity this week, which will now allow employees to putbitcoininto their employee-sponsored retirement accounts.</p><p>Munger and Buffett have both long been critics of bitcoin, which has become increasingly attractive to certain investors for its potential as an inflation hedge.</p><h3><b>Buffett describes his start to investing when he was 11 years old</b></h3><p>A trip to the New York Stock Exchange when he was 9 years old was inspiring for Warren Buffett, who is known to have started investing when he was 11 years old.</p><p>“I went to the New York Stock Exchange, I was in awe of it,” Buffett said. “I got very interested in technical analysis and charted stocks and did all kinds of crazy things, did hours and hours and hours and saved money to buy other stocks and tried shorting. I just did everything.”</p><p>The investor bought a stock at 11 after spending his childhood reading books on the subject from the library and in his father’s office. He said his approach to investing later changed completely when he was 19 or 20 years old after reading one particular book passage in what he said must have been Benjamin Graham’s “The Intelligent Investor.”</p><p>“I looked at this book and I saw one paragraph and it told me I’ve been doing everything wrong. I just had the whole approach wrong,” Buffett said.</p><h3><b>Buffett wants to make it clear he’s not the only one picking stocks at Berkshire Hathaway</b></h3><p>Warren Buffett wants to make it clear that he’s not the only one at Berkshire Hathaway picking stocks.</p><p>“I see headlines in papers just time after time after time that say, ‘Buffett’s buying such and such,’” Buffett said. “I’m not buying such and such. Berkshire Hathaway is buying.”</p><p>The investor said a stock pick may have been made by other finance professionals in his organization without Buffett’s ever having heard of it.</p><p>“But the headline will attract more people if it says Buffett buying this than if it says Berkshire Hathaway, and we don’t know whether it is the people that work for him, the headline is designed to bring people into the story,” Buffett said.</p><p>“The easiest thing to do is basically shut up and not have a bunch of people facing consequences they didn’t ask for in the first place,” he said.</p><h3><b>Buffett says inflation ‘swindles almost everybody’</b></h3><p>When asked about his previous comments that inflation “swindles” equity investors, Buffett said the damage from rising prices was much broader than that.</p><p>“Inflation swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody,” he said.</p><p>Buffett pointed out that inflation also raises the amount of capital that companies need to have and that it isn’t as simple as raising prices to maintain inflation-adjusted profits.</p><p>The Berkshire Hathaway CEO cautioned against listening to people who claim to be able to predict the path of inflation.</p><p>“The question is how much ... and the answer is nobody knows,” Buffett said.</p><p>Buffett reiterated that the best protection against the inflation is investing in your own skills.</p><h3><b>Buffett says Berkshire now owns 9.5% of Activision Blizzard</b></h3><p>Warren Buffett said Berkshire Hathaway has been increasing its stake inActivision Blizzardin a merger arbitrage bet thatMicrosoft’sproposed acquisition of the video game company will close.</p><p>In the fourth quarter of 2021, Berkshire first purchased about $1 billion worth of Activision Blizzard stock, in a bet the company was undervalued. Buffett has saidBerkshire “had no prior knowledge”of Microsoft’s plan to buy the company when Berkshire made its initial investment.</p><p>In January, Microsoftannounced intentions to buy Activisionfor $95 per share. Its stock closed at $75.60 per share on Friday.</p><p>Buffett said he has been buying more shares of Activision since the deal was announced as the stock is trading way below Microsoft’s offer. Buying at these levels will yield a bigger return if the deal closes.</p><p>Buffett said Berkshire now owns about 9.5% of Activision. “If we went over 10%, we would file a report,” he said.</p><p>“If the deal goes through, we make some money, and if the deal doesn’t go through, who knows what happens,” Buffett said.</p><p>“We don’t know what the Justice Department will do, we don’t know what the E.U. will do, we don’t know what 30 other jurisdictions will do. One thing we do know is that Microsoft has the money,” Buffett added.</p><h3><b>Buffett: ‘I look at Berkshire as a painting’</b></h3><p>The possibilities for Berkshire Hathaway are endless in the eyes of Warren Buffett, who likened the company to a work of art.</p><p>“I look at Berkshire as a painting,” Buffett said. “It’s unlimited in size; it’s got an ever-expanding canvas, and I get to paint what I want.”</p><p>Buffett did acknowledge that he doesn’t know much about art, but added that “other people look at paintings and they see something, then they’ll see something additional later on, and they really have a different sort of perception in relation to that. To me, Berkshire is a painting, and I get to paint.”</p><p>“It’s in my head, and I see different things in it as I go along,” Buffett said. “It’s satisfying.”</p><h3><b>Buffett calls Jerome Powell a hero</b></h3><p>In addressing a question about inflation, Buffett talked about the massive stimulus during the pandemic as a key reason for the rising prices now.</p><p>“You print loads of money, and money is going to be worth less,” Buffett said.</p><p>However, he did not criticize the Federal Reserve for its actions to boost money supply and stabilize markets during the health crisis.</p><p>“In my book,Jay Powellis a hero. It’s very simple. He did what he had to do,” Buffett said.</p><h3><b>Buffett says people are becoming more tribal</b></h3><p>Warren Buffett said people are becoming more tribal.</p><p>“My general assumption — there’s no way to prove it — but essentially, people are now behaving somewhat more tribal than they have for a long time,” Buffett said.</p><p>“It’s fun to participate in, but it can get very dangerous when people say two plus two is five and the other says two plus two is three, you know, and they’re gonna give you those answers,” he continued.</p><p>The investor said the country seems as tribal as it appeared during the 1930s when public sentiment was split in the U.S. around Franklin Roosevelt. Buffett said he was raised in a household where he and his siblings weren’t served dessert until they “said something nasty” about Roosevelt.</p><p>“I don’t think it’s a good development for society,” Buffett said.</p><h3><b>Buffett says he won’t buy bitcoin because ‘it doesn’t produce anything’</b></h3><p>Warren Buffettreiterated his skepticism of bitcoin on Saturday, saying he would be unwilling to buy it for even extremely low prices because it produces nothing of value.</p><p>“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”</p><p>Buffett listed farmland, apartment buildings — and even art — as assets that had more tangible value than bitcoin.</p><p>“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things. We can put up Berkshire coins, put up Berkshire money but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”</p><h3><b>Berkshire’s business meeting concludes with shareholder votes</b></h3><p>Berkshire’s formal business meeting followed nearly five hours of Q&amp;A with Warren Buffett and Charlie Munger. Shareholders voted on a number of proposals at the meeting.</p><p>The proposal that garnered most attention was from the non-profit National Legal and Policy Center. It calls for the company to strip Buffett of his chairman role. Shareholders voted down the proposal backed by CALPERS, the largest U.S. public pension fund.</p><p>Brunel Pension requested the board of Berkshire to publish an annual assessment addressing how the company manages physical and transitional climate-related risks. The number of votes against the motion outnumbered the ones for it.</p><p>One shareholder also took issue with Berkshire’s climate change initiative. The proposal called for Berkshire to issue a report addressing if and how it intends to measure, disclose, and reduce the GHG emissions associated in alignment with the Paris Agreement’s 1.5°C goal, requiring net zero emissions. Shareholders voted it down.</p><p>The last proposal asked Berkshire to report to shareholders on the outcomes of their diversity, equity and inclusion efforts by publishing quantitative data on workforce composition and recruitment, retention, and promotion rates of employees by gender, race, and ethnicity. The motion also failed.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102313596","content_text":"Berkshire Hathaway Chairman Warren Buffett on Saturday put fresh money behind Activision and Chevron and doled out sharp criticism against speculation in the market.Speaking at Berkshire Hathaway’s first in-person annual meeting since 2019, Buffett went so far as to say the market’s turned into a “gambling parlor.”The Oracle of Omaha also commented on inflation, building on prior remarks he has made. Buffett had previously said that inflation “swindles” equity investors, but noted Saturday that it “swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody.”Buffett and his longtime partner, Vice Chairman Charlie Munger, fielded shareholder questions on a broad range of issues for hours.Buffett also said that Berkshire had been increasing its stake in Activision Blizzard as part of a merger arbitrage bet that Microsoft’s proposed deal to buy the video game company will close. Additionally, Berkshire revealed it had ramped up its stock bets by more than $51 billion during the first quarter amid the broader market’s downturn.Buffett also stressed the importance of cash as “new forms of money” like bitcoin pop up.“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill. “That’s what money is.”Check out full recap below for more from the two investing legends.Berkshire bought more than $51 billion of stocks during Q1′s market routBerkshire bought more than $51 billion worth of stocks during the first quarter’s market turmoil, including sizable investments in Chevron, HP and Occidental. The buying at the start of the year marked a sharp reversal from 2021 that saw $7.4 billion of net sales in stocks.The S&P 500 suffered a 5% sell-off in the first quarter, posting its worst quarter since the start of the pandemic. The rout continued in April with the equity benchmark down another 8.8% amid fears of surging inflation and rising rates.Buffett says Berkshire is “better than the banks”Warren Buffett has a long history of teasing investment bankers and their institutions – saying that they encourage mergers and spinoffs to reap fees, rather than improve companies.Today, he noted that Berkshire Hathaway would always be cash-rich, and in times of need, would be “better than the banks” at extending credit lines to companies in need. While Buffett was talking, someone was shouting from the crowd in the CHI Center. It was unclear what the audience member was said.“Was that a banker screaming?” Buffett joked.Buffett warns shareholders about “new forms of money” and the importance of cashWarren Buffett warned shareholders about “new forms of money” as he recalled the financial crisis of 2008 and said Berkshire Hathaway will “always have a lot of cash on hand.”Buffett did not explicitly identify bitcoin or other cryptocurrencies, though he has made headlines for calling bitcoin “rat poison” in the past and has said it has no unique value. Charlie Munger has also spoken with hostility about it.“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill.“That’s what money is,” he added. “It may turn out that it becomes worth dramatically less at purchasing power. It can become almost like paper money as it has in many countries. But that when people tell you that they’re reaching [for] new forms of money, this is the only thing that will pay bills.”Berkshire put money to work after finding ‘little exciting’ in the marketIn his annual chairman letter to shareholders in February, Warren Buffett said there is “little that excites us” in the market. But soon after, he put Berkshire’s money to work.Berkshire at the beginning of March revealed a big stake in oil giant Occidental Petroleum. At the beginning of April, Berkshire announced a major stake in tech hardware stock HP. Berkshire’s first-quarter filing revealed the company significantly increased its bet on Chevron.“We found some things we prefer to owning Treasury bills,” quipped Berkshire vice chairman and Buffett’s right-hand man Charlie Munger.Buffett on his massive Occidental investmentBuffett scooped up 14% of oil giant Occidental Petroleum, worth more than $7 billion, in two weeks during March.He pointed out that the stake was even larger when accounting for the index fund providers who own a huge chunk of the company.“That’s not investment. You’re not buying from [investors]. I find it just incredible. You couldn’t do that with Berkshire. ... Overwhelmingly, large companies in America, they became poker chips,” Buffett said.“That enabled us, in a two-week period, to buy 14% of a business that’s been around for decades,” Buffett said. “Imagine trying to [buy] 14% of the farms in this country. 14% of the apartment houses. 14% of the auto dealerships, or just anything, when already 40% were locked up some other place. It defies anything Charlie and I have seen, and we’ve seen a lot.”The legendary investor said that the short-term volatility earlier this year fueled by “gambling mentality” allowed him to find good long-term opportunities.Executives of Berkshire’s portfolio companies discuss impact of inflationAhead of the shareholder meeting, the executives of several Berkshire portfolio companies told CNBC how inflation was hitting their businesses.One of those executives was Jim Weber, CEO of Brooks Running.Weber said it was tough to raise prices for Brooks’ products but that he thinks some of the cost pressures could cool soon.“We don’t have unlimited pricing power, but we have taken selective price increases where we think we can. But our whole industry is so competitive. It’s a big market place. ... I do believe in the supply chain that costs are going to mediate a bit,” Weber said.Buffett wants Berkshire to be in a ‘position to operate’ should the economy stopBuffett said he wants Berkshire Hathaway to be in a “position to operate” should the economy stop.“We want Berkshire Hathaway to be there and in a position to operate if the economy stops,” Buffett said. “And that can always happen, it can always happen.”Buffett played a significant role during the Great Recession, providing capital during a pivotal moment to companies such as Bank of America and Goldman Sachs. The move drew criticism from those who disapproved of the support of big banks.The billionaire investor made those remarks while also praising the Federal Reserve’s role during the 2008 financial crisis and the pandemic.“The Federal Reserve has not gone,” Buffett said. He added the Fed will “do whatever is necessary. ... That’s what happened in 2008 and 2009, and that’s what happened in 2020, and you’ll hope it happens again next time.”Buffett says he has \"so much trouble\" finding businesses to invest inWarren Buffett said Berkshire Hathaway is open to investing in businesses anywhere, not just in the U.S.“We have so much trouble finding good ideas that we can’t afford to ignore any,” Buffett said. “But they do have to be sizable.”Buffett said while he does seek out new investments, he prefers to be approached proactively.“We’ll pay any price, climb any hills to find businesses, but we actually prefer when they fall into our lap,” Buffett said.Munger says today’s stock market \"almost a mania of speculation\"Munger said today’s stock market has become “almost a mania of speculation.”His comment alluded to both high frequency algorithmic trading and access new investors have that intensified during the pandemic.“We have computers with algorithms trading against other computers,” Munger said. “We’ve got people who know nothing about stocks, being advised by stockbrokers who know even less.“I understand the commission though,” Buffett joked.After Munger likened the activity to a casino, where people play craps and roulette, Buffett expanded on the comparison.“People and traders’ poker chips are pulling the handle,” he said. “They’ve got the system set up so that if you want to buy a three-day call on the stock you can do it and they make more money selling you calls than if you buy stock, so they teach you calls. Nobody’s going around selling calls on farms. That’s why markets do crazy things. Occasionally Berkshire gets a chance to do something. It’s not because we’re smarter. … we’re sane, and that’s the main requirement in this business.”Munger blasts calls for separate Berkshire chairman and CEOBerkshire Hathaway Vice Chairman Charlie Munger had some stern words in response to a proposal to oust CEO Warren Buffett as chairman.“It’s the most ridiculous criticism I ever heard,” Munger said.“It’s like Odysseus would come back from winning the battle of Troy and so forth and some guy would say, ‘I don’t like the way you were holding your spear when you won that battle,’” he added, referencing ancient Greek epic “The Odyssey.”The California Public Employees’ Retirement System, or CalPERS, the biggest public pension fund in the U.S., earlier this month said it would vote in favor of a shareholder proposal to remove Buffett from his chairman role while remaining CEO. The proposal’s aim stems from concerns about corporate governance with one person holding dual roles.“Some guy that’s never run any business, doesn’t know anything — I don’t think too much of this activity,” Munger said.Berkshire’s head of insurance explains how Geico has fallen behind rival ProgressiveBerkshire Hathaway Vice Chairman Ajit Jain, who runs all of the conglomerate’s insurance businesses, lamented about how Geico has fallen behind rival Progressive in the car insurance business.“Each one have their plusses and minuses, but having said that, there’s no question that recently Progressive has done a much better job than Geico … both in terms of margins and in terms of growth,” Jain said.“There are a number of causes for that, but I think the biggest culprit is as far as Geico is concerned … is telematics,” he added. Telematics refers to putting a device on a car that tracks driving patterns, in exchange for a lower insurance rate.“Progressive has been on the telematics bandwagon for more than 10 years. Geico, until recently, wasn’t involved in telematics,” Jain said. “It’s a long journey, but the journey has started, and the initial results are promising. It will take a while, but my hope is that in the next year or two, Geico will be positioned to catch up with Progressive.”Jain’s comments came after Berkshire reported earlier in the day a massive earnings drop in its insurance underwriting business for the first quarter.Buffett says he has never been \"good at timing\"Warren Buffett said he has never figured out how to time the markets.“We haven’t the faintest idea what the stock market was gonna do when it opens on Monday,” Buffett said in response to an audience question.“I don’t think we’ve ever made a decision where either one of us has either said or been thinking we should buy or sell based on what the market is going to do, or for that matter, on what the economy’s going to do. We don’t know,” he continued.The Oracle of Omaha said he often gets misplaced credit for the stock winners he’s picked over the years, pointing out he’s also missed out on some big opportunities as well. Buffett said he failed to make some big purchases in the early days of the pandemic. In a single day in March 2020, the Dow Jones Industrial Average dropped 12.9%,its worst day since 1987.Instead, Buffett adheres to a value investing strategy, or picking stocks with attractive valuations, instead of focusing on the vagaries of the stock market.“We have not been good at timing,” Buffett said. “We’ve been reasonably good at figuring out when we were getting enough for our money. And we had no idea when we bought anything, but we always hoped it would the down for a while so we could buy more. ... I mean, that stuff, you could you could learn in fourth grade.”Munger says \"just say no\" to putting bitcoin in your retirement accountCharlie Munger is still down on bitcoin.He responded to an audience member question asking what single stock they would invest in given how high inflation has been rising.The Berkshire executives didn’t say where they would put their money, but Munger was clear about where he wouldn’t invest: bitcoin.“When you have your own retirement account, and your friendly adviser suggests you put all the money in into bitcoin, just say no,” he said.Munger’s answer was a thinly veiled reference tobig news from Fidelity this week, which will now allow employees to putbitcoininto their employee-sponsored retirement accounts.Munger and Buffett have both long been critics of bitcoin, which has become increasingly attractive to certain investors for its potential as an inflation hedge.Buffett describes his start to investing when he was 11 years oldA trip to the New York Stock Exchange when he was 9 years old was inspiring for Warren Buffett, who is known to have started investing when he was 11 years old.“I went to the New York Stock Exchange, I was in awe of it,” Buffett said. “I got very interested in technical analysis and charted stocks and did all kinds of crazy things, did hours and hours and hours and saved money to buy other stocks and tried shorting. I just did everything.”The investor bought a stock at 11 after spending his childhood reading books on the subject from the library and in his father’s office. He said his approach to investing later changed completely when he was 19 or 20 years old after reading one particular book passage in what he said must have been Benjamin Graham’s “The Intelligent Investor.”“I looked at this book and I saw one paragraph and it told me I’ve been doing everything wrong. I just had the whole approach wrong,” Buffett said.Buffett wants to make it clear he’s not the only one picking stocks at Berkshire HathawayWarren Buffett wants to make it clear that he’s not the only one at Berkshire Hathaway picking stocks.“I see headlines in papers just time after time after time that say, ‘Buffett’s buying such and such,’” Buffett said. “I’m not buying such and such. Berkshire Hathaway is buying.”The investor said a stock pick may have been made by other finance professionals in his organization without Buffett’s ever having heard of it.“But the headline will attract more people if it says Buffett buying this than if it says Berkshire Hathaway, and we don’t know whether it is the people that work for him, the headline is designed to bring people into the story,” Buffett said.“The easiest thing to do is basically shut up and not have a bunch of people facing consequences they didn’t ask for in the first place,” he said.Buffett says inflation ‘swindles almost everybody’When asked about his previous comments that inflation “swindles” equity investors, Buffett said the damage from rising prices was much broader than that.“Inflation swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody,” he said.Buffett pointed out that inflation also raises the amount of capital that companies need to have and that it isn’t as simple as raising prices to maintain inflation-adjusted profits.The Berkshire Hathaway CEO cautioned against listening to people who claim to be able to predict the path of inflation.“The question is how much ... and the answer is nobody knows,” Buffett said.Buffett reiterated that the best protection against the inflation is investing in your own skills.Buffett says Berkshire now owns 9.5% of Activision BlizzardWarren Buffett said Berkshire Hathaway has been increasing its stake inActivision Blizzardin a merger arbitrage bet thatMicrosoft’sproposed acquisition of the video game company will close.In the fourth quarter of 2021, Berkshire first purchased about $1 billion worth of Activision Blizzard stock, in a bet the company was undervalued. Buffett has saidBerkshire “had no prior knowledge”of Microsoft’s plan to buy the company when Berkshire made its initial investment.In January, Microsoftannounced intentions to buy Activisionfor $95 per share. Its stock closed at $75.60 per share on Friday.Buffett said he has been buying more shares of Activision since the deal was announced as the stock is trading way below Microsoft’s offer. Buying at these levels will yield a bigger return if the deal closes.Buffett said Berkshire now owns about 9.5% of Activision. “If we went over 10%, we would file a report,” he said.“If the deal goes through, we make some money, and if the deal doesn’t go through, who knows what happens,” Buffett said.“We don’t know what the Justice Department will do, we don’t know what the E.U. will do, we don’t know what 30 other jurisdictions will do. One thing we do know is that Microsoft has the money,” Buffett added.Buffett: ‘I look at Berkshire as a painting’The possibilities for Berkshire Hathaway are endless in the eyes of Warren Buffett, who likened the company to a work of art.“I look at Berkshire as a painting,” Buffett said. “It’s unlimited in size; it’s got an ever-expanding canvas, and I get to paint what I want.”Buffett did acknowledge that he doesn’t know much about art, but added that “other people look at paintings and they see something, then they’ll see something additional later on, and they really have a different sort of perception in relation to that. To me, Berkshire is a painting, and I get to paint.”“It’s in my head, and I see different things in it as I go along,” Buffett said. “It’s satisfying.”Buffett calls Jerome Powell a heroIn addressing a question about inflation, Buffett talked about the massive stimulus during the pandemic as a key reason for the rising prices now.“You print loads of money, and money is going to be worth less,” Buffett said.However, he did not criticize the Federal Reserve for its actions to boost money supply and stabilize markets during the health crisis.“In my book,Jay Powellis a hero. It’s very simple. He did what he had to do,” Buffett said.Buffett says people are becoming more tribalWarren Buffett said people are becoming more tribal.“My general assumption — there’s no way to prove it — but essentially, people are now behaving somewhat more tribal than they have for a long time,” Buffett said.“It’s fun to participate in, but it can get very dangerous when people say two plus two is five and the other says two plus two is three, you know, and they’re gonna give you those answers,” he continued.The investor said the country seems as tribal as it appeared during the 1930s when public sentiment was split in the U.S. around Franklin Roosevelt. Buffett said he was raised in a household where he and his siblings weren’t served dessert until they “said something nasty” about Roosevelt.“I don’t think it’s a good development for society,” Buffett said.Buffett says he won’t buy bitcoin because ‘it doesn’t produce anything’Warren Buffettreiterated his skepticism of bitcoin on Saturday, saying he would be unwilling to buy it for even extremely low prices because it produces nothing of value.“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”Buffett listed farmland, apartment buildings — and even art — as assets that had more tangible value than bitcoin.“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things. We can put up Berkshire coins, put up Berkshire money but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”Berkshire’s business meeting concludes with shareholder votesBerkshire’s formal business meeting followed nearly five hours of Q&A with Warren Buffett and Charlie Munger. Shareholders voted on a number of proposals at the meeting.The proposal that garnered most attention was from the non-profit National Legal and Policy Center. It calls for the company to strip Buffett of his chairman role. Shareholders voted down the proposal backed by CALPERS, the largest U.S. public pension fund.Brunel Pension requested the board of Berkshire to publish an annual assessment addressing how the company manages physical and transitional climate-related risks. The number of votes against the motion outnumbered the ones for it.One shareholder also took issue with Berkshire’s climate change initiative. The proposal called for Berkshire to issue a report addressing if and how it intends to measure, disclose, and reduce the GHG emissions associated in alignment with the Paris Agreement’s 1.5°C goal, requiring net zero emissions. Shareholders voted it down.The last proposal asked Berkshire to report to shareholders on the outcomes of their diversity, equity and inclusion efforts by publishing quantitative data on workforce composition and recruitment, retention, and promotion rates of employees by gender, race, and ethnicity. The motion also failed.","news_type":1},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060870919,"gmtCreate":1651129360247,"gmtModify":1676534855913,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"number 7 and 9 are the same?","listText":"number 7 and 9 are the same?","text":"number 7 and 9 are the same?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060870919","repostId":"1157805328","repostType":2,"repost":{"id":"1157805328","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651123033,"share":"https://ttm.financial/m/news/1157805328?lang=&edition=fundamental","pubTime":"2022-04-28 13:17","market":"us","language":"en","title":"Tiger Chart｜10 Warren Buffett Quotes","url":"https://stock-news.laohu8.com/highlight/detail?id=1157805328","media":"Tiger Newspress","summary":"Legendary investor and CEO of Berkshire Hathaway Warren Buffett has plenty to share. Through his let","content":"<html><head></head><body><p>Legendary investor and CEO of Berkshire Hathaway Warren Buffett has plenty to share. Through his letters and TV appearances, Buffett dispenses funny, plainspoken advice on investing, management, life and happiness.</p><p><img src=\"https://static.tigerbbs.com/0658423c104b0bf200dbd6e5957a0056\" tg-width=\"1500\" tg-height=\"1700\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Chart｜10 Warren Buffett Quotes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Chart｜10 Warren Buffett Quotes\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-04-28 13:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Legendary investor and CEO of Berkshire Hathaway Warren Buffett has plenty to share. Through his letters and TV appearances, Buffett dispenses funny, plainspoken advice on investing, management, life and happiness.</p><p><img src=\"https://static.tigerbbs.com/0658423c104b0bf200dbd6e5957a0056\" tg-width=\"1500\" tg-height=\"1700\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157805328","content_text":"Legendary investor and CEO of Berkshire Hathaway Warren Buffett has plenty to share. Through his letters and TV appearances, Buffett dispenses funny, plainspoken advice on investing, management, life and happiness.","news_type":1},"isVote":1,"tweetType":1,"viewCount":243,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4102815868703010","authorId":"4102815868703010","authorIdStr":"4102815868703010","name":"mster","avatar":"https://community-static.tradeup.com/news/81a8fe18bd419696551df5320d8db477","crmLevel":6,"crmLevelSwitch":0,"idStr":"4102815868703010"},"content":"I guess stop digging in a cave is very important to note.","text":"I guess stop digging in a cave is very important to note.","html":"I guess stop digging in a cave is very important to note."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9087423744,"gmtCreate":1651039282527,"gmtModify":1676534839513,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"thanks author/admin for the effort of drafting this Post.","listText":"thanks author/admin for the effort of drafting this Post.","text":"thanks author/admin for the effort of drafting this Post.