Categories
Audio Sources - Full Text Articles

Warren Buffett called out stock-market gamblers, savaged bitcoin, and praised Elon Musk and Jeff Bezos last year. Here are his 10 best quotes of 2022.

FILE PHOTO - Berkshire Hathaway chairman and CEO Warren Buffett enjoys an ice cream treat from Dairy Queen before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S. May 6, 2017. REUTERS/Rick WilkingWarren Buffett.

Thomson Reuters

  • Warren Buffett trashed bitcoin, praised Elon Musk and Jeff Bezos, and decried stock-market gambling.
  • The famed investor discussed inflation and retirement, and blasted deceptive earnings adjustments.
  • Here are Buffett’s 10 best quotes of 2022.

Warren Buffett called out stock-market gamblers, dismissed bitcoin as worthless, and lauded Elon Musk and Jeff Bezos in 2022.

The 92-year-old investor said he’s not planning to retire as Berkshire Hathaway CEO anytime soon, slammed companies that report misleading financials, and recommended one way for people to offset inflation.

He made the comments in his yearly shareholder letter, at Berkshire’s annual meeting, and during an interview with Charlie Rose.

Here are Buffett’s 10 best quotes of 2022, lightly edited for length and clarity:

1. “Charlie and I are not stock-pickers; we are business-pickers.” (Buffett was referring to his longtime business partner and Berkshire’s vice-chairman, Charlie Munger.)

2. “Deceptive ‘adjustments’ to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull.”

3. “Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the ‘orangutan effect’: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.”

4. “I know I’ll win over time. That doesn’t mean I’ll beat everybody else, or anything like that. But the game is very, very, very easy if you have the right lessons in your mind about what you’re buying.” (Buffett was underscoring that he views shares as pieces of a business.)

5. “We have a successor in place, but he’s not warming up. I’m in overtime but I’m out there.”

6. “Elon is taking on General Motors and Ford and Toyota, and all these people who’ve got all this stuff, and he’s got an idea and he’s winning. That’s America. You can’t dream it up. It’s astounding.”

7. “It couldn’t happen but it did. If they’d stopped in Omaha on the drive from New York to Seattle and he’d said, ‘What do you think of this idea?’ I would have said, ‘Good luck, Jeff.'” (Buffett was referring to Amazon’s unlikely evolution from an online bookseller to a technology titan under founder Jeff Bezos.)

8. “Sometimes the stock market is quite investment-oriented, and other times it’s almost totally a casino, a gambling parlor — and that existed to an extraordinary degree in the last couple of years, encouraged by Wall Street.”

9. “If you told me you owned all of the bitcoin in the world, and you offered it to me for $25, I wouldn’t take it because what would I do with it? I would have to sell it back to you one way or another. It isn’t going to do anything.”

10. “The best protection against inflation is still your own personal earnings power. The best investment by far is anything that develops yourself.”

Read more: David Rubenstein views Warren Buffett as the ultimate investor. The Carlyle billionaire outlines the 12 traits and habits that are critical to Buffett’s success.

Read the original article on Business Insider
Categories
Audio Sources - Full Text Articles

A college student raked in a $110 million profit on Bed Bath & Beyond after investing $25 million in the meme stock

Bed Bath & BeyondA college student made a fortune on Bed Bath & Beyond stock.

Photo by Chris Hondros/Getty Images

  • A college student made a $110 million profit on Bed Bath & Beyond stock in August 2022.
  • Jake Freeman’s fund revealed a 6.2% stake in the retailer in late July, then sold it weeks later.
  • Bed Bath & Beyond, a meme stock, surged as high as $27 and ended the year below $3.

A 20-year-old college student pocketed an estimated $110 million profit by selling Bed Bath & Beyond shares in August 2022. He capitalized on the ailing home-wares retailer becoming a meme stock and skyrocketing in value within a matter of days.

Jake Freeman, the boss of Freeman Capital Management, revealed that he owned almost 5 million Bed Bath & Beyond shares, or 6.2% of the company, in a Securities and Exchange Commission filing on July 21. He sold the entire position by August 16, another filing shows.

Bed Bath & Beyond stock more than tripled in price from under $6 to over $20 during that period, as retail traders piled in hoping it would skyrocket in value like GameStop, AMC, and other meme stocks. Freeman spent about $25 million on his stake, or less than $5.50 a share, and sold it for north of $130 million, the Financial Times reported.

“I certainly did not expect such a vicious rally upwards,” Freeman told the newspaper. “I thought this was going to be a six-months-plus play,” he continued, adding that he was “really shocked that it went up so fast.”

Freeman is an applied math and economics major at the University of Southern California, and he copublished a paper titled “Irreducible Risks of Hedging a Bond With a Default Swap” at the age of 16. He told the FT that he has invested alongside his uncle for years, previously interned at a hedge fund named Volaris Capital, and mostly raised the money for his Bed Bath & Beyond bet from friends and family.

He arguably lucked out with the timing of his sale. Bed Bath & Beyond stock fell as much as 19% on August 17, after Ryan Cohen, the retailer’s largest shareholder and GameStop’s chair, disclosed that he intended to dump his entire 12% position in the company.

Bed Bath & Beyond shares had spiked on August 16 after Cohen confirmed he still held bullish call options on the stock. Cohen helped spark GameStop’s surge in January 2021 — and he kick-started the wider meme-stock boom — by investing in the video-game retailer and pushing for changes at the company.

Freeman didn’t immediately respond to a request for comment from Insider.

