Warren Buffett could be the latest Wall Street titan to have his reputation trashed.
On Wednesday, Buffett’s Berkshire Hathaway disclosed that David Sokol, one of the insurance company’s top executives, and until yesterday a possible Buffett successor, purchased $10 million in shares for his personal account of chemicals company …
It’s time for the weekly roundup of helpful, weird, and wonderful money-saving tips from around the Web.
Curious CapitalistEconomy & Policy
Warren Buffet focuses on exports for growth (Jason Lee/REUTERS)
Leave it to Warren Buffet to be the biggest America bull. The legendary billionaire investor gave a pep talk on our country’s prospects to investors in his annual shareholder’s letter, arguing that the nation’s “best days lie ahead” and pledged to pour …
A new book profiles ten unknown, ordinary investors—including college dropouts, engineers, a former truck driver, a retired DJ, most of them without MBAs or fancy degrees. What makes these investors extraordinary, however, is that they’ve managed to do what the wisdom on the street says can’t be done by consistently pulling in amazing …
He owns a successful investment firm, employs 1,000 people, and is worth hundreds of millions of dollars. He also brings a homemade lunch to the office every day, had the office carpet repaired with duct tape, pays “only for the meat” and nothing else at holiday parties, and, after company meetings, gathers up paper clips so they can be reused.
Roughly $300 will get you a Star Wars poster at Pottery Barn, or a patient to actually take his or her prescription drugs. Meanwhile, some folks are spending $12,000 for ride-on lawnmowers, and $360K buys your 16-year-old—OK, not your 16-year-old, but P. Diddy’s 16-year-old—a new car.
It’s a long held mantra on Wall Street to buy straw hats in winter. The notion is that you should buy the shares of a company when no body wants them, or when things look their worst. Buy at the low. So based on that logic here’s the question: Is BP’s stock a buy? That’s the case that Felix Salmon makes on his Reuters blog:
Did the
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Warren Buffett is old. He can’t keep up with the times. He’s famously cheap, and wears dorky grandpa glasses and bad suits. Even his seemingly cool nickname, “The Oracle of Omaha,” sort of sounds like a hokey phrase coined in the Roaring ’20s, or perhaps in ancient Greece. But as he’s proved time and again—like last year, when net …
Over the weekend, Warren Buffett posted his annual letter to the shareholders of Berkshire Hathaway. You can read it here (PDF).
The 20-page letter is, as always, partly a recap of the Buffett philosophy: only buy businesses you understand, keep plenty of cash on hand, run companies for long-term return and not short-term stock-price …
Take it from a business journalist: Don’t listen to stock tips from business journalists. Also, don’t invest like an average Joe (or Jane).
Chances are, if you’ve spent your life studying how money and economics work, or if you’ve been fairly successful at actually making money and compiling it in a bank account, you’re a cheapskate when it comes to food, wine, cars, homes, clothes, and nearly everything else.
An Internet cartoon starring Warren Buffett is expected to be released sometime later this year. It’ll be called “Secret Millionaires Club,” starring America’s most lovable 2-D billionaire, along with four cartoon kids who cover the range of ethnic makeup and skin color in Benetton-ad fashion.