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9087423744","repostId":"1182285782","repostType":2,"repost":{"id":"1182285782","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651030165,"share":"https://ttm.financial/m/news/1182285782?lang=&edition=fundamental","pubTime":"2022-04-27 11:29","market":"us","language":"en","title":"Tiger Chart｜The Warren Buffett & Berkshire Hathaway Timeline","url":"https://stock-news.laohu8.com/highlight/detail?id=1182285782","media":"Tiger Newspress","summary":"The offline Warren Buffett annual shareholders meeting after a two-year absence has finally returned","content":"<html><head></head><body><p>The offline Warren Buffett annual shareholders meeting after a two-year absence has finally returned. It will take place on Saturday, April 30th, starting at 9:45am ET.</p><p>Here are the notable moments and milestones in Warren Buffett&#39;s life.<img src=\"https://static.tigerbbs.com/df59b63385fec0d1a1d2e177b71336c7\" tg-width=\"750\" tg-height=\"11865\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Chart｜The Warren Buffett & Berkshire Hathaway Timeline</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Chart｜The Warren Buffett & Berkshire Hathaway Timeline\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-04-27 11:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The offline Warren Buffett annual shareholders meeting after a two-year absence has finally returned. It will take place on Saturday, April 30th, starting at 9:45am ET.</p><p>Here are the notable moments and milestones in Warren Buffett&#39;s life.<img src=\"https://static.tigerbbs.com/df59b63385fec0d1a1d2e177b71336c7\" tg-width=\"750\" tg-height=\"11865\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182285782","content_text":"The offline Warren Buffett annual shareholders meeting after a two-year absence has finally returned. It will take place on Saturday, April 30th, starting at 9:45am ET.Here are the notable moments and milestones in Warren Buffett's life.","news_type":1},"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085663170,"gmtCreate":1650689130523,"gmtModify":1676534778067,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085663170","repostId":"2229168533","repostType":2,"repost":{"id":"2229168533","pubTimestamp":1650672182,"share":"https://ttm.financial/m/news/2229168533?lang=&edition=fundamental","pubTime":"2022-04-23 08:03","market":"us","language":"en","title":"Got $1,000? 5 Buffett Stocks to Buy and Hold Forever","url":"https://stock-news.laohu8.com/highlight/detail?id=2229168533","media":"Motley Fool","summary":"These industry leaders have Buffett's stamp of approval and are on track for more big wins.","content":"<html><head></head><body><p>If you owned a $1,000 stake in <b>Berkshire Hathaway</b> when Warren Buffett assumed control of the company back in May of 1965, that position would be worth more than $27.5 million today. The investment conglomerate now has a market capitalization of roughly $771 billion and stands as the one of the world&#39;s largest companies, and The Oracle of Omaha&#39;s ability to identify promising businesses worth holding long term has played a big role in getting there.</p><p>While Berkshire&#39;s massive market cap suggests its most explosive days of growth are likely in the past, an incredible performance and top-tier management and analyst teams suggest it can still pay to look to the company for investing inspiration. Read on for a look at five top stocks in the Berkshire Hathaway portfolio that are worth buying today and holding for the long haul.</p><h2>1. Amazon</h2><p>Even with current holdings worth roughly $1.8 billion, <b>Amazon</b> ranks as just the 21st-largest overall stock holding in Berkshire&#39;s portfolio. The investment conglomerate first purchased the e-commerce and cloud computing giant&#39;s stock in 2019, and you can be sure that Buffett regrets not investing in the multi-industry innovator sooner. The famously successful investor went so far as to describe himself as &#34;an idiot&#34; for not buying shares at an earlier stage.</p><p>With gains of roughly 21,680% over the last 20 years, it&#39;s not hard to imagine why The Oracle of Omaha is frustrated about taking some time to see the light on Amazon, but the company will likely continue serving up more strong performance over the long term. Amazon&#39;s e-commerce and cloud businesses still have incredible runways for expansion, and these pillars give it the flexibility to pursue wins in other emerging technology and service trends.</p><h2>2. <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a></h2><p>While the Oracle of Omaha is best known as a value investing guru, that doesn&#39;t mean that he and the Berkshire team don&#39;t sometimes see great value in highly growth-dependent stocks. <b>Snowflake</b> provides a data-warehousing platform that can be used to combine and analyze information from Amazon, <b>Alphabet</b>, and <b>Microsoft</b>&#39;s respective cloud platforms, and surging demand for its services is translating to rapid business expansion.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c49e19db0c82953682aa96a1284927d\" tg-width=\"700\" tg-height=\"393\" width=\"100%\" height=\"auto\"/><span>Image source: Snowflake.</span></p><p>Based on its forward price-to-sales multiple of approximately 30.5, it could be argued that Snowflake is the most &#34;expensive&#34; stock in the Berkshire portfolio. On the other hand, it has a very favorable growth outlook, and I wouldn&#39;t be surprised at all if it winds up being one of the investment conglomerate&#39;s best-performing stocks over the next decade.</p><h2>3. Verizon</h2><p>With the largest wireless network in the U.S., highly rated service, and strong customer loyalty, <b>Verizon</b> stands to be one of the biggest beneficiaries in the next-generation network technologies in the telecom industry. 5G is paving the way for upload and download speeds that absolutely trounce what&#39;s possible on 4G LTE in even the most ideal circumstances, and this big leap forward in network technology will make a wide range of new technologies and services possible.</p><p>Verizon&#39;s business is already a free-cash-flow-generating machine, and that allows it to return substantial cash to shareholders in the form of dividends. The company&#39;s payout currently yields roughly 4.7%, and the stock looks cheap trading at roughly 10 times this year&#39;s expected earnings.</p><h2>4. Bank of America</h2><p>Berkshire Hathaway&#39;s holdings in <b>Bank of America</b> stock are currently worth roughly $45 billion and account for more than 13% of its overall stock portfolio. The banking giant is Berkshire&#39;s second-largest overall stock holding and its biggest investment in the financials industry by a wide margin.</p><p>There will always be a need for banking and financial services, and Bank of America&#39;s incredible scale gives it an edge in the space. Bank of America also pays a dividend that currently yields roughly 2.1%. Even better, the company has been raising its payout at a rapid clip over the last decade, and there&#39;s a good chance that investors can look forward to more payout growth.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cba5f4053d34276169cf8dc0ea2f575\" tg-width=\"720\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>BAC Dividend data by YCharts</span></p><h2>5. Apple</h2><p>Buffett has said that <b>Apple</b> is probably the best business he knows, and a quick look at the Berkshire Hathaway portfolio makes it clear he has a high level of conviction on that call. The tech company stands as the single largest stock holding in Berkshire&#39;s portfolio, representing roughly 46% of its total stock holdings.</p><p>Apple has the world&#39;s most valuable brand in the consumer electronics space, and that advantage has allowed the company to generate far more profits from mobile, computer, and wearable hardware sales than its competitors. The tech giant has also built a powerful software and services ecosystem that&#39;s helping to power new growth stages for the company.</p><p>With a market capitalization of roughly $2.73 trillion, Apple stands as the most valuable company in the world and could have a harder time delivering relative growth going forward. However, the company&#39;s core hardware and software businesses continue to look very strong, and it has the potential to score massive wins in augmented reality, smart cars, and other potentially revolutionary trends.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Got $1,000? 5 Buffett Stocks to Buy and Hold Forever</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGot $1,000? 5 Buffett Stocks to Buy and Hold Forever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-23 08:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/22/got-1000-5-buffett-stocks-to-buy-and-hold-forever/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you owned a $1,000 stake in Berkshire Hathaway when Warren Buffett assumed control of the company back in May of 1965, that position would be worth more than $27.5 million today. The investment ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/22/got-1000-5-buffett-stocks-to-buy-and-hold-forever/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4551":"寇图资本持仓","BRK.A":"伯克希尔","BK4574":"无人驾驶","BK4207":"综合性银行","BRK.B":"伯克希尔B","BK4573":"虚拟现实","BK4561":"索罗斯持仓","ORCL":"甲骨文","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","BK4504":"桥水持仓","BK4512":"苹果概念","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4176":"多领域控股","SNOW":"Snowflake","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4515":"5G概念","BK4553":"喜马拉雅资本持仓","BK4534":"瑞士信贷持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","AAPL":"苹果","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","AMZN":"亚马逊","BK4503":"景林资产持仓","BK4566":"资本集团","BK4575":"芯片概念","BK4535":"淡马锡持仓","BK4524":"宅经济概念","BK4559":"巴菲特持仓","BK4501":"段永平概念","VZ":"威瑞森","BK4538":"云计算","BK4116":"互联网服务与基础架构","BK4527":"明星科技股","BK4550":"红杉资本持仓","BK4579":"人工智能","BAC":"美国银行","BK4122":"互联网与直销零售"},"source_url":"https://www.fool.com/investing/2022/04/22/got-1000-5-buffett-stocks-to-buy-and-hold-forever/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2229168533","content_text":"If you owned a $1,000 stake in Berkshire Hathaway when Warren Buffett assumed control of the company back in May of 1965, that position would be worth more than $27.5 million today. The investment conglomerate now has a market capitalization of roughly $771 billion and stands as the one of the world's largest companies, and The Oracle of Omaha's ability to identify promising businesses worth holding long term has played a big role in getting there.While Berkshire's massive market cap suggests its most explosive days of growth are likely in the past, an incredible performance and top-tier management and analyst teams suggest it can still pay to look to the company for investing inspiration. Read on for a look at five top stocks in the Berkshire Hathaway portfolio that are worth buying today and holding for the long haul.1. AmazonEven with current holdings worth roughly $1.8 billion, Amazon ranks as just the 21st-largest overall stock holding in Berkshire's portfolio. The investment conglomerate first purchased the e-commerce and cloud computing giant's stock in 2019, and you can be sure that Buffett regrets not investing in the multi-industry innovator sooner. The famously successful investor went so far as to describe himself as \"an idiot\" for not buying shares at an earlier stage.With gains of roughly 21,680% over the last 20 years, it's not hard to imagine why The Oracle of Omaha is frustrated about taking some time to see the light on Amazon, but the company will likely continue serving up more strong performance over the long term. Amazon's e-commerce and cloud businesses still have incredible runways for expansion, and these pillars give it the flexibility to pursue wins in other emerging technology and service trends.2. SnowflakeWhile the Oracle of Omaha is best known as a value investing guru, that doesn't mean that he and the Berkshire team don't sometimes see great value in highly growth-dependent stocks. Snowflake provides a data-warehousing platform that can be used to combine and analyze information from Amazon, Alphabet, and Microsoft's respective cloud platforms, and surging demand for its services is translating to rapid business expansion.Image source: Snowflake.Based on its forward price-to-sales multiple of approximately 30.5, it could be argued that Snowflake is the most \"expensive\" stock in the Berkshire portfolio. On the other hand, it has a very favorable growth outlook, and I wouldn't be surprised at all if it winds up being one of the investment conglomerate's best-performing stocks over the next decade.3. VerizonWith the largest wireless network in the U.S., highly rated service, and strong customer loyalty, Verizon stands to be one of the biggest beneficiaries in the next-generation network technologies in the telecom industry. 5G is paving the way for upload and download speeds that absolutely trounce what's possible on 4G LTE in even the most ideal circumstances, and this big leap forward in network technology will make a wide range of new technologies and services possible.Verizon's business is already a free-cash-flow-generating machine, and that allows it to return substantial cash to shareholders in the form of dividends. The company's payout currently yields roughly 4.7%, and the stock looks cheap trading at roughly 10 times this year's expected earnings.4. Bank of AmericaBerkshire Hathaway's holdings in Bank of America stock are currently worth roughly $45 billion and account for more than 13% of its overall stock portfolio. The banking giant is Berkshire's second-largest overall stock holding and its biggest investment in the financials industry by a wide margin.There will always be a need for banking and financial services, and Bank of America's incredible scale gives it an edge in the space. Bank of America also pays a dividend that currently yields roughly 2.1%. Even better, the company has been raising its payout at a rapid clip over the last decade, and there's a good chance that investors can look forward to more payout growth.BAC Dividend data by YCharts5. AppleBuffett has said that Apple is probably the best business he knows, and a quick look at the Berkshire Hathaway portfolio makes it clear he has a high level of conviction on that call. The tech company stands as the single largest stock holding in Berkshire's portfolio, representing roughly 46% of its total stock holdings.Apple has the world's most valuable brand in the consumer electronics space, and that advantage has allowed the company to generate far more profits from mobile, computer, and wearable hardware sales than its competitors. The tech giant has also built a powerful software and services ecosystem that's helping to power new growth stages for the company.With a market capitalization of roughly $2.73 trillion, Apple stands as the most valuable company in the world and could have a harder time delivering relative growth going forward. However, the company's core hardware and software businesses continue to look very strong, and it has the potential to score massive wins in augmented reality, smart cars, and other potentially revolutionary trends.","news_type":1},"isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085669651,"gmtCreate":1650688949103,"gmtModify":1676534778042,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Happy World Book Day 2022!","listText":"Happy World Book Day 2022!","text":"Happy World Book Day 2022!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085669651","repostId":"9085908428","repostType":1,"repost":{"id":9085908428,"gmtCreate":1650629513057,"gmtModify":1676534766405,"author":{"id":"4104455119105420","authorId":"4104455119105420","authorIdStr":"4104455119105420","name":"Tiger_Academy","avatar":"https://static.tigerbbs.com/3776fe550cd7a945e43d68c025988ed8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104455119105420"},"themes":[],"title":"Top 10 Books Recommended By Buffett","htmlText":"Warren&nbsp;Buffett&nbsp;is widely considered the most successful investor of the 20th and early 21st centuries.&nbsp;His&nbsp;investing&nbsp;philosophy&nbsp;and&nbsp;mottos&nbsp;are&nbsp;also&nbsp;well-known.&nbsp;But&nbsp;very&nbsp;few&nbsp;people&nbsp;can&nbsp;do&nbsp;as&nbsp;well&nbsp;as&nbsp;Buffett&nbsp;because success&nbsp;is&nbsp;more&nbsp;than&nbsp;sayings&nbsp;and&nbsp;slogans.&nbsp;His&nbsp;wisdom&nbsp;needs&nbsp;careful&nbsp;study.&nbsp; As&nbsp;World&nbsp;Book&nbsp;Day&nbsp;is&nbsp;around&nbsp;the&nbsp;corner,&nbsp;we&nbsp;have&nbsp;summarized&nbsp;[Top 10 Books Recommended By Buffett.]&nbsp; Hope&nbsp;tigers&nbsp;gain&nbsp;more&nbsp;insights&nbsp;through&nbsp;reading&nbsp;the&nbsp;books&nbsp;recommended&nbsp;by&nbsp;one&nbsp;of&nbsp;the&nbsp;smartest&nbsp;men. 1.&nbsp;‘Berksh","listText":"Warren&nbsp;Buffett&nbsp;is widely considered the most successful investor of the 20th and early 21st centuries.&nbsp;His&nbsp;investing&nbsp;philosophy&nbsp;and&nbsp;mottos&nbsp;are&nbsp;also&nbsp;well-known.&nbsp;But&nbsp;very&nbsp;few&nbsp;people&nbsp;can&nbsp;do&nbsp;as&nbsp;well&nbsp;as&nbsp;Buffett&nbsp;because success&nbsp;is&nbsp;more&nbsp;than&nbsp;sayings&nbsp;and&nbsp;slogans.&nbsp;His&nbsp;wisdom&nbsp;needs&nbsp;careful&nbsp;study.&nbsp; As&nbsp;World&nbsp;Book&nbsp;Day&nbsp;is&nbsp;around&nbsp;the&nbsp;corner,&nbsp;we&nbsp;have&nbsp;summarized&nbsp;[Top 10 Books Recommended By Buffett.]&nbsp; Hope&nbsp;tigers&nbsp;gain&nbsp;more&nbsp;insights&nbsp;through&nbsp;reading&nbsp;the&nbsp;books&nbsp;recommended&nbsp;by&nbsp;one&nbsp;of&nbsp;the&nbsp;smartest&nbsp;men. 1.&nbsp;‘Berksh","text":"Warren Buffett is widely considered the most successful investor of the 20th and early 21st centuries. His investing philosophy and mottos are also well-known. But very few people can do as well as Buffett because success is more than sayings and slogans. His wisdom needs careful study. As World Book Day is around the corner, we have summarized [Top 10 Books Recommended By Buffett.] Hope tigers gain more insights through reading the books recommended by one of the smartest men. 1. ‘Berksh","images":[{"img":"https://community-static.tradeup.com/news/1dcb7b004b0cf38e3747350f8d4f4012","width":"342","height":"435"},{"img":"https://community-static.tradeup.com/news/b2999da6dd7a769fbfc9fef9e066dd83","width":"330","height":"500"},{"img":"https://community-static.tradeup.com/news/e3635199d91b28c56a909ee0ec3d07e7","width":"300","height":"425"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085908428","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":10,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":36,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9081435378,"gmtCreate":1650263249806,"gmtModify":1676534681907,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081435378","repostId":"1110595663","repostType":2,"repost":{"id":"1110595663","pubTimestamp":1650258996,"share":"https://ttm.financial/m/news/1110595663?lang=&edition=fundamental","pubTime":"2022-04-18 13:16","market":"us","language":"en","title":"Alibaba: Munger Is Not The Thesis","url":"https://stock-news.laohu8.com/highlight/detail?id=1110595663","media":"Seeking Alpha","summary":"SummaryRecently the Daily Journal's 13F revealed that the company trimmed its Alibaba position by 50%.It isn't necessarily the case that former Chairman Charlie Munger sold due to weakening conviction","content":"<html><head></head><body><p>Summary</p><ul><li>Recently the Daily Journal&#39;s 13F revealed that the company trimmed its Alibaba position by 50%.</li><li>It isn&#39;t necessarily the case that former Chairman Charlie Munger sold due to weakening conviction on BABA stock itself.</li><li>However, Munger IS out of the picture in one very real way: he is no longer the Daily Journal&#39;s Chairman.</li><li>For this reason, Alibaba can no longer be considered a Munger copy trade.</li><li>In this article, I develop a fundamentals-based thesis for those who cloned Munger and now aren&#39;t sure what to do.</li></ul><p>Charlie Munger’s Alibaba Group (NYSE:BABA) investment was the talk of the town last week. In its Q1 13F, the Daily Journal Corp (DJCO) revealed that it had sold 50% of its stake in the Chinese tech company, after several quarters of averaging down. It wasn’t immediately clear whether Munger himself made the decision to sell the shares, as he had stepped down just days before the end of the quarter. Tu To was elected to serve as the company’s CFO on March 22. She signed all of the company’s SEC filings from the 22nd onward.</p><p>There are many reasons why Munger (or somebody else) might have chosen to sell Alibaba. Not all of them necessarily reflect lower conviction in the stock. It’s possible that DJCO converted some of its NYSE shares to Hong Kong shares, or sold to cover a margin loan. Munger hasn’t spoken on the matter publicly yet, nor have any other DJCO officers, so we don’t know.</p><p>Charlie Munger is thought to have influenced many investors who bought BABA stock in 2021. He began buying the stock around $226, averaging down after that. Many other investors made similar moves. It was shortly after Munger’s first 13F featuring Alibaba that internet communities focused on BABA really started to take off. Some were founded just days after the release.</p><p>Naturally, Munger’s apparent sale made a big splash. BABA has always been at least partially a Munger clone trade, and it appears that Munger’s conviction in the stock has diminished. Shortly after the 13F was released, investors took to Twitter offering opinions and running polls asking others about what had happened.</p><p>We may never know. But it doesn’t matter, because BABA ceased being a Munger clone trade long before the 13F came out. When Munger stepped down as Chairman of the Daily Journal, it created ambiguity as to the actual level of influence he will exercise over the firm’s portfolio going forward. The DJCO portfolio is no longer a Munger portfolio–or at least, not 100% a Munger portfolio. For this reason, investors will need a better thesis than “clone Munger because he is good.” In this article, I will attempt to advance such a thesis, based on valuation, competitive position and China&#39;s economic growth. First, though, let’s examine why it will not be possible to clone “Munger’s” BABA trades in future quarters.</p><p>Why Munger Can’t be Cloned Anymore</p><p>There are two reasons why it is impossible to clone Munger’s future BABA trades:</p><ol><li>Munger is no longer Chairman of the Daily Journal.</li><li>Some of DJCO’s potential trades are impossible to confirm.</li></ol><p>The first of these is easy enough to explain. When Munger was Chairman of the Daily Journal, he managed the investment portfolio. Now that he is no longer Chairman, he simply has the duties of a director. Munger could still volunteer to manage the portfolio, but the ultimate decisions would fall on Steven Myhill-Jones, the new CEO, or Tu To, the new CFO. The SEC filings announcing these new hires didn&#39;t say who&#39;d manage the portfolio.</p><p>The second reason why Munger can’t be cloned now is because some of his potential trades wouldn’t have to be disclosed. Munger is well known for not telling investors more than he has to. If he simply converted some of his NYSE ADRs to Hong Kong shares, as some think he did, then he is no longer under the obligation to report all of his holdings. As the SEC website states, you don’t have to disclose foreign listed shares in a 13F, even if your position is massive.</p><p><img src=\"https://static.tigerbbs.com/5852b29d02869d997a4c8ce719caa59f\" tg-width=\"575\" tg-height=\"191\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>What all this means is that cloning Munger’s BABA trades won’t be possible going forward. For those whose BABA position was little more than a Munger copycat, that has got to sting. Fortunately, the fundamentals-based thesis on the stock is not that difficult to comprehend, and can be explained in terms of four basic principles. In the next section I will explain that case in detail.</p><h2>The Bullish Thesis on BABA</h2><p>A strong bullish thesis on BABA can be built on four pillars:</p><ul><li>China’s economy.</li><li>BABA’s competitive position.</li><li>Financial health.</li><li>Valuation.</li></ul><p>I’ll look at each of these factors one by one, starting with China’s economy</p><h2>China’s Economy</h2><p>Despite the negative headlines you’re seeing these days, China’s economy is very strong. Its GDP growth was 8.1% in 2021. GDP has grown at 7.4% CAGR over 10 years. In 2020, when many countries entered recessions, China’s growth merely decelerated to 2.2%. With all of this growth, you might think that China is pumping itself full of debt. But think again! At 66.8, China’s government debt as a percentage of GDP is lower than that of the U.S., Canada, and the Eurozone. You may have heard stories about China’s “debt problem,” and claims of a 250% debt to GDP ratio. The figure is correct but it includes all debt, government and private. China’s government debt–the kind used to pay for fiscal stimulus–is low as a percentage of GDP. So China is growing very quickly and is fiscally sound enough to stimulate its economy should stimulation become necessary.</p><h2>BABA’s Competitive Position</h2><p>As we’ve seen, China has a high growth economy–the kind of economy that a company wants to operate in. That’s a great start but we still need to know about BABA’s competitive position.</p><p>As an eCommerce company, BABA has few rivals of similar scale. JD.com (JD) technically does more revenue than BABA does, but it has much smaller margins. It could beat Alibaba on scale but probably not on profitability. JD holds and sells inventory. It’s hard to beat a “platform” company like BABA when you have inventory costs. It eats into margins.</p><p>Pinduoduo (PDD) has been cited as a potential competitor to BABA but there’s just not much evidence of PDD moving beyond agricultural goods. Its group buying model has proven popular in China, but until it moves into other verticals, it’s not competing with huge chunks of Alibaba’s business.</p><p>Tencent (OTCPK:TCEHY) competes with BABA in one limited way: it has a payment app. The Chinese government forced BABA and Tencent to accept each other’s payment apps last year. So the competition between these two companies for share of payments has indeed increased.</p><h2>BABA’s Financials</h2><p>Alibaba’s long-term financials are excellent. The most recent calendar year was a bit of a departure from the long term trend, but that could turn around.</p><p>According to Seeking Alpha Quant, BABA’s five year CAGR growth rates in revenue, earnings and cash flows are:</p><ul><li>Revenue: 42%.</li><li>Net income: 11.3%.</li><li>Diluted EPS: 9.8%.</li><li>Free cash flow: 13.66%.</li></ul><p>These are pretty solid metrics. They were all much higher prior to this year, but the 2021 Chinese tech crackdown caused last year’s numbers to suffer. BABA did take some new costs in 2021, like a $2.8 billion fine and a higher tax rate. However, the fine was non-recurring and the higher tax rate could be “outgrown” with enough quarters of strong revenue gains.</p><p>At any rate, Alibaba has more than enough financial strength to ride out a few lacklustre quarters. Its balance sheet is one of the strongest in the world, boasting eye-popping metrics like:</p><ul><li>$276 billion in assets.</li><li>$100 billion in liabilities.</li><li>$176 billion in equity.</li><li>$45 billion in cash.</li><li>About $20 billion in debt (calculated from $5.09 billion in bonds $14.85 billion in long term bank loans).</li><li>$105 billion in current assets.</li><li>$64 billion in current liabilities.</li><li>A 0.2 debt to equity ratio.</li><li>A 1.64 current ratio.</li></ul><p>So we have debt that is very low as a proportion of shareholder equity, and high liquidity. Even BABA’s cash and equivalents outstrip its long term debt! This suggests a very solid balance sheet and a second-to-none ability to ride out a crisis.</p><h2>Valuation</h2><p>Valuation has always been one of the pillars on which the BABA bull case has rested. BABA stock is very cheap by almost every multiple you can think of. Some of its most encouraging value metrics include:</p><ul><li>Adjusted P/E: 11.</li><li>Price/sales: 1.96.</li><li>Price/book: 1.67.</li><li>Price/operating cash flow: 9.37.</li></ul><p>All of these multiples are comparatively low for the tech sector. For comparison, Amazon (AMZN), the closest comparable U.S. company, has a 46 adjusted P/E ratio.</p><p>BABA’s GAAP P/E ratio (25) is a little high, but the most recent quarter included large unrealized losses on the company’s stock portfolio. Adjusted earnings and cash from operations are more closely related to the company’s operating performance, and not surprisingly, they were much higher than GAAP earnings. This isn’t just selective choice of non-GAAP measures either: operating cash flow is a GAAP metric and Alibaba reports in accordance with U.S. GAAP.</p><p>As we’ve seen, Alibaba is cheap, profitable, and has high historical growth. Certainly this stock has many things to recommend it, even after Charlie Munger rode off into the sunset. However, there are still risks and challenges to the bullish thesis on Alibaba stock. </p><p>These are real risks that investors will need to keep in mind. But on balance, Alibaba looks like a solid value play today. It’s still growing its revenue, its cloud business is inching toward profitability, and its valuation is cheaper than ever before. On the whole, it looks like a sweet deal – with or without Munger on board.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba: Munger Is Not The Thesis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba: Munger Is Not The Thesis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-18 13:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4501707-alibaba-munger-not-thesis><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryRecently the Daily Journal's 13F revealed that the company trimmed its Alibaba position by 50%.It isn't necessarily the case that former Chairman Charlie Munger sold due to weakening conviction...</p>\n\n<a href=\"https://seekingalpha.com/article/4501707-alibaba-munger-not-thesis\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4501707-alibaba-munger-not-thesis","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110595663","content_text":"SummaryRecently the Daily Journal's 13F revealed that the company trimmed its Alibaba position by 50%.It isn't necessarily the case that former Chairman Charlie Munger sold due to weakening conviction on BABA stock itself.However, Munger IS out of the picture in one very real way: he is no longer the Daily Journal's Chairman.For this reason, Alibaba can no longer be considered a Munger copy trade.In this article, I develop a fundamentals-based thesis for those who cloned Munger and now aren't sure what to do.Charlie Munger’s Alibaba Group (NYSE:BABA) investment was the talk of the town last week. In its Q1 13F, the Daily Journal Corp (DJCO) revealed that it had sold 50% of its stake in the Chinese tech company, after several quarters of averaging down. It wasn’t immediately clear whether Munger himself made the decision to sell the shares, as he had stepped down just days before the end of the quarter. Tu To was elected to serve as the company’s CFO on March 22. She signed all of the company’s SEC filings from the 22nd onward.There are many reasons why Munger (or somebody else) might have chosen to sell Alibaba. Not all of them necessarily reflect lower conviction in the stock. It’s possible that DJCO converted some of its NYSE shares to Hong Kong shares, or sold to cover a margin loan. Munger hasn’t spoken on the matter publicly yet, nor have any other DJCO officers, so we don’t know.Charlie Munger is thought to have influenced many investors who bought BABA stock in 2021. He began buying the stock around $226, averaging down after that. Many other investors made similar moves. It was shortly after Munger’s first 13F featuring Alibaba that internet communities focused on BABA really started to take off. Some were founded just days after the release.Naturally, Munger’s apparent sale made a big splash. BABA has always been at least partially a Munger clone trade, and it appears that Munger’s conviction in the stock has diminished. Shortly after the 13F was released, investors took to Twitter offering opinions and running polls asking others about what had happened.We may never know. But it doesn’t matter, because BABA ceased being a Munger clone trade long before the 13F came out. When Munger stepped down as Chairman of the Daily Journal, it created ambiguity as to the actual level of influence he will exercise over the firm’s portfolio going forward. The DJCO portfolio is no longer a Munger portfolio–or at least, not 100% a Munger portfolio. For this reason, investors will need a better thesis than “clone Munger because he is good.” In this article, I will attempt to advance such a thesis, based on valuation, competitive position and China's economic growth. First, though, let’s examine why it will not be possible to clone “Munger’s” BABA trades in future quarters.Why Munger Can’t be Cloned AnymoreThere are two reasons why it is impossible to clone Munger’s future BABA trades:Munger is no longer Chairman of the Daily Journal.Some of DJCO’s potential trades are impossible to confirm.The first of these is easy enough to explain. When Munger was Chairman of the Daily Journal, he managed the investment portfolio. Now that he is no longer Chairman, he simply has the duties of a director. Munger could still volunteer to manage the portfolio, but the ultimate decisions would fall on Steven Myhill-Jones, the new CEO, or Tu To, the new CFO. The SEC filings announcing these new hires didn't say who'd manage the portfolio.The second reason why Munger can’t be cloned now is because some of his potential trades wouldn’t have to be disclosed. Munger is well known for not telling investors more than he has to. If he simply converted some of his NYSE ADRs to Hong Kong shares, as some think he did, then he is no longer under the obligation to report all of his holdings. As the SEC website states, you don’t have to disclose foreign listed shares in a 13F, even if your position is massive.What all this means is that cloning Munger’s BABA trades won’t be possible going forward. For those whose BABA position was little more than a Munger copycat, that has got to sting. Fortunately, the fundamentals-based thesis on the stock is not that difficult to comprehend, and can be explained in terms of four basic principles. In the next section I will explain that case in detail.The Bullish Thesis on BABAA strong bullish thesis on BABA can be built on four pillars:China’s economy.BABA’s competitive position.Financial health.Valuation.I’ll look at each of these factors one by one, starting with China’s economyChina’s EconomyDespite the negative headlines you’re seeing these days, China’s economy is very strong. Its GDP growth was 8.1% in 2021. GDP has grown at 7.4% CAGR over 10 years. In 2020, when many countries entered recessions, China’s growth merely decelerated to 2.2%. With all of this growth, you might think that China is pumping itself full of debt. But think again! At 66.8, China’s government debt as a percentage of GDP is lower than that of the U.S., Canada, and the Eurozone. You may have heard stories about China’s “debt problem,” and claims of a 250% debt to GDP ratio. The figure is correct but it includes all debt, government and private. China’s government debt–the kind used to pay for fiscal stimulus–is low as a percentage of GDP. So China is growing very quickly and is fiscally sound enough to stimulate its economy should stimulation become necessary.BABA’s Competitive PositionAs we’ve seen, China has a high growth economy–the kind of economy that a company wants to operate in. That’s a great start but we still need to know about BABA’s competitive position.As an eCommerce company, BABA has few rivals of similar scale. JD.com (JD) technically does more revenue than BABA does, but it has much smaller margins. It could beat Alibaba on scale but probably not on profitability. JD holds and sells inventory. It’s hard to beat a “platform” company like BABA when you have inventory costs. It eats into margins.Pinduoduo (PDD) has been cited as a potential competitor to BABA but there’s just not much evidence of PDD moving beyond agricultural goods. Its group buying model has proven popular in China, but until it moves into other verticals, it’s not competing with huge chunks of Alibaba’s business.Tencent (OTCPK:TCEHY) competes with BABA in one limited way: it has a payment app. The Chinese government forced BABA and Tencent to accept each other’s payment apps last year. So the competition between these two companies for share of payments has indeed increased.BABA’s FinancialsAlibaba’s long-term financials are excellent. The most recent calendar year was a bit of a departure from the long term trend, but that could turn around.According to Seeking Alpha Quant, BABA’s five year CAGR growth rates in revenue, earnings and cash flows are:Revenue: 42%.Net income: 11.3%.Diluted EPS: 9.8%.Free cash flow: 13.66%.These are pretty solid metrics. They were all much higher prior to this year, but the 2021 Chinese tech crackdown caused last year’s numbers to suffer. BABA did take some new costs in 2021, like a $2.8 billion fine and a higher tax rate. However, the fine was non-recurring and the higher tax rate could be “outgrown” with enough quarters of strong revenue gains.At any rate, Alibaba has more than enough financial strength to ride out a few lacklustre quarters. Its balance sheet is one of the strongest in the world, boasting eye-popping metrics like:$276 billion in assets.$100 billion in liabilities.$176 billion in equity.$45 billion in cash.About $20 billion in debt (calculated from $5.09 billion in bonds $14.85 billion in long term bank loans).$105 billion in current assets.$64 billion in current liabilities.A 0.2 debt to equity ratio.A 1.64 current ratio.So we have debt that is very low as a proportion of shareholder equity, and high liquidity. Even BABA’s cash and equivalents outstrip its long term debt! This suggests a very solid balance sheet and a second-to-none ability to ride out a crisis.ValuationValuation has always been one of the pillars on which the BABA bull case has rested. BABA stock is very cheap by almost every multiple you can think of. Some of its most encouraging value metrics include:Adjusted P/E: 11.Price/sales: 1.96.Price/book: 1.67.Price/operating cash flow: 9.37.All of these multiples are comparatively low for the tech sector. For comparison, Amazon (AMZN), the closest comparable U.S. company, has a 46 adjusted P/E ratio.BABA’s GAAP P/E ratio (25) is a little high, but the most recent quarter included large unrealized losses on the company’s stock portfolio. Adjusted earnings and cash from operations are more closely related to the company’s operating performance, and not surprisingly, they were much higher than GAAP earnings. This isn’t just selective choice of non-GAAP measures either: operating cash flow is a GAAP metric and Alibaba reports in accordance with U.S. GAAP.As we’ve seen, Alibaba is cheap, profitable, and has high historical growth. Certainly this stock has many things to recommend it, even after Charlie Munger rode off into the sunset. However, there are still risks and challenges to the bullish thesis on Alibaba stock. These are real risks that investors will need to keep in mind. But on balance, Alibaba looks like a solid value play today. It’s still growing its revenue, its cloud business is inching toward profitability, and its valuation is cheaper than ever before. On the whole, it looks like a sweet deal – with or without Munger on board.","news_type":1},"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032130097,"gmtCreate":1647303260386,"gmtModify":1676534213794,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"litt","listText":"litt","text":"litt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032130097","repostId":"2219067542","repostType":4,"repost":{"id":"2219067542","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1647301883,"share":"https://ttm.financial/m/news/2219067542?lang=&edition=fundamental","pubTime":"2022-03-15 07:51","market":"us","language":"en","title":"Berkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=2219067542","media":"Reuters","summary":"March 14 (Reuters) - The share price of Warren Buffett's Berkshire Hathaway Inc reached $500,000 for","content":"<html><head></head><body><p>March 14 (Reuters) - The share price of Warren Buffett&#39;s Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company&#39;s status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.</p><p>Berkshire&#39;s Class A shares have risen 10% in 2022, outpacing the Standard &amp; Poor&#39;s 500 index, which has fallen 12%.</p><p>The Omaha, Nebraska-based company&#39;s market value is approximately $731 billion, ranking sixth in the United States, and Buffett&#39;s 16.2% stake makes him the world&#39;s fifth-richest person at $119.2 billion, according to Forbes magazine.</p><p>Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.</p><p>It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.</p><p>Berkshire specializes in &#34;on the ground, Main Street-esque business activity,&#34; said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.</p><p>&#34;They&#39;re big and they&#39;re not a tech stock, and investors get comfort from that.&#34;</p><p>Berkshire shares also slightly outperformed the S&amp;P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.</p><p>Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.</p><p>Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.</p><p>Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.</p><p>U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire&#39;s largest common stock holding.</p><p>Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-03-15 07:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>March 14 (Reuters) - The share price of Warren Buffett&#39;s Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company&#39;s status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.</p><p>Berkshire&#39;s Class A shares have risen 10% in 2022, outpacing the Standard &amp; Poor&#39;s 500 index, which has fallen 12%.</p><p>The Omaha, Nebraska-based company&#39;s market value is approximately $731 billion, ranking sixth in the United States, and Buffett&#39;s 16.2% stake makes him the world&#39;s fifth-richest person at $119.2 billion, according to Forbes magazine.</p><p>Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.</p><p>It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.</p><p>Berkshire specializes in &#34;on the ground, Main Street-esque business activity,&#34; said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.</p><p>&#34;They&#39;re big and they&#39;re not a tech stock, and investors get comfort from that.&#34;</p><p>Berkshire shares also slightly outperformed the S&amp;P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.</p><p>Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.</p><p>Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.</p><p>Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.</p><p>U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire&#39;s largest common stock holding.</p><p>Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4023":"应用软件","BK4554":"元宇宙及AR概念","BK4553":"喜马拉雅资本持仓","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4139":"生物科技","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4007":"制药","ONTF":"ON24, Inc.","BK4196":"保健护理服务","BK4525":"远程办公概念","BRK.A":"伯克希尔","BK4082":"医疗保健设备","BRK.B":"伯克希尔B","LABP":"Landos Biopharma, Inc.","BK4527":"明星科技股","BK4077":"互动媒体与服务","BK4579":"人工智能","SANA":"Sana Biotechnology, Inc.","BK4550":"红杉资本持仓","LHDX":"Lucira Health, Inc.","BK4581":"高盛持仓","BK4548":"巴美列捷福持仓","CGEM":"Cullinan Therapeutics","BK4514":"搜索引擎","BK4176":"多领域控股"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2219067542","content_text":"March 14 (Reuters) - The share price of Warren Buffett's Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company's status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.Berkshire's Class A shares have risen 10% in 2022, outpacing the Standard & Poor's 500 index, which has fallen 12%.The Omaha, Nebraska-based company's market value is approximately $731 billion, ranking sixth in the United States, and Buffett's 16.2% stake makes him the world's fifth-richest person at $119.2 billion, according to Forbes magazine.Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.Berkshire specializes in \"on the ground, Main Street-esque business activity,\" said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.\"They're big and they're not a tech stock, and investors get comfort from that.\"Berkshire shares also slightly outperformed the S&P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire's largest common stock holding.Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.","news_type":1},"isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9060870919,"gmtCreate":1651129360247,"gmtModify":1676534855913,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"number 7 and 9 are the same?","listText":"number 7 and 9 are the same?","text":"number 7 and 9 are the same?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060870919","repostId":"1157805328","repostType":2,"repost":{"id":"1157805328","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651123033,"share":"https://ttm.financial/m/news/1157805328?lang=&edition=fundamental","pubTime":"2022-04-28 13:17","market":"us","language":"en","title":"Tiger Chart｜10 Warren Buffett Quotes","url":"https://stock-news.laohu8.com/highlight/detail?id=1157805328","media":"Tiger Newspress","summary":"Legendary investor and CEO of Berkshire Hathaway Warren Buffett has plenty to share. Through his let","content":"<html><head></head><body><p>Legendary investor and CEO of Berkshire Hathaway Warren Buffett has plenty to share. Through his letters and TV appearances, Buffett dispenses funny, plainspoken advice on investing, management, life and happiness.</p><p><img src=\"https://static.tigerbbs.com/0658423c104b0bf200dbd6e5957a0056\" tg-width=\"1500\" tg-height=\"1700\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Chart｜10 Warren Buffett Quotes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Chart｜10 Warren Buffett Quotes\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-04-28 13:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Legendary investor and CEO of Berkshire Hathaway Warren Buffett has plenty to share. Through his letters and TV appearances, Buffett dispenses funny, plainspoken advice on investing, management, life and happiness.</p><p><img src=\"https://static.tigerbbs.com/0658423c104b0bf200dbd6e5957a0056\" tg-width=\"1500\" tg-height=\"1700\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157805328","content_text":"Legendary investor and CEO of Berkshire Hathaway Warren Buffett has plenty to share. Through his letters and TV appearances, Buffett dispenses funny, plainspoken advice on investing, management, life and happiness.","news_type":1},"isVote":1,"tweetType":1,"viewCount":243,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4102815868703010","authorId":"4102815868703010","authorIdStr":"4102815868703010","name":"mster","avatar":"https://community-static.tradeup.com/news/81a8fe18bd419696551df5320d8db477","crmLevel":6,"crmLevelSwitch":0,"idStr":"4102815868703010"},"content":"I guess stop digging in a cave is very important to note.","text":"I guess stop digging in a cave is very important to note.","html":"I guess stop digging in a cave is very important to note."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998982241,"gmtCreate":1660918925587,"gmtModify":1676536423389,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"just hold BBBY, it will hit to the&nbsp;moon! altho im down 50% for now","listText":"just hold BBBY, it will hit to the&nbsp;moon! altho im down 50% for now","text":"just hold BBBY, it will hit to the moon! altho im down 50% for now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998982241","isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9087423744,"gmtCreate":1651039282527,"gmtModify":1676534839513,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"thanks author/admin for the effort of drafting this Post.","listText":"thanks author/admin for the effort of drafting this Post.","text":"thanks author/admin for the effort of drafting this Post.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9087423744","repostId":"1182285782","repostType":2,"repost":{"id":"1182285782","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651030165,"share":"https://ttm.financial/m/news/1182285782?lang=&edition=fundamental","pubTime":"2022-04-27 11:29","market":"us","language":"en","title":"Tiger Chart｜The Warren Buffett & Berkshire Hathaway Timeline","url":"https://stock-news.laohu8.com/highlight/detail?id=1182285782","media":"Tiger Newspress","summary":"The offline Warren Buffett annual shareholders meeting after a two-year absence has finally returned","content":"<html><head></head><body><p>The offline Warren Buffett annual shareholders meeting after a two-year absence has finally returned. It will take place on Saturday, April 30th, starting at 9:45am ET.</p><p>Here are the notable moments and milestones in Warren Buffett&#39;s life.<img src=\"https://static.tigerbbs.com/df59b63385fec0d1a1d2e177b71336c7\" tg-width=\"750\" tg-height=\"11865\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Chart｜The Warren Buffett & Berkshire Hathaway Timeline</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Chart｜The Warren Buffett & Berkshire Hathaway Timeline\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-04-27 11:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The offline Warren Buffett annual shareholders meeting after a two-year absence has finally returned. It will take place on Saturday, April 30th, starting at 9:45am ET.</p><p>Here are the notable moments and milestones in Warren Buffett&#39;s life.<img src=\"https://static.tigerbbs.com/df59b63385fec0d1a1d2e177b71336c7\" tg-width=\"750\" tg-height=\"11865\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182285782","content_text":"The offline Warren Buffett annual shareholders meeting after a two-year absence has finally returned. It will take place on Saturday, April 30th, starting at 9:45am ET.Here are the notable moments and milestones in Warren Buffett's life.","news_type":1},"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999399831,"gmtCreate":1660459148125,"gmtModify":1676533475326,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"llittttt","listText":"llittttt","text":"llittttt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9999399831","repostId":"2259268147","repostType":2,"repost":{"id":"2259268147","pubTimestamp":1660443357,"share":"https://ttm.financial/m/news/2259268147?lang=&edition=fundamental","pubTime":"2022-08-14 10:15","market":"us","language":"en","title":"How to Make 300% in the Stock Market Without Really Trying","url":"https://stock-news.laohu8.com/highlight/detail?id=2259268147","media":"InvestorPlace","summary":"In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/7cec91627f47c890c9b15078a688d4f9\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>In 2012, I made 300% returns in the stock market without really trying.</p><p>It happened again in 2020…</p><p>And then again in 2021…</p><p>My secret?</p><p><i><b>I bought companies in consolidating industries</b></i>.</p><p>For 2012, it was the airline industry. Ammunition in 2020. And coal in 2021.</p><p>In each of these cases, a “terrible” industry would see profits rise 5x… 10x… 20x… after bankruptcies, liquidations and mergers left the industry with few remaining players. It’s a wellspring of easy profits.</p><p>The strategy only works every several years; industry consolidation doesn’t happen all the time.</p><p>But when it does happen, investors can outperform the market. And today, one new industry is teasing 300% returns. Read on to find which one.</p><p>And if you enjoy this article, <b>click here to subscribe to Tom Yeung’s </b><b><i>Profit &amp; Protection</i></b><b> to get the latest updates in your inbox</b>.</p><h2>Exploiting Inefficient Markets</h2><p>The reason for airline outperformance was simple:</p><p>Markets are efficient vehicles for gathering consensus market views…</p><p><i><b>…but consensus views are sometimes slow to change, especially with consolidating industries</b></i>.</p><p>In the case of airlines, investors “knew” it was a terrible industry.</p><p>“For 100 years, airline transport has not been a good business,” Warren Buffett said in a 2013 interview on <i>CNBC</i>. “A seat on an airliner as a commodity to a great extent.”</p><p>But managers with billion-dollar funds often can’t see the changes that you and I do. The tight-fisted Mr. Buffett flies around in a private jet he once named “The Indefensible.” And how would an analyst sitting in Wall Street’s glass buildings (as I once did) know the price of a gallon of milk? Even I almost missed the rise of airline fares.</p><p>Yet, these Wall Street blind spots create enormous buying opportunities.</p><ul><li><b>Railways.</b> Companies like <b>Canadian Pacific Railway</b> (NYSE:<b><u>CP</u></b>) rose +600% between 2009-2014.</li><li><b>Ammunition.</b> Bullet-maker <b><a href=\"https://laohu8.com/S/VGL.AU\">Vista</a> Outdoors</b> (NYSE:<b><u>VSTO</u></b>) jumped +550% between 2020-2021.</li><li><b>Coal.</b> Near-bankrupt miner <b><a href=\"https://laohu8.com/S/BTU\">Peabody</a> Energy</b> (NYSE:<b><u>BTU</u></b>) skyrocketed +900% between 2021-2022</li></ul><p>In each of these instances, a “Main Street” industry would suddenly become a superstar winner because of one word:</p><p><i><b>Consolidation</b></i>.</p><p>In the case of airlines, mega-mergers between top players meant that the top 4 carriers controlled two-thirds of the industry by 2013. <b>Delta</b> (NYSE:<b><u>DAL</u></b>) would make up 80% of all flights from Atlanta’s Hartsfield-Jackson airport that year.</p><p>In rail, these same forces would turn a struggling industry into one of America’s most profitable sectors. Only seven Class I freight railroads exist today, down from 33 in 1980. And concentration in specific sectors is higher; two railroads now originate 65% of all U.S. grain.</p><p>These changes are apparent to anyone who works in the business. Try to buy ammunition at your local gun store, and you’ll have a choice between two manufacturers. Shells now easily cost over a dollar per round. And at the grocery store, our choice of meat and prepackaged bread is an illusion. 2-3 companies now own dozens of brands on store shelves.</p><p>Observant investors will notice these things in everyday life.</p><p>Meanwhile, outsiders on Wall Street are often slow in responding to these tectonic shifts, especially when they’re happening far away from the glass high-rise offices of <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a> or Omaha.</p><h2>Beating the Street at Its Own Game</h2><p>There are three ingredients to these hidden gems:</p><ul><li><b>A “Hated” Industry.</b> A history of low returns, poor growth and high capital requirements will set the stage for cheap stock prices.</li><li><b>Consolidation.</b> Mergers, acquisitions and bankruptcies that give the remaining players pricing power.</li><li><b>Essential Goods.</b> Sectors that produce goods that are difficult or impossible to substitute.</li></ul><p>And today, one sector stands out as the next big winner:</p><p><i><b>Telecom</b></i>.</p><h2>From Four to Three</h2><p>Ask any Wall Street investor about telecom, and watch them respond with a mix of apathy and disgust. The <b><a href=\"https://laohu8.com/S/EMDI\">iShares</a> Global Communication Services ETF</b> (NYSEARCA:<b><u>IXP</u></b>) has risen just 7% since 2005, underperforming every other sector of the Global Industry Classification Standard (GICS).</p><p><img src=\"https://static.tigerbbs.com/d89746888da2d9510b64a9f031eaecd5\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/683bb6c2aa728f75d0baebfe009399e0\" tg-width=\"580\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>There’s a good reason for the dismal performance. For years, America’s telecom firms have fought in a seven-way battle. The two top players <b>AT&amp;T</b> (NYSE:<b><u>T</u></b>) and <b>Verizon</b> (NYSE:<b><u>VZ</u></b>) competed against upstarts <b>Sprint</b> and <b>T-Mobile</b> (NASDAQ:<b><u>TMUS</u></b>), along with smaller players <b>Leap</b>, <b>MetroPCS</b> and <b>U.S. Cellular</b> (NYSE:<b><u>USM</u></b>).</p><p>It was a recipe for disaster. High capital expenditure, changing technologies and a massive country to cover meant that firms like Verizon could sink $20 billion per year since 2000 into capital investment and <i>still</i> see end-user prices stagnate.</p><p>Put another way, my $40-per-month cell phone bill had barely budged in the 20 years leading up to 2020</p><p><i><b>But that also gives telecom the perfect setup for 300% gains</b></i>.</p><p>Since 2011, the number of wireless providers has shrunk from seven to four. And with U.S. Cellular’s market share dropping to 1%, the wireless industry has become a three-way race.</p><p>Prices have already started creeping up. The cheapest plan from T-Mobile for a single line now costs $70 after taxes and fees, reversing years of price declines. According to the BLS, spending on cell phone services finally stopped falling in 2020.</p><p>“A stable competitive market never has more than three significant competitors,” BCG founder Bruce Henderson noted in 1976. The “rule of three” eventually makes it “neither practical nor advantageous for either competitor to increase or decrease share.”</p><p>In other words, telecom is no longer a race to the bottom.</p><h2>Which Telecom Stock Should You Buy?</h2><p>So, why do I say investors can make 300% with virtually no effort?</p><p>That’s because there’s no need for fancy 3-stage DCF models…</p><p>…Complicated intrinsic value calculations…</p><p>…Or reading the tea leaves of management guidance.</p><p>That’s because when industries consolidate, <b>all companies gain</b>.</p><p>For airlines in 2013, investors could have easily made the same high returns on <b>Southwest </b>(NYSE:<b><u>LUV</u></b>), <b>United</b> (NASDAQ:<b><u>UAL</u></b>) or <b>Hawaiian</b> (NASDAQ:<b><u>HA</u></b>).</p><p>Similarly, telecom’s three remaining players – AT&amp;T, Verizon and T-Mobile – all stand to profit. Even though Profit &amp; Protection has highlighted AT&amp;T for its cheapest starting price, the trio all provide the same essential wireless services, and all have begun flexing their oligopolistic pricing power.</p><p><i><b>Bottom line: buy AT&amp;T if you only pick one telecom, but all three should outperform over the next decade</b></i>.</p><h2>Some Patience Required… </h2><p>Consolidation plays are phenomenal for their high batting average and relative safety. AT&amp;T has a 6% dividend yield, one of the highest rates for a blue-chip stock.</p><p>The strategy, however, can take years to play out. Freight railroad <b>CSX</b> (NASDAQ:<b><u>CSX</u></b>) took over a decade to rise 10x.</p><p>That means high-frequency traders are better off buying high-beta momentum stocks listed in Tuesday’s newsletter. But if you are willing to wait for returns without really trying, then AT&amp;T and the telecom industry provides a stunningly attractive play.</p></body></html>","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to Make 300% in the Stock Market Without Really Trying</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to Make 300% in the Stock Market Without Really Trying\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-14 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And then again in 2021…My secret?I bought companies in consolidating industries.For 2012, it was the ...</p>\n\n<a href=\"https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4190":"消闲用品","BK4016":"铁路","BK4532":"文艺复兴科技持仓","BK4515":"5G概念","BK4520":"美国基建股","PSQ":"纳指反向ETF","BK4008":"航空公司","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","VSTO":"Vista Outdoor Inc","LUV":"西南航空","CP":"加拿大太平洋铁路","QID":"纳指两倍做空ETF","BK4533":"AQR资本管理(全球第二大对冲基金)","TQQQ":"纳指三倍做多ETF","BK4566":"资本集团","DAL":"达美航空","BK4559":"巴菲特持仓","BK4132":"无线电信业务","TMUS":"T-Mobile US Inc","BK4550":"红杉资本持仓","BK4500":"航空公司","VZ":"威瑞森","BK4115":"综合电信业务","USM":"美国无线电话","BK4156":"煤与消费用燃料","QLD":"纳指两倍做多ETF","BTU":"Peabody","BK4561":"索罗斯持仓",".IXIC":"NASDAQ Composite","BK4581":"高盛持仓","SQQQ":"纳指三倍做空ETF","CSX":"CSX运输","BK4549":"软银资本持仓","UAL":"联合大陆航空","QQQ":"纳指100ETF","T":"美国电话电报","HA":"夏威夷控股"},"source_url":"https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259268147","content_text":"In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And then again in 2021…My secret?I bought companies in consolidating industries.For 2012, it was the airline industry. Ammunition in 2020. And coal in 2021.In each of these cases, a “terrible” industry would see profits rise 5x… 10x… 20x… after bankruptcies, liquidations and mergers left the industry with few remaining players. It’s a wellspring of easy profits.The strategy only works every several years; industry consolidation doesn’t happen all the time.But when it does happen, investors can outperform the market. And today, one new industry is teasing 300% returns. Read on to find which one.And if you enjoy this article, click here to subscribe to Tom Yeung’s Profit & Protection to get the latest updates in your inbox.Exploiting Inefficient MarketsThe reason for airline outperformance was simple:Markets are efficient vehicles for gathering consensus market views……but consensus views are sometimes slow to change, especially with consolidating industries.In the case of airlines, investors “knew” it was a terrible industry.“For 100 years, airline transport has not been a good business,” Warren Buffett said in a 2013 interview on CNBC. “A seat on an airliner as a commodity to a great extent.”But managers with billion-dollar funds often can’t see the changes that you and I do. The tight-fisted Mr. Buffett flies around in a private jet he once named “The Indefensible.” And how would an analyst sitting in Wall Street’s glass buildings (as I once did) know the price of a gallon of milk? Even I almost missed the rise of airline fares.Yet, these Wall Street blind spots create enormous buying opportunities.Railways. Companies like Canadian Pacific Railway (NYSE:CP) rose +600% between 2009-2014.Ammunition. Bullet-maker Vista Outdoors (NYSE:VSTO) jumped +550% between 2020-2021.Coal. Near-bankrupt miner Peabody Energy (NYSE:BTU) skyrocketed +900% between 2021-2022In each of these instances, a “Main Street” industry would suddenly become a superstar winner because of one word:Consolidation.In the case of airlines, mega-mergers between top players meant that the top 4 carriers controlled two-thirds of the industry by 2013. Delta (NYSE:DAL) would make up 80% of all flights from Atlanta’s Hartsfield-Jackson airport that year.In rail, these same forces would turn a struggling industry into one of America’s most profitable sectors. Only seven Class I freight railroads exist today, down from 33 in 1980. And concentration in specific sectors is higher; two railroads now originate 65% of all U.S. grain.These changes are apparent to anyone who works in the business. Try to buy ammunition at your local gun store, and you’ll have a choice between two manufacturers. Shells now easily cost over a dollar per round. And at the grocery store, our choice of meat and prepackaged bread is an illusion. 2-3 companies now own dozens of brands on store shelves.Observant investors will notice these things in everyday life.Meanwhile, outsiders on Wall Street are often slow in responding to these tectonic shifts, especially when they’re happening far away from the glass high-rise offices of Manhattan or Omaha.Beating the Street at Its Own GameThere are three ingredients to these hidden gems:A “Hated” Industry. A history of low returns, poor growth and high capital requirements will set the stage for cheap stock prices.Consolidation. Mergers, acquisitions and bankruptcies that give the remaining players pricing power.Essential Goods. Sectors that produce goods that are difficult or impossible to substitute.And today, one sector stands out as the next big winner:Telecom.From Four to ThreeAsk any Wall Street investor about telecom, and watch them respond with a mix of apathy and disgust. The iShares Global Communication Services ETF (NYSEARCA:IXP) has risen just 7% since 2005, underperforming every other sector of the Global Industry Classification Standard (GICS).There’s a good reason for the dismal performance. For years, America’s telecom firms have fought in a seven-way battle. The two top players AT&T (NYSE:T) and Verizon (NYSE:VZ) competed against upstarts Sprint and T-Mobile (NASDAQ:TMUS), along with smaller players Leap, MetroPCS and U.S. Cellular (NYSE:USM).It was a recipe for disaster. High capital expenditure, changing technologies and a massive country to cover meant that firms like Verizon could sink $20 billion per year since 2000 into capital investment and still see end-user prices stagnate.Put another way, my $40-per-month cell phone bill had barely budged in the 20 years leading up to 2020But that also gives telecom the perfect setup for 300% gains.Since 2011, the number of wireless providers has shrunk from seven to four. And with U.S. Cellular’s market share dropping to 1%, the wireless industry has become a three-way race.Prices have already started creeping up. The cheapest plan from T-Mobile for a single line now costs $70 after taxes and fees, reversing years of price declines. According to the BLS, spending on cell phone services finally stopped falling in 2020.“A stable competitive market never has more than three significant competitors,” BCG founder Bruce Henderson noted in 1976. The “rule of three” eventually makes it “neither practical nor advantageous for either competitor to increase or decrease share.”In other words, telecom is no longer a race to the bottom.Which Telecom Stock Should You Buy?So, why do I say investors can make 300% with virtually no effort?That’s because there’s no need for fancy 3-stage DCF models……Complicated intrinsic value calculations……Or reading the tea leaves of management guidance.That’s because when industries consolidate, all companies gain.For airlines in 2013, investors could have easily made the same high returns on Southwest (NYSE:LUV), United (NASDAQ:UAL) or Hawaiian (NASDAQ:HA).Similarly, telecom’s three remaining players – AT&T, Verizon and T-Mobile – all stand to profit. Even though Profit & Protection has highlighted AT&T for its cheapest starting price, the trio all provide the same essential wireless services, and all have begun flexing their oligopolistic pricing power.Bottom line: buy AT&T if you only pick one telecom, but all three should outperform over the next decade.Some Patience Required… Consolidation plays are phenomenal for their high batting average and relative safety. AT&T has a 6% dividend yield, one of the highest rates for a blue-chip stock.The strategy, however, can take years to play out. Freight railroad CSX (NASDAQ:CSX) took over a decade to rise 10x.That means high-frequency traders are better off buying high-beta momentum stocks listed in Tuesday’s newsletter. But if you are willing to wait for returns without really trying, then AT&T and the telecom industry provides a stunningly attractive play.","news_type":1},"isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032130097,"gmtCreate":1647303260386,"gmtModify":1676534213794,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"litt","listText":"litt","text":"litt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032130097","repostId":"2219067542","repostType":4,"repost":{"id":"2219067542","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1647301883,"share":"https://ttm.financial/m/news/2219067542?lang=&edition=fundamental","pubTime":"2022-03-15 07:51","market":"us","language":"en","title":"Berkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=2219067542","media":"Reuters","summary":"March 14 (Reuters) - The share price of Warren Buffett's Berkshire Hathaway Inc reached $500,000 for","content":"<html><head></head><body><p>March 14 (Reuters) - The share price of Warren Buffett&#39;s Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company&#39;s status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.</p><p>Berkshire&#39;s Class A shares have risen 10% in 2022, outpacing the Standard &amp; Poor&#39;s 500 index, which has fallen 12%.</p><p>The Omaha, Nebraska-based company&#39;s market value is approximately $731 billion, ranking sixth in the United States, and Buffett&#39;s 16.2% stake makes him the world&#39;s fifth-richest person at $119.2 billion, according to Forbes magazine.</p><p>Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.</p><p>It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.</p><p>Berkshire specializes in &#34;on the ground, Main Street-esque business activity,&#34; said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.</p><p>&#34;They&#39;re big and they&#39;re not a tech stock, and investors get comfort from that.&#34;</p><p>Berkshire shares also slightly outperformed the S&amp;P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.</p><p>Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.</p><p>Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.</p><p>Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.</p><p>U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire&#39;s largest common stock holding.</p><p>Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-03-15 07:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>March 14 (Reuters) - The share price of Warren Buffett&#39;s Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company&#39;s status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.</p><p>Berkshire&#39;s Class A shares have risen 10% in 2022, outpacing the Standard &amp; Poor&#39;s 500 index, which has fallen 12%.</p><p>The Omaha, Nebraska-based company&#39;s market value is approximately $731 billion, ranking sixth in the United States, and Buffett&#39;s 16.2% stake makes him the world&#39;s fifth-richest person at $119.2 billion, according to Forbes magazine.</p><p>Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.</p><p>It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.</p><p>Berkshire specializes in &#34;on the ground, Main Street-esque business activity,&#34; said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.</p><p>&#34;They&#39;re big and they&#39;re not a tech stock, and investors get comfort from that.&#34;</p><p>Berkshire shares also slightly outperformed the S&amp;P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.</p><p>Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.</p><p>Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.</p><p>Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.</p><p>U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire&#39;s largest common stock holding.</p><p>Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4023":"应用软件","BK4554":"元宇宙及AR概念","BK4553":"喜马拉雅资本持仓","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4139":"生物科技","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4007":"制药","ONTF":"ON24, Inc.","BK4196":"保健护理服务","BK4525":"远程办公概念","BRK.A":"伯克希尔","BK4082":"医疗保健设备","BRK.B":"伯克希尔B","LABP":"Landos Biopharma, Inc.","BK4527":"明星科技股","BK4077":"互动媒体与服务","BK4579":"人工智能","SANA":"Sana Biotechnology, Inc.","BK4550":"红杉资本持仓","LHDX":"Lucira Health, Inc.","BK4581":"高盛持仓","BK4548":"巴美列捷福持仓","CGEM":"Cullinan Therapeutics","BK4514":"搜索引擎","BK4176":"多领域控股"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2219067542","content_text":"March 14 (Reuters) - The share price of Warren Buffett's Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company's status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.Berkshire's Class A shares have risen 10% in 2022, outpacing the Standard & Poor's 500 index, which has fallen 12%.The Omaha, Nebraska-based company's market value is approximately $731 billion, ranking sixth in the United States, and Buffett's 16.2% stake makes him the world's fifth-richest person at $119.2 billion, according to Forbes magazine.Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.Berkshire specializes in \"on the ground, Main Street-esque business activity,\" said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.\"They're big and they're not a tech stock, and investors get comfort from that.\"Berkshire shares also slightly outperformed the S&P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire's largest common stock holding.Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.","news_type":1},"isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947438788,"gmtCreate":1683435708245,"gmtModify":1683435712938,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Blessed to have withnessed the Duo 🥰 #Buffetology #Mungerism","listText":"Blessed to have withnessed the Duo 🥰 #Buffetology #Mungerism","text":"Blessed to have withnessed the Duo 🥰 #Buffetology #Mungerism","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947438788","repostId":"1128633960","repostType":2,"isVote":1,"tweetType":1,"viewCount":92,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931123839,"gmtCreate":1662424185921,"gmtModify":1676537055814,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Short everything&nbsp;[Miser]&nbsp;","listText":"Short everything&nbsp;[Miser]&nbsp;","text":"Short everything [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931123839","repostId":"1140356635","repostType":2,"repost":{"id":"1140356635","pubTimestamp":1662364813,"share":"https://ttm.financial/m/news/1140356635?lang=&edition=fundamental","pubTime":"2022-09-05 16:00","market":"other","language":"en","title":"SPY: Making Money In A Bear Market (Technical Analysis)","url":"https://stock-news.laohu8.com/highlight/detail?id=1140356635","media":"Seeking Alpha","summary":"SummaryThis is a technical analysis article on the SPY ETF. Professional traders hate risk and love ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>This is a technical analysis article on the SPY ETF. Professional traders hate risk and love &#34;sure things.&#34; Why? Because trading is risky enough. They prefer to make money the easy way.</li><li>They are always on the search for contrarian trades that are a &#34;slam dunk.&#34; Why? Because they don&#39;t want to be fired for being wrong.</li><li>They love being right all the time and getting big, fat bonuses at year end.</li><li>So what is a slam dunk in this bear market? Knowing that the Fed is in a bind and has to take the economy down which creates the bear market we trade.</li><li>What is the slam dunk rule? Buy puts or some other short strategy after every bounce, until the bottom bounce, which is still a very long way off.</li></ul><p>The easiest way to make money in a bear market (NYSEARCA:SPY) is to short every bounce as long as there is no bottom in place. There is no bottom in place yet for this market. TheSPY is targeting a retest of $364 and there is no indication that $364 is the bottom. The SPY could still go lower, based on the bind the Fed is in, because the Fed is targeting a 2.2% inflation rate. That is a long way off, and so is the bottoming process in the SPY determined by that Fed target.</p><p><b>Isn&#39;t Trading Very Risky?</b></p><p>Trading is risky enough, so the only way to reduce risk is to find slam dunk trades. To do that with any stock or the market, traders look for &#34;research&#34; that gives them the lowest risk, successful trade. That &#34;insightful information&#34; is hard to come by usually. However, in the case of this bear market, everyone has that insight, because the Fed is giving it free to everyone. Fed Chairman Powell just warned of the &#34;pain&#34; that is coming to bring inflation down.</p><p>Because the economy was running hot, with very high employment and very high inflation, the Fed has told us what they are going to do. Even if the Fed did not tell us, it was easy to see what they would have to do. With that knowledge we know this bear market will continue until it bottoms. With that obvious conclusion, we can find a way to make money in this bear market.</p><p>What&#39;s An Example Of A Successful Trade?</p><p>Friday was a good example of a bear market bounce where you could make money shorting. We actually provided a minute by minute description of the bounce on Friday morning, using our live charting system with comments. We watched the day traders short it on the opening gap. Then we watched it going up to be stopped by resistance.</p><p>For those subscribers that missed the live comments, we published an article as the bounce reached its top. We bought puts and we are still holding them. We are sitting on a nice profit because the bounce failed and then dropped back to the $392 support level. We have discussed this level frequently.</p><p><b>Where Is The Bottom Of This Bear Market?</b></p><p>We don&#39;t expect the support at $392 to hold and we don&#39;t expect another bounce from this level. Our short term target for the SPY is $388. As discussed here in previous articles, our longer term target is a retest of $364 and it could go lower to find a new bottom. Thus you can see why we are buying November, out of the money, puts to make easy money, as this bear market continues for the foreseeable future. The end of the recent big bounce up failed at $428 resistance, and we don&#39;t expect another big bounce until we retest $364 or from a lower bottom.</p><p><b>How Do The Pros Make Money In A Bear Market?</b></p><p>The professionals know all of this and are coining money on these slam dunk bounces. They are buying the S&amp;P VIX Index (VIX) or the ProShares UltraShort S&amp;P 500 (SDS) which go up when the market goes down. They are selling calls on their stock portfolios or buying puts like us. (Our Model Portfolio is in cash so we cannot sell calls) The professionals know how to make money in a bear market and so do we.</p><p>Everyone knows the rule: buy the dips and sell the tops. It works both in a bull market and in a bear market, as happened on Friday. Only the day-traders caught a little bit of the bounce, because they don&#39;t last long in a bear market. However, the dives, from the top of the bounce last much longer in a bear market and this is where the easy money is made by shorting or buying puts or buying the SDS.</p><p><b>When Was The Sell Signal On Friday&#39;s Bounce?</b></p><p>Here is the 5-minute chart showing the rise and fall of this bounce on Friday and how we called it minute by minute on our live charts for our subscribers.</p><p><img src=\"https://static.tigerbbs.com/15c79d5b3e782f9684a0f803719b0f4b\" tg-width=\"640\" tg-height=\"784\" referrerpolicy=\"no-referrer\"/></p><p>Buying Puts At The Top Of The Bounce (StockCharts.com)</p><p>Here are the minute by minute comments we gave our subscribers as we commented on the live charts. We signed off to publish the sell signal in an article to our subscribers and then to buy our puts.</p><p><i>9:55 am the day traders shorted the top but failed to fill the gap by covering early. I am still looking before the gap to be filled</i></p><p><i>10:27 surprising retest of 400 and I think another chance to short at 400 -401 price resistance especially on Friday in a bear market and holiday weekend when everyone goes home early especially daytraders</i></p><p><i>10:34 at 400.72 looking for sell signal, overbought, At price resistance, daytraders usually short</i></p><p><i>10:41 at 401.12 RSI overbought waiting for the breakdown sell signal by day traders.</i></p><p><i>10:46 at 401 toppy candlesticks inviting daytraders to short but they are waiting for RSI to turn down.</i></p><p><i>10:50 red candlestick, waiting for RSI breakdown for red vertical line</i></p><p><i>10:53 here come the sellers at 400, red vertical line now.</i></p><p><i>11:08 signing off, bye bye with this red vertical sell signal in place</i></p><p>As you can see on the above chart, the first RSI sell signal, at the top of the chart where we put the vertical red line, was a head fake. After filling the gap by taking price down, the day-traders then took it back up to the final wall of resistance at $401. The second vertical, red line, sell signal proved to be correct. That is where we ended our comments and wrote an article to our subscribers. Then we bought our puts as the RSI continued down, unlike the head fake, first red, vertical line. Our put position has a nice gain and is still open.</p><p><b>What&#39;s Ahead In The Coming Weeks?</b></p><p>So much for day-trading. Most of us are interested in what the weekly chart is telling us longer term about this market. It is not a pretty picture. As you can see, all the signals have turned down on the chart. This indicates to us, weeks of selling ahead that will take the SPY down to retest $364.</p><p>September is usually a terrible month according to the<i>Stock Traders Almanac</i>, which provides all the historical data on the market. To help things along, we have the Fed &#34;pain&#34; announcement coming on September 18th. We think the market bottoms in October and then we start the best six months for the stock market. In May we may finally see the bottom of this bear market.</p><p>Here is the weekly chart:</p><p><img src=\"https://static.tigerbbs.com/4b8c6b84f3e7b149c95d54de0b1f6f8d\" tg-width=\"640\" tg-height=\"784\" referrerpolicy=\"no-referrer\"/></p><p>SPY Targeting $364 (StockCharts.com)</p><p><b>Conclusion</b></p><p>The weekly chart has lagging, but more reliable signals than the daily chart. In other words, these signals do not reverse as quickly as the daily chart. We expect the negative trend of all these sell signals to continue for the coming weeks, still targeting $364. We will be shorting any bounce such as happened on Friday and you can tune in with our free trial.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SPY: Making Money In A Bear Market (Technical Analysis)</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSPY: Making Money In A Bear Market (Technical Analysis)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-05 16:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4538914-spy-making-money-bear-market-technical-analysis><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThis is a technical analysis article on the SPY ETF. Professional traders hate risk and love \"sure things.\" Why? Because trading is risky enough. They prefer to make money the easy way.They are...</p>\n\n<a href=\"https://seekingalpha.com/article/4538914-spy-making-money-bear-market-technical-analysis\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4538914-spy-making-money-bear-market-technical-analysis","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140356635","content_text":"SummaryThis is a technical analysis article on the SPY ETF. Professional traders hate risk and love \"sure things.\" Why? Because trading is risky enough. They prefer to make money the easy way.They are always on the search for contrarian trades that are a \"slam dunk.\" Why? Because they don't want to be fired for being wrong.They love being right all the time and getting big, fat bonuses at year end.So what is a slam dunk in this bear market? Knowing that the Fed is in a bind and has to take the economy down which creates the bear market we trade.What is the slam dunk rule? Buy puts or some other short strategy after every bounce, until the bottom bounce, which is still a very long way off.The easiest way to make money in a bear market (NYSEARCA:SPY) is to short every bounce as long as there is no bottom in place. There is no bottom in place yet for this market. TheSPY is targeting a retest of $364 and there is no indication that $364 is the bottom. The SPY could still go lower, based on the bind the Fed is in, because the Fed is targeting a 2.2% inflation rate. That is a long way off, and so is the bottoming process in the SPY determined by that Fed target.Isn't Trading Very Risky?Trading is risky enough, so the only way to reduce risk is to find slam dunk trades. To do that with any stock or the market, traders look for \"research\" that gives them the lowest risk, successful trade. That \"insightful information\" is hard to come by usually. However, in the case of this bear market, everyone has that insight, because the Fed is giving it free to everyone. Fed Chairman Powell just warned of the \"pain\" that is coming to bring inflation down.Because the economy was running hot, with very high employment and very high inflation, the Fed has told us what they are going to do. Even if the Fed did not tell us, it was easy to see what they would have to do. With that knowledge we know this bear market will continue until it bottoms. With that obvious conclusion, we can find a way to make money in this bear market.What's An Example Of A Successful Trade?Friday was a good example of a bear market bounce where you could make money shorting. We actually provided a minute by minute description of the bounce on Friday morning, using our live charting system with comments. We watched the day traders short it on the opening gap. Then we watched it going up to be stopped by resistance.For those subscribers that missed the live comments, we published an article as the bounce reached its top. We bought puts and we are still holding them. We are sitting on a nice profit because the bounce failed and then dropped back to the $392 support level. We have discussed this level frequently.Where Is The Bottom Of This Bear Market?We don't expect the support at $392 to hold and we don't expect another bounce from this level. Our short term target for the SPY is $388. As discussed here in previous articles, our longer term target is a retest of $364 and it could go lower to find a new bottom. Thus you can see why we are buying November, out of the money, puts to make easy money, as this bear market continues for the foreseeable future. The end of the recent big bounce up failed at $428 resistance, and we don't expect another big bounce until we retest $364 or from a lower bottom.How Do The Pros Make Money In A Bear Market?The professionals know all of this and are coining money on these slam dunk bounces. They are buying the S&P VIX Index (VIX) or the ProShares UltraShort S&P 500 (SDS) which go up when the market goes down. They are selling calls on their stock portfolios or buying puts like us. (Our Model Portfolio is in cash so we cannot sell calls) The professionals know how to make money in a bear market and so do we.Everyone knows the rule: buy the dips and sell the tops. It works both in a bull market and in a bear market, as happened on Friday. Only the day-traders caught a little bit of the bounce, because they don't last long in a bear market. However, the dives, from the top of the bounce last much longer in a bear market and this is where the easy money is made by shorting or buying puts or buying the SDS.When Was The Sell Signal On Friday's Bounce?Here is the 5-minute chart showing the rise and fall of this bounce on Friday and how we called it minute by minute on our live charts for our subscribers.Buying Puts At The Top Of The Bounce (StockCharts.com)Here are the minute by minute comments we gave our subscribers as we commented on the live charts. We signed off to publish the sell signal in an article to our subscribers and then to buy our puts.9:55 am the day traders shorted the top but failed to fill the gap by covering early. I am still looking before the gap to be filled10:27 surprising retest of 400 and I think another chance to short at 400 -401 price resistance especially on Friday in a bear market and holiday weekend when everyone goes home early especially daytraders10:34 at 400.72 looking for sell signal, overbought, At price resistance, daytraders usually short10:41 at 401.12 RSI overbought waiting for the breakdown sell signal by day traders.10:46 at 401 toppy candlesticks inviting daytraders to short but they are waiting for RSI to turn down.10:50 red candlestick, waiting for RSI breakdown for red vertical line10:53 here come the sellers at 400, red vertical line now.11:08 signing off, bye bye with this red vertical sell signal in placeAs you can see on the above chart, the first RSI sell signal, at the top of the chart where we put the vertical red line, was a head fake. After filling the gap by taking price down, the day-traders then took it back up to the final wall of resistance at $401. The second vertical, red line, sell signal proved to be correct. That is where we ended our comments and wrote an article to our subscribers. Then we bought our puts as the RSI continued down, unlike the head fake, first red, vertical line. Our put position has a nice gain and is still open.What's Ahead In The Coming Weeks?So much for day-trading. Most of us are interested in what the weekly chart is telling us longer term about this market. It is not a pretty picture. As you can see, all the signals have turned down on the chart. This indicates to us, weeks of selling ahead that will take the SPY down to retest $364.September is usually a terrible month according to theStock Traders Almanac, which provides all the historical data on the market. To help things along, we have the Fed \"pain\" announcement coming on September 18th. We think the market bottoms in October and then we start the best six months for the stock market. In May we may finally see the bottom of this bear market.Here is the weekly chart:SPY Targeting $364 (StockCharts.com)ConclusionThe weekly chart has lagging, but more reliable signals than the daily chart. In other words, these signals do not reverse as quickly as the daily chart. We expect the negative trend of all these sell signals to continue for the coming weeks, still targeting $364. We will be shorting any bounce such as happened on Friday and you can tune in with our free trial.","news_type":1},"isVote":1,"tweetType":1,"viewCount":144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998613362,"gmtCreate":1660977647058,"gmtModify":1676536434650,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"The Apes will&nbsp;Hodl with diamond hands&nbsp;no matter what despite having down 50%!","listText":"The Apes will&nbsp;Hodl with diamond hands&nbsp;no matter what despite having down 50%!","text":"The Apes will Hodl with diamond hands no matter what despite having down 50%!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998613362","repostId":"1179796338","repostType":2,"repost":{"id":"1179796338","pubTimestamp":1660955396,"share":"https://ttm.financial/m/news/1179796338?lang=&edition=fundamental","pubTime":"2022-08-20 08:29","market":"us","language":"en","title":"Ryan Cohen Just Dumped Bed Bath & Beyond. Could GameStop Be Next?","url":"https://stock-news.laohu8.com/highlight/detail?id=1179796338","media":"Barrons","summary":"So much for diamond hands.Ryan Cohen, meme stock cheerleader extraordinaire, just did something that","content":"<html><head></head><body><p>So much for diamond hands.</p><p>Ryan Cohen, meme stock cheerleader extraordinaire, just did something that no self-respecting Reddit trader would do: He sold his entire stake in Bed Bath &amp; Beyond.</p><p>The decision to sell may have been a smart one. Cohen first bought Bed Bath &amp; Beyond’s stock at $15.34 a share, only to watch the stock tumble below $5. Losing about two-thirds of your money on a trade is never great, even when you are a billionaire.</p><p>Then Bed Bath &amp; Beyond went parabolic. The stock surged more than 400% from June 26 through Aug. 17, and Cohen did what any smart investor would do—he sold everything. That turned what could have been a sizable loss into a sizable gain of about $60 million.</p><p>The decision makes all kinds of sense, particularly with the stock down more than 40% on Friday. Wells Fargo analyst Zachary Fadem noted Thursday that Bed Bath shares had spiked even as the company likely was seeing more weakness during its second quarter as foot traffic in its stores dropped. Bed Bath &amp; Beyond even had to release a statement saying that it was taking steps to strengthen its balance sheet as the amount of cash it has on hand became alarmingly low.</p><p>“[We] believe the writing is on the wall that BBBY shares have again decoupled from economic reality,” Fadem wrote.</p><p>Turning the company around has likely proven tougher than Cohen thought when he first bought his stake. UBS analyst Michael Lasser, who has a Sell rating on the stock, noted that the current retail environment isn’t going to help Bed Bath &amp; Beyond as it tries to turn its business around.</p><p>“The reads from the retailers who reported this week is that the consumer spending environment has become more volatile in recent weeks,” he wrote. “Plus, the categories that experienced sharp spikes in demand in the last couple of years like grills, small appliances, and others have sharply receded. These conditions won’t make it easier for Bed Bath to effectuate a turnaround.“</p><p>All this is perfectly rational, but by selling Cohen broke the cardinal rule of meme trading—you never sell. These so-called diamond hands are supposed to be able to handle all the pressure, no matter the amount of volatility. Cohen didn’t, though, and that has to raise the prospects that he might at some point decide that it’s prudent to take profits in his much more successful trade—GameStop (GME). GameStop stock, down 3.8% to $36.49 in trading Friday, but remains in the range between $25 and $50 it has settled into this year. The remaining diamond hands, though, will surely be tested if it breaks below $25.</p><p>In a market this volatile, however, does it even make sense to buy and hold forever, especially in companies that hardly meet the definition of high quality? If Cohen is anything to go by, diamond hands may soon be a thing of the past.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ryan Cohen Just Dumped Bed Bath & Beyond. Could GameStop Be Next?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRyan Cohen Just Dumped Bed Bath & Beyond. Could GameStop Be Next?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-20 08:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/ryan-cohen-bed-bath-beyond-gamestop-stock-price-51660915976?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>So much for diamond hands.Ryan Cohen, meme stock cheerleader extraordinaire, just did something that no self-respecting Reddit trader would do: He sold his entire stake in Bed Bath & Beyond.The ...</p>\n\n<a href=\"https://www.barrons.com/articles/ryan-cohen-bed-bath-beyond-gamestop-stock-price-51660915976?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居","GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/ryan-cohen-bed-bath-beyond-gamestop-stock-price-51660915976?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179796338","content_text":"So much for diamond hands.Ryan Cohen, meme stock cheerleader extraordinaire, just did something that no self-respecting Reddit trader would do: He sold his entire stake in Bed Bath & Beyond.The decision to sell may have been a smart one. Cohen first bought Bed Bath & Beyond’s stock at $15.34 a share, only to watch the stock tumble below $5. Losing about two-thirds of your money on a trade is never great, even when you are a billionaire.Then Bed Bath & Beyond went parabolic. The stock surged more than 400% from June 26 through Aug. 17, and Cohen did what any smart investor would do—he sold everything. That turned what could have been a sizable loss into a sizable gain of about $60 million.The decision makes all kinds of sense, particularly with the stock down more than 40% on Friday. Wells Fargo analyst Zachary Fadem noted Thursday that Bed Bath shares had spiked even as the company likely was seeing more weakness during its second quarter as foot traffic in its stores dropped. Bed Bath & Beyond even had to release a statement saying that it was taking steps to strengthen its balance sheet as the amount of cash it has on hand became alarmingly low.“[We] believe the writing is on the wall that BBBY shares have again decoupled from economic reality,” Fadem wrote.Turning the company around has likely proven tougher than Cohen thought when he first bought his stake. UBS analyst Michael Lasser, who has a Sell rating on the stock, noted that the current retail environment isn’t going to help Bed Bath & Beyond as it tries to turn its business around.“The reads from the retailers who reported this week is that the consumer spending environment has become more volatile in recent weeks,” he wrote. “Plus, the categories that experienced sharp spikes in demand in the last couple of years like grills, small appliances, and others have sharply receded. These conditions won’t make it easier for Bed Bath to effectuate a turnaround.“All this is perfectly rational, but by selling Cohen broke the cardinal rule of meme trading—you never sell. These so-called diamond hands are supposed to be able to handle all the pressure, no matter the amount of volatility. Cohen didn’t, though, and that has to raise the prospects that he might at some point decide that it’s prudent to take profits in his much more successful trade—GameStop (GME). GameStop stock, down 3.8% to $36.49 in trading Friday, but remains in the range between $25 and $50 it has settled into this year. The remaining diamond hands, though, will surely be tested if it breaks below $25.In a market this volatile, however, does it even make sense to buy and hold forever, especially in companies that hardly meet the definition of high quality? If Cohen is anything to go by, diamond hands may soon be a thing of the past.","news_type":1},"isVote":1,"tweetType":1,"viewCount":116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993256100,"gmtCreate":1660696482202,"gmtModify":1676536380874,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Great article! I would like to share it.","listText":"Great article! I would like to share it.","text":"Great article! I would like to share it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993256100","repostId":"1190837880","repostType":2,"repost":{"id":"1190837880","pubTimestamp":1660694245,"share":"https://ttm.financial/m/news/1190837880?lang=&edition=fundamental","pubTime":"2022-08-17 07:57","market":"us","language":"en","title":"Why Is Bed Bath & Beyond Stock Up 29% Tuesday?","url":"https://stock-news.laohu8.com/highlight/detail?id=1190837880","media":"InvestorPlace","summary":"Bed Bath & Beyond stock is soaring 29% today amid surging retail investor interest.A large call opti","content":"<html><head></head><body><ul><li><a href=\"https://laohu8.com/S/BBBY\">Bed Bath &amp; Beyond</a> stock is soaring 29% today amid surging retail investor interest.</li><li>A large call options bet placed by GameStop(GME) chairman Ryan Cohen has sparked additional interest.</li><li>If held to expiry, Cohen&#39;s bets only pay off if BBBY stock hits the $60 to $80 range by January.</li></ul><p>This meme stock rally may have more room to run, considering today’s price action across a range of high-profile meme stocks. At the time of this writing, <a href=\"https://laohu8.com/S/BBBY\">Bed Bath &amp; Beyond </a> stock in particular is appreciating 29%. In fact, at today’s highs, BBBY stock actually soared more than 75%. This incredible move comes as retail investors digest an intriguing move from GameStop (NYSE:GME) chairman Ryan Cohen.</p><p>Cohen just loaded up on Bed Bath &amp; Beyond call options. Via a regulatory filing yesterday, Ryan Cohen’s RC Ventures made a big bet on BBBY stock hitting very high price targets. These targets range from the $60 to $80 level, meaning Cohen could lose the entirety of his bet if shares fail to trade at these levels by the January 2023 expiry.</p><p>Cohen’s bet isn’t insignificant, with the call options placed at very out-of-the-money levels. Today’s surge has certainly propelled the value of Cohen’s bet higher, too, although it’s unclear whether he intends to hold the options to expiry or not.</p><p>Let’s dive into what investors should make of this intriguing BBBY stock bet.</p><p>BBBY Stock Soars on Retail Investor Interest</p><p>The interesting thing about the recent surge in BBBY stock is that most of the gains have occurred in August. The 13-F filing that was released was for positions entered into before July 31. Accordingly, Ryan Cohen appears to have made this bet before it was popular to do so.</p><p>This fact appears to have encouraged retail investors to continue to double down, with call options flying for Bed Bath &amp; Beyond. Still a troubled retailer, investors looking for outsized short-term gains appear to be far outnumbering fundamentals-oriented investors. As such, it will be interesting to see how long this move can last.</p><p>Short interest remains high in BBBY stock — and it will likely remain high if the stock stays detached from fundamentals. That said, near-term short covering can potentially lead to a short squeeze, which is what investors are after.</p><p>It’s unclear how long Ryan Cohen will hold onto this speculative bet. However, he has been right on other short squeezes in the past. Accordingly, retail investors seem to be taking the bet as a sign more upside is on the horizon. If anything, Bed Bath &amp; Beyond will be a fun stock to watch from here.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Is Bed Bath & Beyond Stock Up 29% Tuesday?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Is Bed Bath & Beyond Stock Up 29% Tuesday?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-17 07:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/08/why-is-bed-bath-beyond-bbby-stock-up-60-today/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bed Bath & Beyond stock is soaring 29% today amid surging retail investor interest.A large call options bet placed by GameStop(GME) chairman Ryan Cohen has sparked additional interest.If held to ...</p>\n\n<a href=\"https://investorplace.com/2022/08/why-is-bed-bath-beyond-bbby-stock-up-60-today/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居"},"source_url":"https://investorplace.com/2022/08/why-is-bed-bath-beyond-bbby-stock-up-60-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190837880","content_text":"Bed Bath & Beyond stock is soaring 29% today amid surging retail investor interest.A large call options bet placed by GameStop(GME) chairman Ryan Cohen has sparked additional interest.If held to expiry, Cohen's bets only pay off if BBBY stock hits the $60 to $80 range by January.This meme stock rally may have more room to run, considering today’s price action across a range of high-profile meme stocks. At the time of this writing, Bed Bath & Beyond  stock in particular is appreciating 29%. In fact, at today’s highs, BBBY stock actually soared more than 75%. This incredible move comes as retail investors digest an intriguing move from GameStop (NYSE:GME) chairman Ryan Cohen.Cohen just loaded up on Bed Bath & Beyond call options. Via a regulatory filing yesterday, Ryan Cohen’s RC Ventures made a big bet on BBBY stock hitting very high price targets. These targets range from the $60 to $80 level, meaning Cohen could lose the entirety of his bet if shares fail to trade at these levels by the January 2023 expiry.Cohen’s bet isn’t insignificant, with the call options placed at very out-of-the-money levels. Today’s surge has certainly propelled the value of Cohen’s bet higher, too, although it’s unclear whether he intends to hold the options to expiry or not.Let’s dive into what investors should make of this intriguing BBBY stock bet.BBBY Stock Soars on Retail Investor InterestThe interesting thing about the recent surge in BBBY stock is that most of the gains have occurred in August. The 13-F filing that was released was for positions entered into before July 31. Accordingly, Ryan Cohen appears to have made this bet before it was popular to do so.This fact appears to have encouraged retail investors to continue to double down, with call options flying for Bed Bath & Beyond. Still a troubled retailer, investors looking for outsized short-term gains appear to be far outnumbering fundamentals-oriented investors. As such, it will be interesting to see how long this move can last.Short interest remains high in BBBY stock — and it will likely remain high if the stock stays detached from fundamentals. That said, near-term short covering can potentially lead to a short squeeze, which is what investors are after.It’s unclear how long Ryan Cohen will hold onto this speculative bet. However, he has been right on other short squeezes in the past. Accordingly, retail investors seem to be taking the bet as a sign more upside is on the horizon. If anything, Bed Bath & Beyond will be a fun stock to watch from here.","news_type":1},"isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999399967,"gmtCreate":1660459143062,"gmtModify":1676533475317,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Great article! I would like to share it.","listText":"Great article! I would like to share it.","text":"Great article! I would like to share it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9999399967","repostId":"2259268147","repostType":2,"repost":{"id":"2259268147","pubTimestamp":1660443357,"share":"https://ttm.financial/m/news/2259268147?lang=&edition=fundamental","pubTime":"2022-08-14 10:15","market":"us","language":"en","title":"How to Make 300% in the Stock Market Without Really Trying","url":"https://stock-news.laohu8.com/highlight/detail?id=2259268147","media":"InvestorPlace","summary":"In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/7cec91627f47c890c9b15078a688d4f9\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>In 2012, I made 300% returns in the stock market without really trying.</p><p>It happened again in 2020…</p><p>And then again in 2021…</p><p>My secret?</p><p><i><b>I bought companies in consolidating industries</b></i>.</p><p>For 2012, it was the airline industry. Ammunition in 2020. And coal in 2021.</p><p>In each of these cases, a “terrible” industry would see profits rise 5x… 10x… 20x… after bankruptcies, liquidations and mergers left the industry with few remaining players. It’s a wellspring of easy profits.</p><p>The strategy only works every several years; industry consolidation doesn’t happen all the time.</p><p>But when it does happen, investors can outperform the market. And today, one new industry is teasing 300% returns. Read on to find which one.</p><p>And if you enjoy this article, <b>click here to subscribe to Tom Yeung’s </b><b><i>Profit &amp; Protection</i></b><b> to get the latest updates in your inbox</b>.</p><h2>Exploiting Inefficient Markets</h2><p>The reason for airline outperformance was simple:</p><p>Markets are efficient vehicles for gathering consensus market views…</p><p><i><b>…but consensus views are sometimes slow to change, especially with consolidating industries</b></i>.</p><p>In the case of airlines, investors “knew” it was a terrible industry.</p><p>“For 100 years, airline transport has not been a good business,” Warren Buffett said in a 2013 interview on <i>CNBC</i>. “A seat on an airliner as a commodity to a great extent.”</p><p>But managers with billion-dollar funds often can’t see the changes that you and I do. The tight-fisted Mr. Buffett flies around in a private jet he once named “The Indefensible.” And how would an analyst sitting in Wall Street’s glass buildings (as I once did) know the price of a gallon of milk? Even I almost missed the rise of airline fares.</p><p>Yet, these Wall Street blind spots create enormous buying opportunities.</p><ul><li><b>Railways.</b> Companies like <b>Canadian Pacific Railway</b> (NYSE:<b><u>CP</u></b>) rose +600% between 2009-2014.</li><li><b>Ammunition.</b> Bullet-maker <b><a href=\"https://laohu8.com/S/VGL.AU\">Vista</a> Outdoors</b> (NYSE:<b><u>VSTO</u></b>) jumped +550% between 2020-2021.</li><li><b>Coal.</b> Near-bankrupt miner <b><a href=\"https://laohu8.com/S/BTU\">Peabody</a> Energy</b> (NYSE:<b><u>BTU</u></b>) skyrocketed +900% between 2021-2022</li></ul><p>In each of these instances, a “Main Street” industry would suddenly become a superstar winner because of one word:</p><p><i><b>Consolidation</b></i>.</p><p>In the case of airlines, mega-mergers between top players meant that the top 4 carriers controlled two-thirds of the industry by 2013. <b>Delta</b> (NYSE:<b><u>DAL</u></b>) would make up 80% of all flights from Atlanta’s Hartsfield-Jackson airport that year.</p><p>In rail, these same forces would turn a struggling industry into one of America’s most profitable sectors. Only seven Class I freight railroads exist today, down from 33 in 1980. And concentration in specific sectors is higher; two railroads now originate 65% of all U.S. grain.</p><p>These changes are apparent to anyone who works in the business. Try to buy ammunition at your local gun store, and you’ll have a choice between two manufacturers. Shells now easily cost over a dollar per round. And at the grocery store, our choice of meat and prepackaged bread is an illusion. 2-3 companies now own dozens of brands on store shelves.</p><p>Observant investors will notice these things in everyday life.</p><p>Meanwhile, outsiders on Wall Street are often slow in responding to these tectonic shifts, especially when they’re happening far away from the glass high-rise offices of <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a> or Omaha.</p><h2>Beating the Street at Its Own Game</h2><p>There are three ingredients to these hidden gems:</p><ul><li><b>A “Hated” Industry.</b> A history of low returns, poor growth and high capital requirements will set the stage for cheap stock prices.</li><li><b>Consolidation.</b> Mergers, acquisitions and bankruptcies that give the remaining players pricing power.</li><li><b>Essential Goods.</b> Sectors that produce goods that are difficult or impossible to substitute.</li></ul><p>And today, one sector stands out as the next big winner:</p><p><i><b>Telecom</b></i>.</p><h2>From Four to Three</h2><p>Ask any Wall Street investor about telecom, and watch them respond with a mix of apathy and disgust. The <b><a href=\"https://laohu8.com/S/EMDI\">iShares</a> Global Communication Services ETF</b> (NYSEARCA:<b><u>IXP</u></b>) has risen just 7% since 2005, underperforming every other sector of the Global Industry Classification Standard (GICS).</p><p><img src=\"https://static.tigerbbs.com/d89746888da2d9510b64a9f031eaecd5\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/683bb6c2aa728f75d0baebfe009399e0\" tg-width=\"580\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>There’s a good reason for the dismal performance. For years, America’s telecom firms have fought in a seven-way battle. The two top players <b>AT&amp;T</b> (NYSE:<b><u>T</u></b>) and <b>Verizon</b> (NYSE:<b><u>VZ</u></b>) competed against upstarts <b>Sprint</b> and <b>T-Mobile</b> (NASDAQ:<b><u>TMUS</u></b>), along with smaller players <b>Leap</b>, <b>MetroPCS</b> and <b>U.S. Cellular</b> (NYSE:<b><u>USM</u></b>).</p><p>It was a recipe for disaster. High capital expenditure, changing technologies and a massive country to cover meant that firms like Verizon could sink $20 billion per year since 2000 into capital investment and <i>still</i> see end-user prices stagnate.</p><p>Put another way, my $40-per-month cell phone bill had barely budged in the 20 years leading up to 2020</p><p><i><b>But that also gives telecom the perfect setup for 300% gains</b></i>.</p><p>Since 2011, the number of wireless providers has shrunk from seven to four. And with U.S. Cellular’s market share dropping to 1%, the wireless industry has become a three-way race.</p><p>Prices have already started creeping up. The cheapest plan from T-Mobile for a single line now costs $70 after taxes and fees, reversing years of price declines. According to the BLS, spending on cell phone services finally stopped falling in 2020.</p><p>“A stable competitive market never has more than three significant competitors,” BCG founder Bruce Henderson noted in 1976. The “rule of three” eventually makes it “neither practical nor advantageous for either competitor to increase or decrease share.”</p><p>In other words, telecom is no longer a race to the bottom.</p><h2>Which Telecom Stock Should You Buy?</h2><p>So, why do I say investors can make 300% with virtually no effort?</p><p>That’s because there’s no need for fancy 3-stage DCF models…</p><p>…Complicated intrinsic value calculations…</p><p>…Or reading the tea leaves of management guidance.</p><p>That’s because when industries consolidate, <b>all companies gain</b>.</p><p>For airlines in 2013, investors could have easily made the same high returns on <b>Southwest </b>(NYSE:<b><u>LUV</u></b>), <b>United</b> (NASDAQ:<b><u>UAL</u></b>) or <b>Hawaiian</b> (NASDAQ:<b><u>HA</u></b>).</p><p>Similarly, telecom’s three remaining players – AT&amp;T, Verizon and T-Mobile – all stand to profit. Even though Profit &amp; Protection has highlighted AT&amp;T for its cheapest starting price, the trio all provide the same essential wireless services, and all have begun flexing their oligopolistic pricing power.</p><p><i><b>Bottom line: buy AT&amp;T if you only pick one telecom, but all three should outperform over the next decade</b></i>.</p><h2>Some Patience Required… </h2><p>Consolidation plays are phenomenal for their high batting average and relative safety. AT&amp;T has a 6% dividend yield, one of the highest rates for a blue-chip stock.</p><p>The strategy, however, can take years to play out. Freight railroad <b>CSX</b> (NASDAQ:<b><u>CSX</u></b>) took over a decade to rise 10x.</p><p>That means high-frequency traders are better off buying high-beta momentum stocks listed in Tuesday’s newsletter. But if you are willing to wait for returns without really trying, then AT&amp;T and the telecom industry provides a stunningly attractive play.</p></body></html>","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to Make 300% in the Stock Market Without Really Trying</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to Make 300% in the Stock Market Without Really Trying\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-14 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And then again in 2021…My secret?I bought companies in consolidating industries.For 2012, it was the ...</p>\n\n<a href=\"https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4190":"消闲用品","BK4016":"铁路","BK4532":"文艺复兴科技持仓","BK4515":"5G概念","BK4520":"美国基建股","PSQ":"纳指反向ETF","BK4008":"航空公司","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","VSTO":"Vista Outdoor Inc","LUV":"西南航空","CP":"加拿大太平洋铁路","QID":"纳指两倍做空ETF","BK4533":"AQR资本管理(全球第二大对冲基金)","TQQQ":"纳指三倍做多ETF","BK4566":"资本集团","DAL":"达美航空","BK4559":"巴菲特持仓","BK4132":"无线电信业务","TMUS":"T-Mobile US Inc","BK4550":"红杉资本持仓","BK4500":"航空公司","VZ":"威瑞森","BK4115":"综合电信业务","USM":"美国无线电话","BK4156":"煤与消费用燃料","QLD":"纳指两倍做多ETF","BTU":"Peabody","BK4561":"索罗斯持仓",".IXIC":"NASDAQ Composite","BK4581":"高盛持仓","SQQQ":"纳指三倍做空ETF","CSX":"CSX运输","BK4549":"软银资本持仓","UAL":"联合大陆航空","QQQ":"纳指100ETF","T":"美国电话电报","HA":"夏威夷控股"},"source_url":"https://investorplace.com/2022/08/how-to-make-300-in-the-stock-market-without-really-trying/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259268147","content_text":"In 2012, I made 300% returns in the stock market without really trying.It happened again in 2020…And then again in 2021…My secret?I bought companies in consolidating industries.For 2012, it was the airline industry. Ammunition in 2020. And coal in 2021.In each of these cases, a “terrible” industry would see profits rise 5x… 10x… 20x… after bankruptcies, liquidations and mergers left the industry with few remaining players. It’s a wellspring of easy profits.The strategy only works every several years; industry consolidation doesn’t happen all the time.But when it does happen, investors can outperform the market. And today, one new industry is teasing 300% returns. Read on to find which one.And if you enjoy this article, click here to subscribe to Tom Yeung’s Profit & Protection to get the latest updates in your inbox.Exploiting Inefficient MarketsThe reason for airline outperformance was simple:Markets are efficient vehicles for gathering consensus market views……but consensus views are sometimes slow to change, especially with consolidating industries.In the case of airlines, investors “knew” it was a terrible industry.“For 100 years, airline transport has not been a good business,” Warren Buffett said in a 2013 interview on CNBC. “A seat on an airliner as a commodity to a great extent.”But managers with billion-dollar funds often can’t see the changes that you and I do. The tight-fisted Mr. Buffett flies around in a private jet he once named “The Indefensible.” And how would an analyst sitting in Wall Street’s glass buildings (as I once did) know the price of a gallon of milk? Even I almost missed the rise of airline fares.Yet, these Wall Street blind spots create enormous buying opportunities.Railways. Companies like Canadian Pacific Railway (NYSE:CP) rose +600% between 2009-2014.Ammunition. Bullet-maker Vista Outdoors (NYSE:VSTO) jumped +550% between 2020-2021.Coal. Near-bankrupt miner Peabody Energy (NYSE:BTU) skyrocketed +900% between 2021-2022In each of these instances, a “Main Street” industry would suddenly become a superstar winner because of one word:Consolidation.In the case of airlines, mega-mergers between top players meant that the top 4 carriers controlled two-thirds of the industry by 2013. Delta (NYSE:DAL) would make up 80% of all flights from Atlanta’s Hartsfield-Jackson airport that year.In rail, these same forces would turn a struggling industry into one of America’s most profitable sectors. Only seven Class I freight railroads exist today, down from 33 in 1980. And concentration in specific sectors is higher; two railroads now originate 65% of all U.S. grain.These changes are apparent to anyone who works in the business. Try to buy ammunition at your local gun store, and you’ll have a choice between two manufacturers. Shells now easily cost over a dollar per round. And at the grocery store, our choice of meat and prepackaged bread is an illusion. 2-3 companies now own dozens of brands on store shelves.Observant investors will notice these things in everyday life.Meanwhile, outsiders on Wall Street are often slow in responding to these tectonic shifts, especially when they’re happening far away from the glass high-rise offices of Manhattan or Omaha.Beating the Street at Its Own GameThere are three ingredients to these hidden gems:A “Hated” Industry. A history of low returns, poor growth and high capital requirements will set the stage for cheap stock prices.Consolidation. Mergers, acquisitions and bankruptcies that give the remaining players pricing power.Essential Goods. Sectors that produce goods that are difficult or impossible to substitute.And today, one sector stands out as the next big winner:Telecom.From Four to ThreeAsk any Wall Street investor about telecom, and watch them respond with a mix of apathy and disgust. The iShares Global Communication Services ETF (NYSEARCA:IXP) has risen just 7% since 2005, underperforming every other sector of the Global Industry Classification Standard (GICS).There’s a good reason for the dismal performance. For years, America’s telecom firms have fought in a seven-way battle. The two top players AT&T (NYSE:T) and Verizon (NYSE:VZ) competed against upstarts Sprint and T-Mobile (NASDAQ:TMUS), along with smaller players Leap, MetroPCS and U.S. Cellular (NYSE:USM).It was a recipe for disaster. High capital expenditure, changing technologies and a massive country to cover meant that firms like Verizon could sink $20 billion per year since 2000 into capital investment and still see end-user prices stagnate.Put another way, my $40-per-month cell phone bill had barely budged in the 20 years leading up to 2020But that also gives telecom the perfect setup for 300% gains.Since 2011, the number of wireless providers has shrunk from seven to four. And with U.S. Cellular’s market share dropping to 1%, the wireless industry has become a three-way race.Prices have already started creeping up. The cheapest plan from T-Mobile for a single line now costs $70 after taxes and fees, reversing years of price declines. According to the BLS, spending on cell phone services finally stopped falling in 2020.“A stable competitive market never has more than three significant competitors,” BCG founder Bruce Henderson noted in 1976. The “rule of three” eventually makes it “neither practical nor advantageous for either competitor to increase or decrease share.”In other words, telecom is no longer a race to the bottom.Which Telecom Stock Should You Buy?So, why do I say investors can make 300% with virtually no effort?That’s because there’s no need for fancy 3-stage DCF models……Complicated intrinsic value calculations……Or reading the tea leaves of management guidance.That’s because when industries consolidate, all companies gain.For airlines in 2013, investors could have easily made the same high returns on Southwest (NYSE:LUV), United (NASDAQ:UAL) or Hawaiian (NASDAQ:HA).Similarly, telecom’s three remaining players – AT&T, Verizon and T-Mobile – all stand to profit. Even though Profit & Protection has highlighted AT&T for its cheapest starting price, the trio all provide the same essential wireless services, and all have begun flexing their oligopolistic pricing power.Bottom line: buy AT&T if you only pick one telecom, but all three should outperform over the next decade.Some Patience Required… Consolidation plays are phenomenal for their high batting average and relative safety. AT&T has a 6% dividend yield, one of the highest rates for a blue-chip stock.The strategy, however, can take years to play out. Freight railroad CSX (NASDAQ:CSX) took over a decade to rise 10x.That means high-frequency traders are better off buying high-beta momentum stocks listed in Tuesday’s newsletter. But if you are willing to wait for returns without really trying, then AT&T and the telecom industry provides a stunningly attractive play.","news_type":1},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9063017331,"gmtCreate":1651371532002,"gmtModify":1676534897005,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"thanks for the quick recap post!","listText":"thanks for the quick recap post!","text":"thanks for the quick recap post!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9063017331","repostId":"1102313596","repostType":2,"repost":{"id":"1102313596","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651364553,"share":"https://ttm.financial/m/news/1102313596?lang=&edition=fundamental","pubTime":"2022-05-01 08:22","market":"us","language":"en","title":"Full Recap of Berkshire Hathaway’s Annual Shareholders Meeting Saturday","url":"https://stock-news.laohu8.com/highlight/detail?id=1102313596","media":"Tiger Newspress","summary":"Berkshire Hathaway Chairman Warren Buffett on Saturday put fresh money behind Activision and Chevron","content":"<html><head></head><body><p>Berkshire Hathaway Chairman Warren Buffett on Saturday put fresh money behind Activision and Chevron and doled out sharp criticism against speculation in the market.</p><p>Speaking at Berkshire Hathaway’s first in-person annual meeting since 2019, Buffett went so far as to say the market’s turned into a “gambling parlor.”</p><p>The Oracle of Omaha also commented on inflation, building on prior remarks he has made. Buffett had previously said that inflation “swindles” equity investors, but noted Saturday that it “swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody.”</p><p>Buffett and his longtime partner, Vice Chairman Charlie Munger, fielded shareholder questions on a broad range of issues for hours.</p><p>Buffett also said that Berkshire had been increasing its stake in Activision Blizzard as part of a merger arbitrage bet that Microsoft’s proposed deal to buy the video game company will close. Additionally, Berkshire revealed it had ramped up its stock bets by more than $51 billion during the first quarter amid the broader market’s downturn.</p><p>Buffett also stressed the importance of cash as “new forms of money” like bitcoin pop up.</p><p>“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill. “That’s what money is.”</p><p>Check out full recap below for more from the two investing legends.</p><h3><b>Berkshire bought more than $51 billion of stocks during Q1′s market rout</b></h3><p>Berkshire bought more than $51 billion worth of stocks during the first quarter’s market turmoil, including sizable investments in Chevron, HP and Occidental. The buying at the start of the year marked a sharp reversal from 2021 that saw $7.4 billion of net sales in stocks.</p><p>The S&amp;P 500 suffered a 5% sell-off in the first quarter, posting its worst quarter since the start of the pandemic. The rout continued in April with the equity benchmark down another 8.8% amid fears of surging inflation and rising rates.</p><h3><b>Buffett says Berkshire is “better than the banks”</b></h3><p>Warren Buffett has a long history of teasing investment bankers and their institutions – saying that they encourage mergers and spinoffs to reap fees, rather than improve companies.</p><p>Today, he noted that Berkshire Hathaway would always be cash-rich, and in times of need, would be “better than the banks” at extending credit lines to companies in need. While Buffett was talking, someone was shouting from the crowd in the CHI Center. It was unclear what the audience member was said.</p><p>“Was that a banker screaming?” Buffett joked.</p><h3><b>Buffett warns shareholders about “new forms of money” and the importance of cash</b></h3><p>Warren Buffett warned shareholders about “new forms of money” as he recalled the financial crisis of 2008 and said Berkshire Hathaway will “always have a lot of cash on hand.”</p><p>Buffett did not explicitly identify bitcoin or other cryptocurrencies, though he has made headlines for calling bitcoin “rat poison” in the past and has said it has no unique value. Charlie Munger has also spoken with hostility about it.</p><p>“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill.</p><p>“That’s what money is,” he added. “It may turn out that it becomes worth dramatically less at purchasing power. It can become almost like paper money as it has in many countries. But that when people tell you that they’re reaching [for] new forms of money, this is the only thing that will pay bills.”</p><h3><b>Berkshire put money to work after finding ‘little exciting’ in the market</b></h3><p>In his annual chairman letter to shareholders in February, Warren Buffett said there is “little that excites us” in the market. But soon after, he put Berkshire’s money to work.</p><p>Berkshire at the beginning of March revealed a big stake in oil giant Occidental Petroleum. At the beginning of April, Berkshire announced a major stake in tech hardware stock HP. Berkshire’s first-quarter filing revealed the company significantly increased its bet on Chevron.</p><p>“We found some things we prefer to owning Treasury bills,” quipped Berkshire vice chairman and Buffett’s right-hand man Charlie Munger.</p><h3><b>Buffett on his massive Occidental investment</b></h3><p>Buffett scooped up 14% of oil giant <a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>, worth more than $7 billion, in two weeks during March.</p><p>He pointed out that the stake was even larger when accounting for the index fund providers who own a huge chunk of the company.</p><p>“That’s not investment. You’re not buying from [investors]. I find it just incredible. You couldn’t do that with Berkshire. ... Overwhelmingly, large companies in America, they became poker chips,” Buffett said.</p><p>“That enabled us, in a two-week period, to buy 14% of a business that’s been around for decades,” Buffett said. “Imagine trying to [buy] 14% of the farms in this country. 14% of the apartment houses. 14% of the auto dealerships, or just anything, when already 40% were locked up some other place. It defies anything Charlie and I have seen, and we’ve seen a lot.”</p><p>The legendary investor said that the short-term volatility earlier this year fueled by “gambling mentality” allowed him to find good long-term opportunities.</p><h3><b>Executives of Berkshire’s portfolio companies discuss impact of inflation</b></h3><p>Ahead of the shareholder meeting, the executives of several Berkshire portfolio companies told CNBC how inflation was hitting their businesses.</p><p>One of those executives was Jim Weber, CEO of Brooks Running.</p><p>Weber said it was tough to raise prices for Brooks’ products but that he thinks some of the cost pressures could cool soon.</p><p>“We don’t have unlimited pricing power, but we have taken selective price increases where we think we can. But our whole industry is so competitive. It’s a big market place. ... I do believe in the supply chain that costs are going to mediate a bit,” Weber said.</p><h3><b>Buffett wants Berkshire to be in a ‘position to operate’ should the economy stop</b></h3><p>Buffett said he wants Berkshire Hathaway to be in a “position to operate” should the economy stop.</p><p>“We want Berkshire Hathaway to be there and in a position to operate if the economy stops,” Buffett said. “And that can always happen, it can always happen.”</p><p>Buffett played a significant role during the Great Recession, providing capital during a pivotal moment to companies such as Bank of America and Goldman Sachs. The move drew criticism from those who disapproved of the support of big banks.</p><p>The billionaire investor made those remarks while also praising the Federal Reserve’s role during the 2008 financial crisis and the pandemic.</p><p>“The Federal Reserve has not gone,” Buffett said. He added the Fed will “do whatever is necessary. ... That’s what happened in 2008 and 2009, and that’s what happened in 2020, and you’ll hope it happens again next time.”</p><h3><b>Buffett says he has &#34;so much trouble&#34; finding businesses to invest in</b></h3><p>Warren Buffett said Berkshire Hathaway is open to investing in businesses anywhere, not just in the U.S.</p><p>“We have so much trouble finding good ideas that we can’t afford to ignore any,” Buffett said. “But they do have to be sizable.”</p><p>Buffett said while he does seek out new investments, he prefers to be approached proactively.</p><p>“We’ll pay any price, climb any hills to find businesses, but we actually prefer when they fall into our lap,” Buffett said.</p><h3><b>Munger says today’s stock market &#34;almost a mania of speculation&#34;</b></h3><p>Munger said today’s stock market has become “almost a mania of speculation.”</p><p>His comment alluded to both high frequency algorithmic trading and access new investors have that intensified during the pandemic.</p><p>“We have computers with algorithms trading against other computers,” Munger said. “We’ve got people who know nothing about stocks, being advised by stockbrokers who know even less.</p><p>“I understand the commission though,” Buffett joked.</p><p>After Munger likened the activity to a casino, where people play craps and roulette, Buffett expanded on the comparison.</p><p>“People and traders’ poker chips are pulling the handle,” he said. “They’ve got the system set up so that if you want to buy a three-day call on the stock you can do it and they make more money selling you calls than if you buy stock, so they teach you calls. Nobody’s going around selling calls on farms. That’s why markets do crazy things. Occasionally Berkshire gets a chance to do something. It’s not because we’re smarter. … we’re sane, and that’s the main requirement in this business.”</p><h3><b>Munger blasts calls for separate Berkshire chairman and CEO</b></h3><p>Berkshire Hathaway Vice Chairman Charlie Munger had some stern words in response to a proposal to oust CEO Warren Buffett as chairman.</p><p>“It’s the most ridiculous criticism I ever heard,” Munger said.</p><p>“It’s like Odysseus would come back from winning the battle of Troy and so forth and some guy would say, ‘I don’t like the way you were holding your spear when you won that battle,’” he added, referencing ancient Greek epic “The Odyssey.”</p><p>The California Public Employees’ Retirement System, or CalPERS, the biggest public pension fund in the U.S., earlier this month said it would vote in favor of a shareholder proposal to remove Buffett from his chairman role while remaining CEO. The proposal’s aim stems from concerns about corporate governance with one person holding dual roles.</p><p>“Some guy that’s never run any business, doesn’t know anything — I don’t think too much of this activity,” Munger said.</p><h3><b>Berkshire’s head of insurance explains how Geico has fallen behind rival Progressive</b></h3><p>Berkshire Hathaway Vice Chairman Ajit Jain, who runs all of the conglomerate’s insurance businesses, lamented about how Geico has fallen behind rival Progressive in the car insurance business.</p><p>“Each one have their plusses and minuses, but having said that, there’s no question that recently Progressive has done a much better job than Geico … both in terms of margins and in terms of growth,” Jain said.</p><p>“There are a number of causes for that, but I think the biggest culprit is as far as Geico is concerned … is telematics,” he added. Telematics refers to putting a device on a car that tracks driving patterns, in exchange for a lower insurance rate.</p><p>“Progressive has been on the telematics bandwagon for more than 10 years. Geico, until recently, wasn’t involved in telematics,” Jain said. “It’s a long journey, but the journey has started, and the initial results are promising. It will take a while, but my hope is that in the next year or two, Geico will be positioned to catch up with Progressive.”</p><p>Jain’s comments came after Berkshire reported earlier in the day a massive earnings drop in its insurance underwriting business for the first quarter.</p><h3><b>Buffett says he has never been &#34;good at timing&#34;</b></h3><p>Warren Buffett said he has never figured out how to time the markets.</p><p>“We haven’t the faintest idea what the stock market was gonna do when it opens on Monday,” Buffett said in response to an audience question.</p><p>“I don’t think we’ve ever made a decision where either one of us has either said or been thinking we should buy or sell based on what the market is going to do, or for that matter, on what the economy’s going to do. We don’t know,” he continued.</p><p>The Oracle of Omaha said he often gets misplaced credit for the stock winners he’s picked over the years, pointing out he’s also missed out on some big opportunities as well. Buffett said he failed to make some big purchases in the early days of the pandemic. In a single day in March 2020, the Dow Jones Industrial Average dropped 12.9%,its worst day since 1987.</p><p>Instead, Buffett adheres to a value investing strategy, or picking stocks with attractive valuations, instead of focusing on the vagaries of the stock market.</p><p>“We have not been good at timing,” Buffett said. “We’ve been reasonably good at figuring out when we were getting enough for our money. And we had no idea when we bought anything, but we always hoped it would the down for a while so we could buy more. ... I mean, that stuff, you could you could learn in fourth grade.”</p><h3><b>Munger says &#34;just say no&#34; to putting bitcoin in your retirement account</b></h3><p>Charlie Munger is still down on bitcoin.</p><p>He responded to an audience member question asking what single stock they would invest in given how high inflation has been rising.</p><p>The Berkshire executives didn’t say where they would put their money, but Munger was clear about where he wouldn’t invest: bitcoin.</p><p>“When you have your own retirement account, and your friendly adviser suggests you put all the money in into bitcoin, just say no,” he said.</p><p>Munger’s answer was a thinly veiled reference tobig news from Fidelity this week, which will now allow employees to putbitcoininto their employee-sponsored retirement accounts.</p><p>Munger and Buffett have both long been critics of bitcoin, which has become increasingly attractive to certain investors for its potential as an inflation hedge.</p><h3><b>Buffett describes his start to investing when he was 11 years old</b></h3><p>A trip to the New York Stock Exchange when he was 9 years old was inspiring for Warren Buffett, who is known to have started investing when he was 11 years old.</p><p>“I went to the New York Stock Exchange, I was in awe of it,” Buffett said. “I got very interested in technical analysis and charted stocks and did all kinds of crazy things, did hours and hours and hours and saved money to buy other stocks and tried shorting. I just did everything.”</p><p>The investor bought a stock at 11 after spending his childhood reading books on the subject from the library and in his father’s office. He said his approach to investing later changed completely when he was 19 or 20 years old after reading one particular book passage in what he said must have been Benjamin Graham’s “The Intelligent Investor.”</p><p>“I looked at this book and I saw one paragraph and it told me I’ve been doing everything wrong. I just had the whole approach wrong,” Buffett said.</p><h3><b>Buffett wants to make it clear he’s not the only one picking stocks at Berkshire Hathaway</b></h3><p>Warren Buffett wants to make it clear that he’s not the only one at Berkshire Hathaway picking stocks.</p><p>“I see headlines in papers just time after time after time that say, ‘Buffett’s buying such and such,’” Buffett said. “I’m not buying such and such. Berkshire Hathaway is buying.”</p><p>The investor said a stock pick may have been made by other finance professionals in his organization without Buffett’s ever having heard of it.</p><p>“But the headline will attract more people if it says Buffett buying this than if it says Berkshire Hathaway, and we don’t know whether it is the people that work for him, the headline is designed to bring people into the story,” Buffett said.</p><p>“The easiest thing to do is basically shut up and not have a bunch of people facing consequences they didn’t ask for in the first place,” he said.</p><h3><b>Buffett says inflation ‘swindles almost everybody’</b></h3><p>When asked about his previous comments that inflation “swindles” equity investors, Buffett said the damage from rising prices was much broader than that.</p><p>“Inflation swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody,” he said.</p><p>Buffett pointed out that inflation also raises the amount of capital that companies need to have and that it isn’t as simple as raising prices to maintain inflation-adjusted profits.</p><p>The Berkshire Hathaway CEO cautioned against listening to people who claim to be able to predict the path of inflation.</p><p>“The question is how much ... and the answer is nobody knows,” Buffett said.</p><p>Buffett reiterated that the best protection against the inflation is investing in your own skills.</p><h3><b>Buffett says Berkshire now owns 9.5% of Activision Blizzard</b></h3><p>Warren Buffett said Berkshire Hathaway has been increasing its stake inActivision Blizzardin a merger arbitrage bet thatMicrosoft’sproposed acquisition of the video game company will close.</p><p>In the fourth quarter of 2021, Berkshire first purchased about $1 billion worth of Activision Blizzard stock, in a bet the company was undervalued. Buffett has saidBerkshire “had no prior knowledge”of Microsoft’s plan to buy the company when Berkshire made its initial investment.</p><p>In January, Microsoftannounced intentions to buy Activisionfor $95 per share. Its stock closed at $75.60 per share on Friday.</p><p>Buffett said he has been buying more shares of Activision since the deal was announced as the stock is trading way below Microsoft’s offer. Buying at these levels will yield a bigger return if the deal closes.</p><p>Buffett said Berkshire now owns about 9.5% of Activision. “If we went over 10%, we would file a report,” he said.</p><p>“If the deal goes through, we make some money, and if the deal doesn’t go through, who knows what happens,” Buffett said.</p><p>“We don’t know what the Justice Department will do, we don’t know what the E.U. will do, we don’t know what 30 other jurisdictions will do. One thing we do know is that Microsoft has the money,” Buffett added.</p><h3><b>Buffett: ‘I look at Berkshire as a painting’</b></h3><p>The possibilities for Berkshire Hathaway are endless in the eyes of Warren Buffett, who likened the company to a work of art.</p><p>“I look at Berkshire as a painting,” Buffett said. “It’s unlimited in size; it’s got an ever-expanding canvas, and I get to paint what I want.”</p><p>Buffett did acknowledge that he doesn’t know much about art, but added that “other people look at paintings and they see something, then they’ll see something additional later on, and they really have a different sort of perception in relation to that. To me, Berkshire is a painting, and I get to paint.”</p><p>“It’s in my head, and I see different things in it as I go along,” Buffett said. “It’s satisfying.”</p><h3><b>Buffett calls Jerome Powell a hero</b></h3><p>In addressing a question about inflation, Buffett talked about the massive stimulus during the pandemic as a key reason for the rising prices now.</p><p>“You print loads of money, and money is going to be worth less,” Buffett said.</p><p>However, he did not criticize the Federal Reserve for its actions to boost money supply and stabilize markets during the health crisis.</p><p>“In my book,Jay Powellis a hero. It’s very simple. He did what he had to do,” Buffett said.</p><h3><b>Buffett says people are becoming more tribal</b></h3><p>Warren Buffett said people are becoming more tribal.</p><p>“My general assumption — there’s no way to prove it — but essentially, people are now behaving somewhat more tribal than they have for a long time,” Buffett said.</p><p>“It’s fun to participate in, but it can get very dangerous when people say two plus two is five and the other says two plus two is three, you know, and they’re gonna give you those answers,” he continued.</p><p>The investor said the country seems as tribal as it appeared during the 1930s when public sentiment was split in the U.S. around Franklin Roosevelt. Buffett said he was raised in a household where he and his siblings weren’t served dessert until they “said something nasty” about Roosevelt.</p><p>“I don’t think it’s a good development for society,” Buffett said.</p><h3><b>Buffett says he won’t buy bitcoin because ‘it doesn’t produce anything’</b></h3><p>Warren Buffettreiterated his skepticism of bitcoin on Saturday, saying he would be unwilling to buy it for even extremely low prices because it produces nothing of value.</p><p>“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”</p><p>Buffett listed farmland, apartment buildings — and even art — as assets that had more tangible value than bitcoin.</p><p>“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things. We can put up Berkshire coins, put up Berkshire money but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”</p><h3><b>Berkshire’s business meeting concludes with shareholder votes</b></h3><p>Berkshire’s formal business meeting followed nearly five hours of Q&amp;A with Warren Buffett and Charlie Munger. Shareholders voted on a number of proposals at the meeting.</p><p>The proposal that garnered most attention was from the non-profit National Legal and Policy Center. It calls for the company to strip Buffett of his chairman role. Shareholders voted down the proposal backed by CALPERS, the largest U.S. public pension fund.</p><p>Brunel Pension requested the board of Berkshire to publish an annual assessment addressing how the company manages physical and transitional climate-related risks. The number of votes against the motion outnumbered the ones for it.</p><p>One shareholder also took issue with Berkshire’s climate change initiative. The proposal called for Berkshire to issue a report addressing if and how it intends to measure, disclose, and reduce the GHG emissions associated in alignment with the Paris Agreement’s 1.5°C goal, requiring net zero emissions. Shareholders voted it down.</p><p>The last proposal asked Berkshire to report to shareholders on the outcomes of their diversity, equity and inclusion efforts by publishing quantitative data on workforce composition and recruitment, retention, and promotion rates of employees by gender, race, and ethnicity. The motion also failed.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Full Recap of Berkshire Hathaway’s Annual Shareholders Meeting Saturday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFull Recap of Berkshire Hathaway’s Annual Shareholders Meeting Saturday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-05-01 08:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Berkshire Hathaway Chairman Warren Buffett on Saturday put fresh money behind Activision and Chevron and doled out sharp criticism against speculation in the market.</p><p>Speaking at Berkshire Hathaway’s first in-person annual meeting since 2019, Buffett went so far as to say the market’s turned into a “gambling parlor.”</p><p>The Oracle of Omaha also commented on inflation, building on prior remarks he has made. Buffett had previously said that inflation “swindles” equity investors, but noted Saturday that it “swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody.”</p><p>Buffett and his longtime partner, Vice Chairman Charlie Munger, fielded shareholder questions on a broad range of issues for hours.</p><p>Buffett also said that Berkshire had been increasing its stake in Activision Blizzard as part of a merger arbitrage bet that Microsoft’s proposed deal to buy the video game company will close. Additionally, Berkshire revealed it had ramped up its stock bets by more than $51 billion during the first quarter amid the broader market’s downturn.</p><p>Buffett also stressed the importance of cash as “new forms of money” like bitcoin pop up.</p><p>“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill. “That’s what money is.”</p><p>Check out full recap below for more from the two investing legends.</p><h3><b>Berkshire bought more than $51 billion of stocks during Q1′s market rout</b></h3><p>Berkshire bought more than $51 billion worth of stocks during the first quarter’s market turmoil, including sizable investments in Chevron, HP and Occidental. The buying at the start of the year marked a sharp reversal from 2021 that saw $7.4 billion of net sales in stocks.</p><p>The S&amp;P 500 suffered a 5% sell-off in the first quarter, posting its worst quarter since the start of the pandemic. The rout continued in April with the equity benchmark down another 8.8% amid fears of surging inflation and rising rates.</p><h3><b>Buffett says Berkshire is “better than the banks”</b></h3><p>Warren Buffett has a long history of teasing investment bankers and their institutions – saying that they encourage mergers and spinoffs to reap fees, rather than improve companies.</p><p>Today, he noted that Berkshire Hathaway would always be cash-rich, and in times of need, would be “better than the banks” at extending credit lines to companies in need. While Buffett was talking, someone was shouting from the crowd in the CHI Center. It was unclear what the audience member was said.</p><p>“Was that a banker screaming?” Buffett joked.</p><h3><b>Buffett warns shareholders about “new forms of money” and the importance of cash</b></h3><p>Warren Buffett warned shareholders about “new forms of money” as he recalled the financial crisis of 2008 and said Berkshire Hathaway will “always have a lot of cash on hand.”</p><p>Buffett did not explicitly identify bitcoin or other cryptocurrencies, though he has made headlines for calling bitcoin “rat poison” in the past and has said it has no unique value. Charlie Munger has also spoken with hostility about it.</p><p>“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill.</p><p>“That’s what money is,” he added. “It may turn out that it becomes worth dramatically less at purchasing power. It can become almost like paper money as it has in many countries. But that when people tell you that they’re reaching [for] new forms of money, this is the only thing that will pay bills.”</p><h3><b>Berkshire put money to work after finding ‘little exciting’ in the market</b></h3><p>In his annual chairman letter to shareholders in February, Warren Buffett said there is “little that excites us” in the market. But soon after, he put Berkshire’s money to work.</p><p>Berkshire at the beginning of March revealed a big stake in oil giant Occidental Petroleum. At the beginning of April, Berkshire announced a major stake in tech hardware stock HP. Berkshire’s first-quarter filing revealed the company significantly increased its bet on Chevron.</p><p>“We found some things we prefer to owning Treasury bills,” quipped Berkshire vice chairman and Buffett’s right-hand man Charlie Munger.</p><h3><b>Buffett on his massive Occidental investment</b></h3><p>Buffett scooped up 14% of oil giant <a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>, worth more than $7 billion, in two weeks during March.</p><p>He pointed out that the stake was even larger when accounting for the index fund providers who own a huge chunk of the company.</p><p>“That’s not investment. You’re not buying from [investors]. I find it just incredible. You couldn’t do that with Berkshire. ... Overwhelmingly, large companies in America, they became poker chips,” Buffett said.</p><p>“That enabled us, in a two-week period, to buy 14% of a business that’s been around for decades,” Buffett said. “Imagine trying to [buy] 14% of the farms in this country. 14% of the apartment houses. 14% of the auto dealerships, or just anything, when already 40% were locked up some other place. It defies anything Charlie and I have seen, and we’ve seen a lot.”</p><p>The legendary investor said that the short-term volatility earlier this year fueled by “gambling mentality” allowed him to find good long-term opportunities.</p><h3><b>Executives of Berkshire’s portfolio companies discuss impact of inflation</b></h3><p>Ahead of the shareholder meeting, the executives of several Berkshire portfolio companies told CNBC how inflation was hitting their businesses.</p><p>One of those executives was Jim Weber, CEO of Brooks Running.</p><p>Weber said it was tough to raise prices for Brooks’ products but that he thinks some of the cost pressures could cool soon.</p><p>“We don’t have unlimited pricing power, but we have taken selective price increases where we think we can. But our whole industry is so competitive. It’s a big market place. ... I do believe in the supply chain that costs are going to mediate a bit,” Weber said.</p><h3><b>Buffett wants Berkshire to be in a ‘position to operate’ should the economy stop</b></h3><p>Buffett said he wants Berkshire Hathaway to be in a “position to operate” should the economy stop.</p><p>“We want Berkshire Hathaway to be there and in a position to operate if the economy stops,” Buffett said. “And that can always happen, it can always happen.”</p><p>Buffett played a significant role during the Great Recession, providing capital during a pivotal moment to companies such as Bank of America and Goldman Sachs. The move drew criticism from those who disapproved of the support of big banks.</p><p>The billionaire investor made those remarks while also praising the Federal Reserve’s role during the 2008 financial crisis and the pandemic.</p><p>“The Federal Reserve has not gone,” Buffett said. He added the Fed will “do whatever is necessary. ... That’s what happened in 2008 and 2009, and that’s what happened in 2020, and you’ll hope it happens again next time.”</p><h3><b>Buffett says he has &#34;so much trouble&#34; finding businesses to invest in</b></h3><p>Warren Buffett said Berkshire Hathaway is open to investing in businesses anywhere, not just in the U.S.</p><p>“We have so much trouble finding good ideas that we can’t afford to ignore any,” Buffett said. “But they do have to be sizable.”</p><p>Buffett said while he does seek out new investments, he prefers to be approached proactively.</p><p>“We’ll pay any price, climb any hills to find businesses, but we actually prefer when they fall into our lap,” Buffett said.</p><h3><b>Munger says today’s stock market &#34;almost a mania of speculation&#34;</b></h3><p>Munger said today’s stock market has become “almost a mania of speculation.”</p><p>His comment alluded to both high frequency algorithmic trading and access new investors have that intensified during the pandemic.</p><p>“We have computers with algorithms trading against other computers,” Munger said. “We’ve got people who know nothing about stocks, being advised by stockbrokers who know even less.</p><p>“I understand the commission though,” Buffett joked.</p><p>After Munger likened the activity to a casino, where people play craps and roulette, Buffett expanded on the comparison.</p><p>“People and traders’ poker chips are pulling the handle,” he said. “They’ve got the system set up so that if you want to buy a three-day call on the stock you can do it and they make more money selling you calls than if you buy stock, so they teach you calls. Nobody’s going around selling calls on farms. That’s why markets do crazy things. Occasionally Berkshire gets a chance to do something. It’s not because we’re smarter. … we’re sane, and that’s the main requirement in this business.”</p><h3><b>Munger blasts calls for separate Berkshire chairman and CEO</b></h3><p>Berkshire Hathaway Vice Chairman Charlie Munger had some stern words in response to a proposal to oust CEO Warren Buffett as chairman.</p><p>“It’s the most ridiculous criticism I ever heard,” Munger said.</p><p>“It’s like Odysseus would come back from winning the battle of Troy and so forth and some guy would say, ‘I don’t like the way you were holding your spear when you won that battle,’” he added, referencing ancient Greek epic “The Odyssey.”</p><p>The California Public Employees’ Retirement System, or CalPERS, the biggest public pension fund in the U.S., earlier this month said it would vote in favor of a shareholder proposal to remove Buffett from his chairman role while remaining CEO. The proposal’s aim stems from concerns about corporate governance with one person holding dual roles.</p><p>“Some guy that’s never run any business, doesn’t know anything — I don’t think too much of this activity,” Munger said.</p><h3><b>Berkshire’s head of insurance explains how Geico has fallen behind rival Progressive</b></h3><p>Berkshire Hathaway Vice Chairman Ajit Jain, who runs all of the conglomerate’s insurance businesses, lamented about how Geico has fallen behind rival Progressive in the car insurance business.</p><p>“Each one have their plusses and minuses, but having said that, there’s no question that recently Progressive has done a much better job than Geico … both in terms of margins and in terms of growth,” Jain said.</p><p>“There are a number of causes for that, but I think the biggest culprit is as far as Geico is concerned … is telematics,” he added. Telematics refers to putting a device on a car that tracks driving patterns, in exchange for a lower insurance rate.</p><p>“Progressive has been on the telematics bandwagon for more than 10 years. Geico, until recently, wasn’t involved in telematics,” Jain said. “It’s a long journey, but the journey has started, and the initial results are promising. It will take a while, but my hope is that in the next year or two, Geico will be positioned to catch up with Progressive.”</p><p>Jain’s comments came after Berkshire reported earlier in the day a massive earnings drop in its insurance underwriting business for the first quarter.</p><h3><b>Buffett says he has never been &#34;good at timing&#34;</b></h3><p>Warren Buffett said he has never figured out how to time the markets.</p><p>“We haven’t the faintest idea what the stock market was gonna do when it opens on Monday,” Buffett said in response to an audience question.</p><p>“I don’t think we’ve ever made a decision where either one of us has either said or been thinking we should buy or sell based on what the market is going to do, or for that matter, on what the economy’s going to do. We don’t know,” he continued.</p><p>The Oracle of Omaha said he often gets misplaced credit for the stock winners he’s picked over the years, pointing out he’s also missed out on some big opportunities as well. Buffett said he failed to make some big purchases in the early days of the pandemic. In a single day in March 2020, the Dow Jones Industrial Average dropped 12.9%,its worst day since 1987.</p><p>Instead, Buffett adheres to a value investing strategy, or picking stocks with attractive valuations, instead of focusing on the vagaries of the stock market.</p><p>“We have not been good at timing,” Buffett said. “We’ve been reasonably good at figuring out when we were getting enough for our money. And we had no idea when we bought anything, but we always hoped it would the down for a while so we could buy more. ... I mean, that stuff, you could you could learn in fourth grade.”</p><h3><b>Munger says &#34;just say no&#34; to putting bitcoin in your retirement account</b></h3><p>Charlie Munger is still down on bitcoin.</p><p>He responded to an audience member question asking what single stock they would invest in given how high inflation has been rising.</p><p>The Berkshire executives didn’t say where they would put their money, but Munger was clear about where he wouldn’t invest: bitcoin.</p><p>“When you have your own retirement account, and your friendly adviser suggests you put all the money in into bitcoin, just say no,” he said.</p><p>Munger’s answer was a thinly veiled reference tobig news from Fidelity this week, which will now allow employees to putbitcoininto their employee-sponsored retirement accounts.</p><p>Munger and Buffett have both long been critics of bitcoin, which has become increasingly attractive to certain investors for its potential as an inflation hedge.</p><h3><b>Buffett describes his start to investing when he was 11 years old</b></h3><p>A trip to the New York Stock Exchange when he was 9 years old was inspiring for Warren Buffett, who is known to have started investing when he was 11 years old.</p><p>“I went to the New York Stock Exchange, I was in awe of it,” Buffett said. “I got very interested in technical analysis and charted stocks and did all kinds of crazy things, did hours and hours and hours and saved money to buy other stocks and tried shorting. I just did everything.”</p><p>The investor bought a stock at 11 after spending his childhood reading books on the subject from the library and in his father’s office. He said his approach to investing later changed completely when he was 19 or 20 years old after reading one particular book passage in what he said must have been Benjamin Graham’s “The Intelligent Investor.”</p><p>“I looked at this book and I saw one paragraph and it told me I’ve been doing everything wrong. I just had the whole approach wrong,” Buffett said.</p><h3><b>Buffett wants to make it clear he’s not the only one picking stocks at Berkshire Hathaway</b></h3><p>Warren Buffett wants to make it clear that he’s not the only one at Berkshire Hathaway picking stocks.</p><p>“I see headlines in papers just time after time after time that say, ‘Buffett’s buying such and such,’” Buffett said. “I’m not buying such and such. Berkshire Hathaway is buying.”</p><p>The investor said a stock pick may have been made by other finance professionals in his organization without Buffett’s ever having heard of it.</p><p>“But the headline will attract more people if it says Buffett buying this than if it says Berkshire Hathaway, and we don’t know whether it is the people that work for him, the headline is designed to bring people into the story,” Buffett said.</p><p>“The easiest thing to do is basically shut up and not have a bunch of people facing consequences they didn’t ask for in the first place,” he said.</p><h3><b>Buffett says inflation ‘swindles almost everybody’</b></h3><p>When asked about his previous comments that inflation “swindles” equity investors, Buffett said the damage from rising prices was much broader than that.</p><p>“Inflation swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody,” he said.</p><p>Buffett pointed out that inflation also raises the amount of capital that companies need to have and that it isn’t as simple as raising prices to maintain inflation-adjusted profits.</p><p>The Berkshire Hathaway CEO cautioned against listening to people who claim to be able to predict the path of inflation.</p><p>“The question is how much ... and the answer is nobody knows,” Buffett said.</p><p>Buffett reiterated that the best protection against the inflation is investing in your own skills.</p><h3><b>Buffett says Berkshire now owns 9.5% of Activision Blizzard</b></h3><p>Warren Buffett said Berkshire Hathaway has been increasing its stake inActivision Blizzardin a merger arbitrage bet thatMicrosoft’sproposed acquisition of the video game company will close.</p><p>In the fourth quarter of 2021, Berkshire first purchased about $1 billion worth of Activision Blizzard stock, in a bet the company was undervalued. Buffett has saidBerkshire “had no prior knowledge”of Microsoft’s plan to buy the company when Berkshire made its initial investment.</p><p>In January, Microsoftannounced intentions to buy Activisionfor $95 per share. Its stock closed at $75.60 per share on Friday.</p><p>Buffett said he has been buying more shares of Activision since the deal was announced as the stock is trading way below Microsoft’s offer. Buying at these levels will yield a bigger return if the deal closes.</p><p>Buffett said Berkshire now owns about 9.5% of Activision. “If we went over 10%, we would file a report,” he said.</p><p>“If the deal goes through, we make some money, and if the deal doesn’t go through, who knows what happens,” Buffett said.</p><p>“We don’t know what the Justice Department will do, we don’t know what the E.U. will do, we don’t know what 30 other jurisdictions will do. One thing we do know is that Microsoft has the money,” Buffett added.</p><h3><b>Buffett: ‘I look at Berkshire as a painting’</b></h3><p>The possibilities for Berkshire Hathaway are endless in the eyes of Warren Buffett, who likened the company to a work of art.</p><p>“I look at Berkshire as a painting,” Buffett said. “It’s unlimited in size; it’s got an ever-expanding canvas, and I get to paint what I want.”</p><p>Buffett did acknowledge that he doesn’t know much about art, but added that “other people look at paintings and they see something, then they’ll see something additional later on, and they really have a different sort of perception in relation to that. To me, Berkshire is a painting, and I get to paint.”</p><p>“It’s in my head, and I see different things in it as I go along,” Buffett said. “It’s satisfying.”</p><h3><b>Buffett calls Jerome Powell a hero</b></h3><p>In addressing a question about inflation, Buffett talked about the massive stimulus during the pandemic as a key reason for the rising prices now.</p><p>“You print loads of money, and money is going to be worth less,” Buffett said.</p><p>However, he did not criticize the Federal Reserve for its actions to boost money supply and stabilize markets during the health crisis.</p><p>“In my book,Jay Powellis a hero. It’s very simple. He did what he had to do,” Buffett said.</p><h3><b>Buffett says people are becoming more tribal</b></h3><p>Warren Buffett said people are becoming more tribal.</p><p>“My general assumption — there’s no way to prove it — but essentially, people are now behaving somewhat more tribal than they have for a long time,” Buffett said.</p><p>“It’s fun to participate in, but it can get very dangerous when people say two plus two is five and the other says two plus two is three, you know, and they’re gonna give you those answers,” he continued.</p><p>The investor said the country seems as tribal as it appeared during the 1930s when public sentiment was split in the U.S. around Franklin Roosevelt. Buffett said he was raised in a household where he and his siblings weren’t served dessert until they “said something nasty” about Roosevelt.</p><p>“I don’t think it’s a good development for society,” Buffett said.</p><h3><b>Buffett says he won’t buy bitcoin because ‘it doesn’t produce anything’</b></h3><p>Warren Buffettreiterated his skepticism of bitcoin on Saturday, saying he would be unwilling to buy it for even extremely low prices because it produces nothing of value.</p><p>“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”</p><p>Buffett listed farmland, apartment buildings — and even art — as assets that had more tangible value than bitcoin.</p><p>“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things. We can put up Berkshire coins, put up Berkshire money but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”</p><h3><b>Berkshire’s business meeting concludes with shareholder votes</b></h3><p>Berkshire’s formal business meeting followed nearly five hours of Q&amp;A with Warren Buffett and Charlie Munger. Shareholders voted on a number of proposals at the meeting.</p><p>The proposal that garnered most attention was from the non-profit National Legal and Policy Center. It calls for the company to strip Buffett of his chairman role. Shareholders voted down the proposal backed by CALPERS, the largest U.S. public pension fund.</p><p>Brunel Pension requested the board of Berkshire to publish an annual assessment addressing how the company manages physical and transitional climate-related risks. The number of votes against the motion outnumbered the ones for it.</p><p>One shareholder also took issue with Berkshire’s climate change initiative. The proposal called for Berkshire to issue a report addressing if and how it intends to measure, disclose, and reduce the GHG emissions associated in alignment with the Paris Agreement’s 1.5°C goal, requiring net zero emissions. Shareholders voted it down.</p><p>The last proposal asked Berkshire to report to shareholders on the outcomes of their diversity, equity and inclusion efforts by publishing quantitative data on workforce composition and recruitment, retention, and promotion rates of employees by gender, race, and ethnicity. The motion also failed.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102313596","content_text":"Berkshire Hathaway Chairman Warren Buffett on Saturday put fresh money behind Activision and Chevron and doled out sharp criticism against speculation in the market.Speaking at Berkshire Hathaway’s first in-person annual meeting since 2019, Buffett went so far as to say the market’s turned into a “gambling parlor.”The Oracle of Omaha also commented on inflation, building on prior remarks he has made. Buffett had previously said that inflation “swindles” equity investors, but noted Saturday that it “swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody.”Buffett and his longtime partner, Vice Chairman Charlie Munger, fielded shareholder questions on a broad range of issues for hours.Buffett also said that Berkshire had been increasing its stake in Activision Blizzard as part of a merger arbitrage bet that Microsoft’s proposed deal to buy the video game company will close. Additionally, Berkshire revealed it had ramped up its stock bets by more than $51 billion during the first quarter amid the broader market’s downturn.Buffett also stressed the importance of cash as “new forms of money” like bitcoin pop up.“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill. “That’s what money is.”Check out full recap below for more from the two investing legends.Berkshire bought more than $51 billion of stocks during Q1′s market routBerkshire bought more than $51 billion worth of stocks during the first quarter’s market turmoil, including sizable investments in Chevron, HP and Occidental. The buying at the start of the year marked a sharp reversal from 2021 that saw $7.4 billion of net sales in stocks.The S&P 500 suffered a 5% sell-off in the first quarter, posting its worst quarter since the start of the pandemic. The rout continued in April with the equity benchmark down another 8.8% amid fears of surging inflation and rising rates.Buffett says Berkshire is “better than the banks”Warren Buffett has a long history of teasing investment bankers and their institutions – saying that they encourage mergers and spinoffs to reap fees, rather than improve companies.Today, he noted that Berkshire Hathaway would always be cash-rich, and in times of need, would be “better than the banks” at extending credit lines to companies in need. While Buffett was talking, someone was shouting from the crowd in the CHI Center. It was unclear what the audience member was said.“Was that a banker screaming?” Buffett joked.Buffett warns shareholders about “new forms of money” and the importance of cashWarren Buffett warned shareholders about “new forms of money” as he recalled the financial crisis of 2008 and said Berkshire Hathaway will “always have a lot of cash on hand.”Buffett did not explicitly identify bitcoin or other cryptocurrencies, though he has made headlines for calling bitcoin “rat poison” in the past and has said it has no unique value. Charlie Munger has also spoken with hostility about it.“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said, displaying an image of an old $20 bill.“That’s what money is,” he added. “It may turn out that it becomes worth dramatically less at purchasing power. It can become almost like paper money as it has in many countries. But that when people tell you that they’re reaching [for] new forms of money, this is the only thing that will pay bills.”Berkshire put money to work after finding ‘little exciting’ in the marketIn his annual chairman letter to shareholders in February, Warren Buffett said there is “little that excites us” in the market. But soon after, he put Berkshire’s money to work.Berkshire at the beginning of March revealed a big stake in oil giant Occidental Petroleum. At the beginning of April, Berkshire announced a major stake in tech hardware stock HP. Berkshire’s first-quarter filing revealed the company significantly increased its bet on Chevron.“We found some things we prefer to owning Treasury bills,” quipped Berkshire vice chairman and Buffett’s right-hand man Charlie Munger.Buffett on his massive Occidental investmentBuffett scooped up 14% of oil giant Occidental Petroleum, worth more than $7 billion, in two weeks during March.He pointed out that the stake was even larger when accounting for the index fund providers who own a huge chunk of the company.“That’s not investment. You’re not buying from [investors]. I find it just incredible. You couldn’t do that with Berkshire. ... Overwhelmingly, large companies in America, they became poker chips,” Buffett said.“That enabled us, in a two-week period, to buy 14% of a business that’s been around for decades,” Buffett said. “Imagine trying to [buy] 14% of the farms in this country. 14% of the apartment houses. 14% of the auto dealerships, or just anything, when already 40% were locked up some other place. It defies anything Charlie and I have seen, and we’ve seen a lot.”The legendary investor said that the short-term volatility earlier this year fueled by “gambling mentality” allowed him to find good long-term opportunities.Executives of Berkshire’s portfolio companies discuss impact of inflationAhead of the shareholder meeting, the executives of several Berkshire portfolio companies told CNBC how inflation was hitting their businesses.One of those executives was Jim Weber, CEO of Brooks Running.Weber said it was tough to raise prices for Brooks’ products but that he thinks some of the cost pressures could cool soon.“We don’t have unlimited pricing power, but we have taken selective price increases where we think we can. But our whole industry is so competitive. It’s a big market place. ... I do believe in the supply chain that costs are going to mediate a bit,” Weber said.Buffett wants Berkshire to be in a ‘position to operate’ should the economy stopBuffett said he wants Berkshire Hathaway to be in a “position to operate” should the economy stop.“We want Berkshire Hathaway to be there and in a position to operate if the economy stops,” Buffett said. “And that can always happen, it can always happen.”Buffett played a significant role during the Great Recession, providing capital during a pivotal moment to companies such as Bank of America and Goldman Sachs. The move drew criticism from those who disapproved of the support of big banks.The billionaire investor made those remarks while also praising the Federal Reserve’s role during the 2008 financial crisis and the pandemic.“The Federal Reserve has not gone,” Buffett said. He added the Fed will “do whatever is necessary. ... That’s what happened in 2008 and 2009, and that’s what happened in 2020, and you’ll hope it happens again next time.”Buffett says he has \"so much trouble\" finding businesses to invest inWarren Buffett said Berkshire Hathaway is open to investing in businesses anywhere, not just in the U.S.“We have so much trouble finding good ideas that we can’t afford to ignore any,” Buffett said. “But they do have to be sizable.”Buffett said while he does seek out new investments, he prefers to be approached proactively.“We’ll pay any price, climb any hills to find businesses, but we actually prefer when they fall into our lap,” Buffett said.Munger says today’s stock market \"almost a mania of speculation\"Munger said today’s stock market has become “almost a mania of speculation.”His comment alluded to both high frequency algorithmic trading and access new investors have that intensified during the pandemic.“We have computers with algorithms trading against other computers,” Munger said. “We’ve got people who know nothing about stocks, being advised by stockbrokers who know even less.“I understand the commission though,” Buffett joked.After Munger likened the activity to a casino, where people play craps and roulette, Buffett expanded on the comparison.“People and traders’ poker chips are pulling the handle,” he said. “They’ve got the system set up so that if you want to buy a three-day call on the stock you can do it and they make more money selling you calls than if you buy stock, so they teach you calls. Nobody’s going around selling calls on farms. That’s why markets do crazy things. Occasionally Berkshire gets a chance to do something. It’s not because we’re smarter. … we’re sane, and that’s the main requirement in this business.”Munger blasts calls for separate Berkshire chairman and CEOBerkshire Hathaway Vice Chairman Charlie Munger had some stern words in response to a proposal to oust CEO Warren Buffett as chairman.“It’s the most ridiculous criticism I ever heard,” Munger said.“It’s like Odysseus would come back from winning the battle of Troy and so forth and some guy would say, ‘I don’t like the way you were holding your spear when you won that battle,’” he added, referencing ancient Greek epic “The Odyssey.”The California Public Employees’ Retirement System, or CalPERS, the biggest public pension fund in the U.S., earlier this month said it would vote in favor of a shareholder proposal to remove Buffett from his chairman role while remaining CEO. The proposal’s aim stems from concerns about corporate governance with one person holding dual roles.“Some guy that’s never run any business, doesn’t know anything — I don’t think too much of this activity,” Munger said.Berkshire’s head of insurance explains how Geico has fallen behind rival ProgressiveBerkshire Hathaway Vice Chairman Ajit Jain, who runs all of the conglomerate’s insurance businesses, lamented about how Geico has fallen behind rival Progressive in the car insurance business.“Each one have their plusses and minuses, but having said that, there’s no question that recently Progressive has done a much better job than Geico … both in terms of margins and in terms of growth,” Jain said.“There are a number of causes for that, but I think the biggest culprit is as far as Geico is concerned … is telematics,” he added. Telematics refers to putting a device on a car that tracks driving patterns, in exchange for a lower insurance rate.“Progressive has been on the telematics bandwagon for more than 10 years. Geico, until recently, wasn’t involved in telematics,” Jain said. “It’s a long journey, but the journey has started, and the initial results are promising. It will take a while, but my hope is that in the next year or two, Geico will be positioned to catch up with Progressive.”Jain’s comments came after Berkshire reported earlier in the day a massive earnings drop in its insurance underwriting business for the first quarter.Buffett says he has never been \"good at timing\"Warren Buffett said he has never figured out how to time the markets.“We haven’t the faintest idea what the stock market was gonna do when it opens on Monday,” Buffett said in response to an audience question.“I don’t think we’ve ever made a decision where either one of us has either said or been thinking we should buy or sell based on what the market is going to do, or for that matter, on what the economy’s going to do. We don’t know,” he continued.The Oracle of Omaha said he often gets misplaced credit for the stock winners he’s picked over the years, pointing out he’s also missed out on some big opportunities as well. Buffett said he failed to make some big purchases in the early days of the pandemic. In a single day in March 2020, the Dow Jones Industrial Average dropped 12.9%,its worst day since 1987.Instead, Buffett adheres to a value investing strategy, or picking stocks with attractive valuations, instead of focusing on the vagaries of the stock market.“We have not been good at timing,” Buffett said. “We’ve been reasonably good at figuring out when we were getting enough for our money. And we had no idea when we bought anything, but we always hoped it would the down for a while so we could buy more. ... I mean, that stuff, you could you could learn in fourth grade.”Munger says \"just say no\" to putting bitcoin in your retirement accountCharlie Munger is still down on bitcoin.He responded to an audience member question asking what single stock they would invest in given how high inflation has been rising.The Berkshire executives didn’t say where they would put their money, but Munger was clear about where he wouldn’t invest: bitcoin.“When you have your own retirement account, and your friendly adviser suggests you put all the money in into bitcoin, just say no,” he said.Munger’s answer was a thinly veiled reference tobig news from Fidelity this week, which will now allow employees to putbitcoininto their employee-sponsored retirement accounts.Munger and Buffett have both long been critics of bitcoin, which has become increasingly attractive to certain investors for its potential as an inflation hedge.Buffett describes his start to investing when he was 11 years oldA trip to the New York Stock Exchange when he was 9 years old was inspiring for Warren Buffett, who is known to have started investing when he was 11 years old.“I went to the New York Stock Exchange, I was in awe of it,” Buffett said. “I got very interested in technical analysis and charted stocks and did all kinds of crazy things, did hours and hours and hours and saved money to buy other stocks and tried shorting. I just did everything.”The investor bought a stock at 11 after spending his childhood reading books on the subject from the library and in his father’s office. He said his approach to investing later changed completely when he was 19 or 20 years old after reading one particular book passage in what he said must have been Benjamin Graham’s “The Intelligent Investor.”“I looked at this book and I saw one paragraph and it told me I’ve been doing everything wrong. I just had the whole approach wrong,” Buffett said.Buffett wants to make it clear he’s not the only one picking stocks at Berkshire HathawayWarren Buffett wants to make it clear that he’s not the only one at Berkshire Hathaway picking stocks.“I see headlines in papers just time after time after time that say, ‘Buffett’s buying such and such,’” Buffett said. “I’m not buying such and such. Berkshire Hathaway is buying.”The investor said a stock pick may have been made by other finance professionals in his organization without Buffett’s ever having heard of it.“But the headline will attract more people if it says Buffett buying this than if it says Berkshire Hathaway, and we don’t know whether it is the people that work for him, the headline is designed to bring people into the story,” Buffett said.“The easiest thing to do is basically shut up and not have a bunch of people facing consequences they didn’t ask for in the first place,” he said.Buffett says inflation ‘swindles almost everybody’When asked about his previous comments that inflation “swindles” equity investors, Buffett said the damage from rising prices was much broader than that.“Inflation swindles the bond investor, too. It swindles the person who keeps their cash under their mattress. It swindles almost everybody,” he said.Buffett pointed out that inflation also raises the amount of capital that companies need to have and that it isn’t as simple as raising prices to maintain inflation-adjusted profits.The Berkshire Hathaway CEO cautioned against listening to people who claim to be able to predict the path of inflation.“The question is how much ... and the answer is nobody knows,” Buffett said.Buffett reiterated that the best protection against the inflation is investing in your own skills.Buffett says Berkshire now owns 9.5% of Activision BlizzardWarren Buffett said Berkshire Hathaway has been increasing its stake inActivision Blizzardin a merger arbitrage bet thatMicrosoft’sproposed acquisition of the video game company will close.In the fourth quarter of 2021, Berkshire first purchased about $1 billion worth of Activision Blizzard stock, in a bet the company was undervalued. Buffett has saidBerkshire “had no prior knowledge”of Microsoft’s plan to buy the company when Berkshire made its initial investment.In January, Microsoftannounced intentions to buy Activisionfor $95 per share. Its stock closed at $75.60 per share on Friday.Buffett said he has been buying more shares of Activision since the deal was announced as the stock is trading way below Microsoft’s offer. Buying at these levels will yield a bigger return if the deal closes.Buffett said Berkshire now owns about 9.5% of Activision. “If we went over 10%, we would file a report,” he said.“If the deal goes through, we make some money, and if the deal doesn’t go through, who knows what happens,” Buffett said.“We don’t know what the Justice Department will do, we don’t know what the E.U. will do, we don’t know what 30 other jurisdictions will do. One thing we do know is that Microsoft has the money,” Buffett added.Buffett: ‘I look at Berkshire as a painting’The possibilities for Berkshire Hathaway are endless in the eyes of Warren Buffett, who likened the company to a work of art.“I look at Berkshire as a painting,” Buffett said. “It’s unlimited in size; it’s got an ever-expanding canvas, and I get to paint what I want.”Buffett did acknowledge that he doesn’t know much about art, but added that “other people look at paintings and they see something, then they’ll see something additional later on, and they really have a different sort of perception in relation to that. To me, Berkshire is a painting, and I get to paint.”“It’s in my head, and I see different things in it as I go along,” Buffett said. “It’s satisfying.”Buffett calls Jerome Powell a heroIn addressing a question about inflation, Buffett talked about the massive stimulus during the pandemic as a key reason for the rising prices now.“You print loads of money, and money is going to be worth less,” Buffett said.However, he did not criticize the Federal Reserve for its actions to boost money supply and stabilize markets during the health crisis.“In my book,Jay Powellis a hero. It’s very simple. He did what he had to do,” Buffett said.Buffett says people are becoming more tribalWarren Buffett said people are becoming more tribal.“My general assumption — there’s no way to prove it — but essentially, people are now behaving somewhat more tribal than they have for a long time,” Buffett said.“It’s fun to participate in, but it can get very dangerous when people say two plus two is five and the other says two plus two is three, you know, and they’re gonna give you those answers,” he continued.The investor said the country seems as tribal as it appeared during the 1930s when public sentiment was split in the U.S. around Franklin Roosevelt. Buffett said he was raised in a household where he and his siblings weren’t served dessert until they “said something nasty” about Roosevelt.“I don’t think it’s a good development for society,” Buffett said.Buffett says he won’t buy bitcoin because ‘it doesn’t produce anything’Warren Buffettreiterated his skepticism of bitcoin on Saturday, saying he would be unwilling to buy it for even extremely low prices because it produces nothing of value.“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”Buffett listed farmland, apartment buildings — and even art — as assets that had more tangible value than bitcoin.“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things. We can put up Berkshire coins, put up Berkshire money but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”Berkshire’s business meeting concludes with shareholder votesBerkshire’s formal business meeting followed nearly five hours of Q&A with Warren Buffett and Charlie Munger. Shareholders voted on a number of proposals at the meeting.The proposal that garnered most attention was from the non-profit National Legal and Policy Center. It calls for the company to strip Buffett of his chairman role. Shareholders voted down the proposal backed by CALPERS, the largest U.S. public pension fund.Brunel Pension requested the board of Berkshire to publish an annual assessment addressing how the company manages physical and transitional climate-related risks. The number of votes against the motion outnumbered the ones for it.One shareholder also took issue with Berkshire’s climate change initiative. The proposal called for Berkshire to issue a report addressing if and how it intends to measure, disclose, and reduce the GHG emissions associated in alignment with the Paris Agreement’s 1.5°C goal, requiring net zero emissions. Shareholders voted it down.The last proposal asked Berkshire to report to shareholders on the outcomes of their diversity, equity and inclusion efforts by publishing quantitative data on workforce composition and recruitment, retention, and promotion rates of employees by gender, race, and ethnicity. The motion also failed.","news_type":1},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085663170,"gmtCreate":1650689130523,"gmtModify":1676534778067,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085663170","repostId":"2229168533","repostType":2,"repost":{"id":"2229168533","pubTimestamp":1650672182,"share":"https://ttm.financial/m/news/2229168533?lang=&edition=fundamental","pubTime":"2022-04-23 08:03","market":"us","language":"en","title":"Got $1,000? 5 Buffett Stocks to Buy and Hold Forever","url":"https://stock-news.laohu8.com/highlight/detail?id=2229168533","media":"Motley Fool","summary":"These industry leaders have Buffett's stamp of approval and are on track for more big wins.","content":"<html><head></head><body><p>If you owned a $1,000 stake in <b>Berkshire Hathaway</b> when Warren Buffett assumed control of the company back in May of 1965, that position would be worth more than $27.5 million today. The investment conglomerate now has a market capitalization of roughly $771 billion and stands as the one of the world&#39;s largest companies, and The Oracle of Omaha&#39;s ability to identify promising businesses worth holding long term has played a big role in getting there.</p><p>While Berkshire&#39;s massive market cap suggests its most explosive days of growth are likely in the past, an incredible performance and top-tier management and analyst teams suggest it can still pay to look to the company for investing inspiration. Read on for a look at five top stocks in the Berkshire Hathaway portfolio that are worth buying today and holding for the long haul.</p><h2>1. Amazon</h2><p>Even with current holdings worth roughly $1.8 billion, <b>Amazon</b> ranks as just the 21st-largest overall stock holding in Berkshire&#39;s portfolio. The investment conglomerate first purchased the e-commerce and cloud computing giant&#39;s stock in 2019, and you can be sure that Buffett regrets not investing in the multi-industry innovator sooner. The famously successful investor went so far as to describe himself as &#34;an idiot&#34; for not buying shares at an earlier stage.</p><p>With gains of roughly 21,680% over the last 20 years, it&#39;s not hard to imagine why The Oracle of Omaha is frustrated about taking some time to see the light on Amazon, but the company will likely continue serving up more strong performance over the long term. Amazon&#39;s e-commerce and cloud businesses still have incredible runways for expansion, and these pillars give it the flexibility to pursue wins in other emerging technology and service trends.</p><h2>2. <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a></h2><p>While the Oracle of Omaha is best known as a value investing guru, that doesn&#39;t mean that he and the Berkshire team don&#39;t sometimes see great value in highly growth-dependent stocks. <b>Snowflake</b> provides a data-warehousing platform that can be used to combine and analyze information from Amazon, <b>Alphabet</b>, and <b>Microsoft</b>&#39;s respective cloud platforms, and surging demand for its services is translating to rapid business expansion.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c49e19db0c82953682aa96a1284927d\" tg-width=\"700\" tg-height=\"393\" width=\"100%\" height=\"auto\"/><span>Image source: Snowflake.</span></p><p>Based on its forward price-to-sales multiple of approximately 30.5, it could be argued that Snowflake is the most &#34;expensive&#34; stock in the Berkshire portfolio. On the other hand, it has a very favorable growth outlook, and I wouldn&#39;t be surprised at all if it winds up being one of the investment conglomerate&#39;s best-performing stocks over the next decade.</p><h2>3. Verizon</h2><p>With the largest wireless network in the U.S., highly rated service, and strong customer loyalty, <b>Verizon</b> stands to be one of the biggest beneficiaries in the next-generation network technologies in the telecom industry. 5G is paving the way for upload and download speeds that absolutely trounce what&#39;s possible on 4G LTE in even the most ideal circumstances, and this big leap forward in network technology will make a wide range of new technologies and services possible.</p><p>Verizon&#39;s business is already a free-cash-flow-generating machine, and that allows it to return substantial cash to shareholders in the form of dividends. The company&#39;s payout currently yields roughly 4.7%, and the stock looks cheap trading at roughly 10 times this year&#39;s expected earnings.</p><h2>4. Bank of America</h2><p>Berkshire Hathaway&#39;s holdings in <b>Bank of America</b> stock are currently worth roughly $45 billion and account for more than 13% of its overall stock portfolio. The banking giant is Berkshire&#39;s second-largest overall stock holding and its biggest investment in the financials industry by a wide margin.</p><p>There will always be a need for banking and financial services, and Bank of America&#39;s incredible scale gives it an edge in the space. Bank of America also pays a dividend that currently yields roughly 2.1%. Even better, the company has been raising its payout at a rapid clip over the last decade, and there&#39;s a good chance that investors can look forward to more payout growth.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cba5f4053d34276169cf8dc0ea2f575\" tg-width=\"720\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>BAC Dividend data by YCharts</span></p><h2>5. Apple</h2><p>Buffett has said that <b>Apple</b> is probably the best business he knows, and a quick look at the Berkshire Hathaway portfolio makes it clear he has a high level of conviction on that call. The tech company stands as the single largest stock holding in Berkshire&#39;s portfolio, representing roughly 46% of its total stock holdings.</p><p>Apple has the world&#39;s most valuable brand in the consumer electronics space, and that advantage has allowed the company to generate far more profits from mobile, computer, and wearable hardware sales than its competitors. The tech giant has also built a powerful software and services ecosystem that&#39;s helping to power new growth stages for the company.</p><p>With a market capitalization of roughly $2.73 trillion, Apple stands as the most valuable company in the world and could have a harder time delivering relative growth going forward. However, the company&#39;s core hardware and software businesses continue to look very strong, and it has the potential to score massive wins in augmented reality, smart cars, and other potentially revolutionary trends.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Got $1,000? 5 Buffett Stocks to Buy and Hold Forever</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGot $1,000? 5 Buffett Stocks to Buy and Hold Forever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-23 08:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/22/got-1000-5-buffett-stocks-to-buy-and-hold-forever/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you owned a $1,000 stake in Berkshire Hathaway when Warren Buffett assumed control of the company back in May of 1965, that position would be worth more than $27.5 million today. The investment ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/22/got-1000-5-buffett-stocks-to-buy-and-hold-forever/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4551":"寇图资本持仓","BRK.A":"伯克希尔","BK4574":"无人驾驶","BK4207":"综合性银行","BRK.B":"伯克希尔B","BK4573":"虚拟现实","BK4561":"索罗斯持仓","ORCL":"甲骨文","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","BK4504":"桥水持仓","BK4512":"苹果概念","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4176":"多领域控股","SNOW":"Snowflake","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4515":"5G概念","BK4553":"喜马拉雅资本持仓","BK4534":"瑞士信贷持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","AAPL":"苹果","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","AMZN":"亚马逊","BK4503":"景林资产持仓","BK4566":"资本集团","BK4575":"芯片概念","BK4535":"淡马锡持仓","BK4524":"宅经济概念","BK4559":"巴菲特持仓","BK4501":"段永平概念","VZ":"威瑞森","BK4538":"云计算","BK4116":"互联网服务与基础架构","BK4527":"明星科技股","BK4550":"红杉资本持仓","BK4579":"人工智能","BAC":"美国银行","BK4122":"互联网与直销零售"},"source_url":"https://www.fool.com/investing/2022/04/22/got-1000-5-buffett-stocks-to-buy-and-hold-forever/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2229168533","content_text":"If you owned a $1,000 stake in Berkshire Hathaway when Warren Buffett assumed control of the company back in May of 1965, that position would be worth more than $27.5 million today. The investment conglomerate now has a market capitalization of roughly $771 billion and stands as the one of the world's largest companies, and The Oracle of Omaha's ability to identify promising businesses worth holding long term has played a big role in getting there.While Berkshire's massive market cap suggests its most explosive days of growth are likely in the past, an incredible performance and top-tier management and analyst teams suggest it can still pay to look to the company for investing inspiration. Read on for a look at five top stocks in the Berkshire Hathaway portfolio that are worth buying today and holding for the long haul.1. AmazonEven with current holdings worth roughly $1.8 billion, Amazon ranks as just the 21st-largest overall stock holding in Berkshire's portfolio. The investment conglomerate first purchased the e-commerce and cloud computing giant's stock in 2019, and you can be sure that Buffett regrets not investing in the multi-industry innovator sooner. The famously successful investor went so far as to describe himself as \"an idiot\" for not buying shares at an earlier stage.With gains of roughly 21,680% over the last 20 years, it's not hard to imagine why The Oracle of Omaha is frustrated about taking some time to see the light on Amazon, but the company will likely continue serving up more strong performance over the long term. Amazon's e-commerce and cloud businesses still have incredible runways for expansion, and these pillars give it the flexibility to pursue wins in other emerging technology and service trends.2. SnowflakeWhile the Oracle of Omaha is best known as a value investing guru, that doesn't mean that he and the Berkshire team don't sometimes see great value in highly growth-dependent stocks. Snowflake provides a data-warehousing platform that can be used to combine and analyze information from Amazon, Alphabet, and Microsoft's respective cloud platforms, and surging demand for its services is translating to rapid business expansion.Image source: Snowflake.Based on its forward price-to-sales multiple of approximately 30.5, it could be argued that Snowflake is the most \"expensive\" stock in the Berkshire portfolio. On the other hand, it has a very favorable growth outlook, and I wouldn't be surprised at all if it winds up being one of the investment conglomerate's best-performing stocks over the next decade.3. VerizonWith the largest wireless network in the U.S., highly rated service, and strong customer loyalty, Verizon stands to be one of the biggest beneficiaries in the next-generation network technologies in the telecom industry. 5G is paving the way for upload and download speeds that absolutely trounce what's possible on 4G LTE in even the most ideal circumstances, and this big leap forward in network technology will make a wide range of new technologies and services possible.Verizon's business is already a free-cash-flow-generating machine, and that allows it to return substantial cash to shareholders in the form of dividends. The company's payout currently yields roughly 4.7%, and the stock looks cheap trading at roughly 10 times this year's expected earnings.4. Bank of AmericaBerkshire Hathaway's holdings in Bank of America stock are currently worth roughly $45 billion and account for more than 13% of its overall stock portfolio. The banking giant is Berkshire's second-largest overall stock holding and its biggest investment in the financials industry by a wide margin.There will always be a need for banking and financial services, and Bank of America's incredible scale gives it an edge in the space. Bank of America also pays a dividend that currently yields roughly 2.1%. Even better, the company has been raising its payout at a rapid clip over the last decade, and there's a good chance that investors can look forward to more payout growth.BAC Dividend data by YCharts5. AppleBuffett has said that Apple is probably the best business he knows, and a quick look at the Berkshire Hathaway portfolio makes it clear he has a high level of conviction on that call. The tech company stands as the single largest stock holding in Berkshire's portfolio, representing roughly 46% of its total stock holdings.Apple has the world's most valuable brand in the consumer electronics space, and that advantage has allowed the company to generate far more profits from mobile, computer, and wearable hardware sales than its competitors. The tech giant has also built a powerful software and services ecosystem that's helping to power new growth stages for the company.With a market capitalization of roughly $2.73 trillion, Apple stands as the most valuable company in the world and could have a harder time delivering relative growth going forward. However, the company's core hardware and software businesses continue to look very strong, and it has the potential to score massive wins in augmented reality, smart cars, and other potentially revolutionary trends.","news_type":1},"isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085669651,"gmtCreate":1650688949103,"gmtModify":1676534778042,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Happy World Book Day 2022!","listText":"Happy World Book Day 2022!","text":"Happy World Book Day 2022!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085669651","repostId":"9085908428","repostType":1,"repost":{"id":9085908428,"gmtCreate":1650629513057,"gmtModify":1676534766405,"author":{"id":"4104455119105420","authorId":"4104455119105420","authorIdStr":"4104455119105420","name":"Tiger_Academy","avatar":"https://static.tigerbbs.com/3776fe550cd7a945e43d68c025988ed8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104455119105420"},"themes":[],"title":"Top 10 Books Recommended By Buffett","htmlText":"Warren&nbsp;Buffett&nbsp;is widely considered the most successful investor of the 20th and early 21st centuries.&nbsp;His&nbsp;investing&nbsp;philosophy&nbsp;and&nbsp;mottos&nbsp;are&nbsp;also&nbsp;well-known.&nbsp;But&nbsp;very&nbsp;few&nbsp;people&nbsp;can&nbsp;do&nbsp;as&nbsp;well&nbsp;as&nbsp;Buffett&nbsp;because success&nbsp;is&nbsp;more&nbsp;than&nbsp;sayings&nbsp;and&nbsp;slogans.&nbsp;His&nbsp;wisdom&nbsp;needs&nbsp;careful&nbsp;study.&nbsp; As&nbsp;World&nbsp;Book&nbsp;Day&nbsp;is&nbsp;around&nbsp;the&nbsp;corner,&nbsp;we&nbsp;have&nbsp;summarized&nbsp;[Top 10 Books Recommended By Buffett.]&nbsp; Hope&nbsp;tigers&nbsp;gain&nbsp;more&nbsp;insights&nbsp;through&nbsp;reading&nbsp;the&nbsp;books&nbsp;recommended&nbsp;by&nbsp;one&nbsp;of&nbsp;the&nbsp;smartest&nbsp;men. 1.&nbsp;‘Berksh","listText":"Warren&nbsp;Buffett&nbsp;is widely considered the most successful investor of the 20th and early 21st centuries.&nbsp;His&nbsp;investing&nbsp;philosophy&nbsp;and&nbsp;mottos&nbsp;are&nbsp;also&nbsp;well-known.&nbsp;But&nbsp;very&nbsp;few&nbsp;people&nbsp;can&nbsp;do&nbsp;as&nbsp;well&nbsp;as&nbsp;Buffett&nbsp;because success&nbsp;is&nbsp;more&nbsp;than&nbsp;sayings&nbsp;and&nbsp;slogans.&nbsp;His&nbsp;wisdom&nbsp;needs&nbsp;careful&nbsp;study.&nbsp; As&nbsp;World&nbsp;Book&nbsp;Day&nbsp;is&nbsp;around&nbsp;the&nbsp;corner,&nbsp;we&nbsp;have&nbsp;summarized&nbsp;[Top 10 Books Recommended By Buffett.]&nbsp; Hope&nbsp;tigers&nbsp;gain&nbsp;more&nbsp;insights&nbsp;through&nbsp;reading&nbsp;the&nbsp;books&nbsp;recommended&nbsp;by&nbsp;one&nbsp;of&nbsp;the&nbsp;smartest&nbsp;men. 1.&nbsp;‘Berksh","text":"Warren Buffett is widely considered the most successful investor of the 20th and early 21st centuries. His investing philosophy and mottos are also well-known. But very few people can do as well as Buffett because success is more than sayings and slogans. His wisdom needs careful study. As World Book Day is around the corner, we have summarized [Top 10 Books Recommended By Buffett.] Hope tigers gain more insights through reading the books recommended by one of the smartest men. 1. ‘Berksh","images":[{"img":"https://community-static.tradeup.com/news/1dcb7b004b0cf38e3747350f8d4f4012","width":"342","height":"435"},{"img":"https://community-static.tradeup.com/news/b2999da6dd7a769fbfc9fef9e066dd83","width":"330","height":"500"},{"img":"https://community-static.tradeup.com/news/e3635199d91b28c56a909ee0ec3d07e7","width":"300","height":"425"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085908428","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":10,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":36,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9081435378,"gmtCreate":1650263249806,"gmtModify":1676534681907,"author":{"id":"4104482353116170","authorId":"4104482353116170","authorIdStr":"4104482353116170","name":"TigerBisKuat","avatar":"https://community-static.tradeup.com/news/bd96a494fe59d78055aa6e2f8c0f3d4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104482353116170"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081435378","repostId":"1110595663","repostType":2,"repost":{"id":"1110595663","pubTimestamp":1650258996,"share":"https://ttm.financial/m/news/1110595663?lang=&edition=fundamental","pubTime":"2022-04-18 13:16","market":"us","language":"en","title":"Alibaba: Munger Is Not The Thesis","url":"https://stock-news.laohu8.com/highlight/detail?id=1110595663","media":"Seeking Alpha","summary":"SummaryRecently the Daily Journal's 13F revealed that the company trimmed its Alibaba position by 50%.It isn't necessarily the case that former Chairman Charlie Munger sold due to weakening conviction","content":"<html><head></head><body><p>Summary</p><ul><li>Recently the Daily Journal&#39;s 13F revealed that the company trimmed its Alibaba position by 50%.</li><li>It isn&#39;t necessarily the case that former Chairman Charlie Munger sold due to weakening conviction on BABA stock itself.</li><li>However, Munger IS out of the picture in one very real way: he is no longer the Daily Journal&#39;s Chairman.</li><li>For this reason, Alibaba can no longer be considered a Munger copy trade.</li><li>In this article, I develop a fundamentals-based thesis for those who cloned Munger and now aren&#39;t sure what to do.</li></ul><p>Charlie Munger’s Alibaba Group (NYSE:BABA) investment was the talk of the town last week. In its Q1 13F, the Daily Journal Corp (DJCO) revealed that it had sold 50% of its stake in the Chinese tech company, after several quarters of averaging down. It wasn’t immediately clear whether Munger himself made the decision to sell the shares, as he had stepped down just days before the end of the quarter. Tu To was elected to serve as the company’s CFO on March 22. She signed all of the company’s SEC filings from the 22nd onward.</p><p>There are many reasons why Munger (or somebody else) might have chosen to sell Alibaba. Not all of them necessarily reflect lower conviction in the stock. It’s possible that DJCO converted some of its NYSE shares to Hong Kong shares, or sold to cover a margin loan. Munger hasn’t spoken on the matter publicly yet, nor have any other DJCO officers, so we don’t know.</p><p>Charlie Munger is thought to have influenced many investors who bought BABA stock in 2021. He began buying the stock around $226, averaging down after that. Many other investors made similar moves. It was shortly after Munger’s first 13F featuring Alibaba that internet communities focused on BABA really started to take off. Some were founded just days after the release.</p><p>Naturally, Munger’s apparent sale made a big splash. BABA has always been at least partially a Munger clone trade, and it appears that Munger’s conviction in the stock has diminished. Shortly after the 13F was released, investors took to Twitter offering opinions and running polls asking others about what had happened.</p><p>We may never know. But it doesn’t matter, because BABA ceased being a Munger clone trade long before the 13F came out. When Munger stepped down as Chairman of the Daily Journal, it created ambiguity as to the actual level of influence he will exercise over the firm’s portfolio going forward. The DJCO portfolio is no longer a Munger portfolio–or at least, not 100% a Munger portfolio. For this reason, investors will need a better thesis than “clone Munger because he is good.” In this article, I will attempt to advance such a thesis, based on valuation, competitive position and China&#39;s economic growth. First, though, let’s examine why it will not be possible to clone “Munger’s” BABA trades in future quarters.</p><p>Why Munger Can’t be Cloned Anymore</p><p>There are two reasons why it is impossible to clone Munger’s future BABA trades:</p><ol><li>Munger is no longer Chairman of the Daily Journal.</li><li>Some of DJCO’s potential trades are impossible to confirm.</li></ol><p>The first of these is easy enough to explain. When Munger was Chairman of the Daily Journal, he managed the investment portfolio. Now that he is no longer Chairman, he simply has the duties of a director. Munger could still volunteer to manage the portfolio, but the ultimate decisions would fall on Steven Myhill-Jones, the new CEO, or Tu To, the new CFO. The SEC filings announcing these new hires didn&#39;t say who&#39;d manage the portfolio.</p><p>The second reason why Munger can’t be cloned now is because some of his potential trades wouldn’t have to be disclosed. Munger is well known for not telling investors more than he has to. If he simply converted some of his NYSE ADRs to Hong Kong shares, as some think he did, then he is no longer under the obligation to report all of his holdings. As the SEC website states, you don’t have to disclose foreign listed shares in a 13F, even if your position is massive.</p><p><img src=\"https://static.tigerbbs.com/5852b29d02869d997a4c8ce719caa59f\" tg-width=\"575\" tg-height=\"191\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>What all this means is that cloning Munger’s BABA trades won’t be possible going forward. For those whose BABA position was little more than a Munger copycat, that has got to sting. Fortunately, the fundamentals-based thesis on the stock is not that difficult to comprehend, and can be explained in terms of four basic principles. In the next section I will explain that case in detail.</p><h2>The Bullish Thesis on BABA</h2><p>A strong bullish thesis on BABA can be built on four pillars:</p><ul><li>China’s economy.</li><li>BABA’s competitive position.</li><li>Financial health.</li><li>Valuation.</li></ul><p>I’ll look at each of these factors one by one, starting with China’s economy</p><h2>China’s Economy</h2><p>Despite the negative headlines you’re seeing these days, China’s economy is very strong. Its GDP growth was 8.1% in 2021. GDP has grown at 7.4% CAGR over 10 years. In 2020, when many countries entered recessions, China’s growth merely decelerated to 2.2%. With all of this growth, you might think that China is pumping itself full of debt. But think again! At 66.8, China’s government debt as a percentage of GDP is lower than that of the U.S., Canada, and the Eurozone. You may have heard stories about China’s “debt problem,” and claims of a 250% debt to GDP ratio. The figure is correct but it includes all debt, government and private. China’s government debt–the kind used to pay for fiscal stimulus–is low as a percentage of GDP. So China is growing very quickly and is fiscally sound enough to stimulate its economy should stimulation become necessary.</p><h2>BABA’s Competitive Position</h2><p>As we’ve seen, China has a high growth economy–the kind of economy that a company wants to operate in. That’s a great start but we still need to know about BABA’s competitive position.</p><p>As an eCommerce company, BABA has few rivals of similar scale. JD.com (JD) technically does more revenue than BABA does, but it has much smaller margins. It could beat Alibaba on scale but probably not on profitability. JD holds and sells inventory. It’s hard to beat a “platform” company like BABA when you have inventory costs. It eats into margins.</p><p>Pinduoduo (PDD) has been cited as a potential competitor to BABA but there’s just not much evidence of PDD moving beyond agricultural goods. Its group buying model has proven popular in China, but until it moves into other verticals, it’s not competing with huge chunks of Alibaba’s business.</p><p>Tencent (OTCPK:TCEHY) competes with BABA in one limited way: it has a payment app. The Chinese government forced BABA and Tencent to accept each other’s payment apps last year. So the competition between these two companies for share of payments has indeed increased.</p><h2>BABA’s Financials</h2><p>Alibaba’s long-term financials are excellent. The most recent calendar year was a bit of a departure from the long term trend, but that could turn around.</p><p>According to Seeking Alpha Quant, BABA’s five year CAGR growth rates in revenue, earnings and cash flows are:</p><ul><li>Revenue: 42%.</li><li>Net income: 11.3%.</li><li>Diluted EPS: 9.8%.</li><li>Free cash flow: 13.66%.</li></ul><p>These are pretty solid metrics. They were all much higher prior to this year, but the 2021 Chinese tech crackdown caused last year’s numbers to suffer. BABA did take some new costs in 2021, like a $2.8 billion fine and a higher tax rate. However, the fine was non-recurring and the higher tax rate could be “outgrown” with enough quarters of strong revenue gains.</p><p>At any rate, Alibaba has more than enough financial strength to ride out a few lacklustre quarters. Its balance sheet is one of the strongest in the world, boasting eye-popping metrics like:</p><ul><li>$276 billion in assets.</li><li>$100 billion in liabilities.</li><li>$176 billion in equity.</li><li>$45 billion in cash.</li><li>About $20 billion in debt (calculated from $5.09 billion in bonds $14.85 billion in long term bank loans).</li><li>$105 billion in current assets.</li><li>$64 billion in current liabilities.</li><li>A 0.2 debt to equity ratio.</li><li>A 1.64 current ratio.</li></ul><p>So we have debt that is very low as a proportion of shareholder equity, and high liquidity. Even BABA’s cash and equivalents outstrip its long term debt! This suggests a very solid balance sheet and a second-to-none ability to ride out a crisis.</p><h2>Valuation</h2><p>Valuation has always been one of the pillars on which the BABA bull case has rested. BABA stock is very cheap by almost every multiple you can think of. Some of its most encouraging value metrics include:</p><ul><li>Adjusted P/E: 11.</li><li>Price/sales: 1.96.</li><li>Price/book: 1.67.</li><li>Price/operating cash flow: 9.37.</li></ul><p>All of these multiples are comparatively low for the tech sector. For comparison, Amazon (AMZN), the closest comparable U.S. company, has a 46 adjusted P/E ratio.</p><p>BABA’s GAAP P/E ratio (25) is a little high, but the most recent quarter included large unrealized losses on the company’s stock portfolio. Adjusted earnings and cash from operations are more closely related to the company’s operating performance, and not surprisingly, they were much higher than GAAP earnings. This isn’t just selective choice of non-GAAP measures either: operating cash flow is a GAAP metric and Alibaba reports in accordance with U.S. GAAP.</p><p>As we’ve seen, Alibaba is cheap, profitable, and has high historical growth. Certainly this stock has many things to recommend it, even after Charlie Munger rode off into the sunset. However, there are still risks and challenges to the bullish thesis on Alibaba stock. </p><p>These are real risks that investors will need to keep in mind. But on balance, Alibaba looks like a solid value play today. It’s still growing its revenue, its cloud business is inching toward profitability, and its valuation is cheaper than ever before. On the whole, it looks like a sweet deal – with or without Munger on board.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba: Munger Is Not The Thesis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba: Munger Is Not The Thesis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-18 13:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4501707-alibaba-munger-not-thesis><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryRecently the Daily Journal's 13F revealed that the company trimmed its Alibaba position by 50%.It isn't necessarily the case that former Chairman Charlie Munger sold due to weakening conviction...</p>\n\n<a href=\"https://seekingalpha.com/article/4501707-alibaba-munger-not-thesis\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4501707-alibaba-munger-not-thesis","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110595663","content_text":"SummaryRecently the Daily Journal's 13F revealed that the company trimmed its Alibaba position by 50%.It isn't necessarily the case that former Chairman Charlie Munger sold due to weakening conviction on BABA stock itself.However, Munger IS out of the picture in one very real way: he is no longer the Daily Journal's Chairman.For this reason, Alibaba can no longer be considered a Munger copy trade.In this article, I develop a fundamentals-based thesis for those who cloned Munger and now aren't sure what to do.Charlie Munger’s Alibaba Group (NYSE:BABA) investment was the talk of the town last week. In its Q1 13F, the Daily Journal Corp (DJCO) revealed that it had sold 50% of its stake in the Chinese tech company, after several quarters of averaging down. It wasn’t immediately clear whether Munger himself made the decision to sell the shares, as he had stepped down just days before the end of the quarter. Tu To was elected to serve as the company’s CFO on March 22. She signed all of the company’s SEC filings from the 22nd onward.There are many reasons why Munger (or somebody else) might have chosen to sell Alibaba. Not all of them necessarily reflect lower conviction in the stock. It’s possible that DJCO converted some of its NYSE shares to Hong Kong shares, or sold to cover a margin loan. Munger hasn’t spoken on the matter publicly yet, nor have any other DJCO officers, so we don’t know.Charlie Munger is thought to have influenced many investors who bought BABA stock in 2021. He began buying the stock around $226, averaging down after that. Many other investors made similar moves. It was shortly after Munger’s first 13F featuring Alibaba that internet communities focused on BABA really started to take off. Some were founded just days after the release.Naturally, Munger’s apparent sale made a big splash. BABA has always been at least partially a Munger clone trade, and it appears that Munger’s conviction in the stock has diminished. Shortly after the 13F was released, investors took to Twitter offering opinions and running polls asking others about what had happened.We may never know. But it doesn’t matter, because BABA ceased being a Munger clone trade long before the 13F came out. When Munger stepped down as Chairman of the Daily Journal, it created ambiguity as to the actual level of influence he will exercise over the firm’s portfolio going forward. The DJCO portfolio is no longer a Munger portfolio–or at least, not 100% a Munger portfolio. For this reason, investors will need a better thesis than “clone Munger because he is good.” In this article, I will attempt to advance such a thesis, based on valuation, competitive position and China's economic growth. First, though, let’s examine why it will not be possible to clone “Munger’s” BABA trades in future quarters.Why Munger Can’t be Cloned AnymoreThere are two reasons why it is impossible to clone Munger’s future BABA trades:Munger is no longer Chairman of the Daily Journal.Some of DJCO’s potential trades are impossible to confirm.The first of these is easy enough to explain. When Munger was Chairman of the Daily Journal, he managed the investment portfolio. Now that he is no longer Chairman, he simply has the duties of a director. Munger could still volunteer to manage the portfolio, but the ultimate decisions would fall on Steven Myhill-Jones, the new CEO, or Tu To, the new CFO. The SEC filings announcing these new hires didn't say who'd manage the portfolio.The second reason why Munger can’t be cloned now is because some of his potential trades wouldn’t have to be disclosed. Munger is well known for not telling investors more than he has to. If he simply converted some of his NYSE ADRs to Hong Kong shares, as some think he did, then he is no longer under the obligation to report all of his holdings. As the SEC website states, you don’t have to disclose foreign listed shares in a 13F, even if your position is massive.What all this means is that cloning Munger’s BABA trades won’t be possible going forward. For those whose BABA position was little more than a Munger copycat, that has got to sting. Fortunately, the fundamentals-based thesis on the stock is not that difficult to comprehend, and can be explained in terms of four basic principles. In the next section I will explain that case in detail.The Bullish Thesis on BABAA strong bullish thesis on BABA can be built on four pillars:China’s economy.BABA’s competitive position.Financial health.Valuation.I’ll look at each of these factors one by one, starting with China’s economyChina’s EconomyDespite the negative headlines you’re seeing these days, China’s economy is very strong. Its GDP growth was 8.1% in 2021. GDP has grown at 7.4% CAGR over 10 years. In 2020, when many countries entered recessions, China’s growth merely decelerated to 2.2%. With all of this growth, you might think that China is pumping itself full of debt. But think again! At 66.8, China’s government debt as a percentage of GDP is lower than that of the U.S., Canada, and the Eurozone. You may have heard stories about China’s “debt problem,” and claims of a 250% debt to GDP ratio. The figure is correct but it includes all debt, government and private. China’s government debt–the kind used to pay for fiscal stimulus–is low as a percentage of GDP. So China is growing very quickly and is fiscally sound enough to stimulate its economy should stimulation become necessary.BABA’s Competitive PositionAs we’ve seen, China has a high growth economy–the kind of economy that a company wants to operate in. That’s a great start but we still need to know about BABA’s competitive position.As an eCommerce company, BABA has few rivals of similar scale. JD.com (JD) technically does more revenue than BABA does, but it has much smaller margins. It could beat Alibaba on scale but probably not on profitability. JD holds and sells inventory. It’s hard to beat a “platform” company like BABA when you have inventory costs. It eats into margins.Pinduoduo (PDD) has been cited as a potential competitor to BABA but there’s just not much evidence of PDD moving beyond agricultural goods. Its group buying model has proven popular in China, but until it moves into other verticals, it’s not competing with huge chunks of Alibaba’s business.Tencent (OTCPK:TCEHY) competes with BABA in one limited way: it has a payment app. The Chinese government forced BABA and Tencent to accept each other’s payment apps last year. So the competition between these two companies for share of payments has indeed increased.BABA’s FinancialsAlibaba’s long-term financials are excellent. The most recent calendar year was a bit of a departure from the long term trend, but that could turn around.According to Seeking Alpha Quant, BABA’s five year CAGR growth rates in revenue, earnings and cash flows are:Revenue: 42%.Net income: 11.3%.Diluted EPS: 9.8%.Free cash flow: 13.66%.These are pretty solid metrics. They were all much higher prior to this year, but the 2021 Chinese tech crackdown caused last year’s numbers to suffer. BABA did take some new costs in 2021, like a $2.8 billion fine and a higher tax rate. However, the fine was non-recurring and the higher tax rate could be “outgrown” with enough quarters of strong revenue gains.At any rate, Alibaba has more than enough financial strength to ride out a few lacklustre quarters. Its balance sheet is one of the strongest in the world, boasting eye-popping metrics like:$276 billion in assets.$100 billion in liabilities.$176 billion in equity.$45 billion in cash.About $20 billion in debt (calculated from $5.09 billion in bonds $14.85 billion in long term bank loans).$105 billion in current assets.$64 billion in current liabilities.A 0.2 debt to equity ratio.A 1.64 current ratio.So we have debt that is very low as a proportion of shareholder equity, and high liquidity. Even BABA’s cash and equivalents outstrip its long term debt! This suggests a very solid balance sheet and a second-to-none ability to ride out a crisis.ValuationValuation has always been one of the pillars on which the BABA bull case has rested. BABA stock is very cheap by almost every multiple you can think of. Some of its most encouraging value metrics include:Adjusted P/E: 11.Price/sales: 1.96.Price/book: 1.67.Price/operating cash flow: 9.37.All of these multiples are comparatively low for the tech sector. For comparison, Amazon (AMZN), the closest comparable U.S. company, has a 46 adjusted P/E ratio.BABA’s GAAP P/E ratio (25) is a little high, but the most recent quarter included large unrealized losses on the company’s stock portfolio. Adjusted earnings and cash from operations are more closely related to the company’s operating performance, and not surprisingly, they were much higher than GAAP earnings. This isn’t just selective choice of non-GAAP measures either: operating cash flow is a GAAP metric and Alibaba reports in accordance with U.S. GAAP.As we’ve seen, Alibaba is cheap, profitable, and has high historical growth. Certainly this stock has many things to recommend it, even after Charlie Munger rode off into the sunset. However, there are still risks and challenges to the bullish thesis on Alibaba stock. These are real risks that investors will need to keep in mind. But on balance, Alibaba looks like a solid value play today. It’s still growing its revenue, its cloud business is inching toward profitability, and its valuation is cheaper than ever before. On the whole, it looks like a sweet deal – with or without Munger on board.","news_type":1},"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}