Read more: Top 13 meme stocks on Reddit right now: Bed Bath & Beyond goes bananas as retail investors return with a vengeance

Read the original article on Business Insider
Categories
Audio Sources - Full Text Articles

9 hardline Republicans are withholding support for Kevin McCarthy’s bid for Speaker of the House, demanding more concessions

House Minority Leader Kevin McCarthy has expressed support for a stock trade ban.Kevin McCarthy.

Demetrius Freeman/The Washington Post via Getty Images

  • Kevin McCarthy’s race to become House Speaker looks set to go down to the wire. 
  • Several hardline GOP lawmakers are making further demands before McCarthy can secure their votes.
  • Some want just a single lawmaker to be able to call for a vote to oust the Speaker.

House Republican Leader Kevin McCarthy faces further hurdles from a group of nine hardline GOP figures who are withholding their support for his bid to become Speaker of the House, according to multiple reports. 

McCarthy spoke to the group in a conference call on Sunday, Politico and CNN reported. The House GOP then announced several concessions in a provisional rules package, per CNN.

However, the nine lawmakers said in a letter that “there continue to be missing commitments with respect to virtually every component of our entreaties, and no means to measure whether promises are kept or broken.”

The letter was signed by Reps. Scott Perry, Paul Gosar, Dan Bishop, Chip Roy, Andy Harris, Andrew Clyde; and Reps.-elect Andy Ogles, Anna Paulina Luna, and Eli Crane.

Politico reporter Olivia Beaver tweeted the full text of the letter:

—Olivia Beavers (@Olivia_Beavers) January 2, 2023

 

With the vote looming on Tuesday, it’s unclear whether McCarthy has the support he needs — which has emboldened some lawmakers to seek considerable influence over the rules package that governs the position. 

Among the issues being thrashed out is the procedure for ousting a House Speaker, something that some conservative hardliners want to make far easier.

Currently, the threshold to force a floor vote on vacating the Speaker’s chair is a party majority.

On Sunday’s call, McCarthy agreed to set the threshold to five lawmakers, CNN reported. But some GOP hardliners want that figure to be as low as one person, CNN reported. 

Rep. Matt Gaetz of Florida, who has long opposed McCarthy for Speaker, indicated he might waiver if McCarthy made a credible offer of a one-person threshold, CNN reported.

After a poorer-than-expected showing in the 2022 midterm elections, the Republican Party holds a thin majority in the House (222-213), giving each Republican lawmaker considerable influence.

Other concessions from McCarthy included a promise to make sure committees “closely reflect the ideological makeup of our conference,” The Hill reported him as saying in a letter to GOP colleagues. 

McCarthy has also promised to set up a House Judiciary Select Subcommittee in order to scrutinize the “Weaponization of the Federal Government,” The Hill reported, citing the GOP package.

The demand comes amid stated Republican concerns over the politicization of federal agencies and is expected to hone in on the Biden administration, The Hill reported.

Read the original article on Business Insider
Categories
Audio Sources - Full Text Articles

Investing legend Jeremy Grantham flagged a huge market bubble and predicted an epic crash. Here are his 12 gloomiest warnings since the pandemic began.

GettyImages 1193640564Jeremy Grantham.

Boston Globe/Getty Images

  • Jeremy Grantham diagnosed an epic market bubble and predicted a devastating crash.
  • The GMO cofounder called out reckless speculation on meme stocks and cryptocurrencies.
  • Here are Grantham’s 12 most dire quotes about bubbles and crashes since the pandemic began.

Jeremy Grantham, in a raft of outlooks and interviews between the spring of 2020 and the end of 2022, repeatedly warned investors they were caught in a historic bubble and careening towards a devastating crash.

The GMO cofounder and market historian is best known for calling the last three market bubbles. He highlighted several signs of impending doom, including investor euphoria, excessive valuations, and rampant speculation on risky assets such as meme stocks and cryptocurrencies.

Here are Grantham’s 12 best quotes since the pandemic began, lightly edited and condensed for clarity:

1. “My confidence is rising quite rapidly that this is, in fact, becoming the fourth ‘real McCoy’ bubble of my investment career.” (June 2020)

2. “The market can go up on bad news and go up on good news — those are characteristics of a bubble. There’s nothing much you can throw at it when it gets going.” (November 2020)

3. “I’ve never had any illusions about my ability to time the bubble breaking. I have a very low definition of success; it’s that sooner or later the market will be lower than the point at which I suggested you should get out.” (November 2020)

4. “Make no mistake — for the majority of investors today, this could very well be the most important event of your investing lives. Here we are again, waiting for the last dance and, eventually, for the music to stop.” (January 2021) 

5. “When you have reached this level of obvious super-enthusiasm, the bubble has always, without exception, broken in the next few months, not a few years.” (January 2021) 

6. “I sympathize completely with these people out there enjoying this bubble, but they’ve always ended very badly, and I have no doubt this one will too.” (February 2021)

7. “We will have to live, potentially, with the biggest loss of perceived value from assets that we have ever seen.” (May 2021)

8. “People are having fun, and they’ll lose everything in the end. And I’m sorry for them because I’m sure they can’t afford to lose everything.” (May 2021)

9. “Bubbles are unbelievably easy to see; it’s knowing when the bust will come that is trickier. You see it when the markets are on the front pages instead of the financial pages, when the news is full of stories of people getting cheated, when new coins are being created every month.” (July, 2021)

10. “This bubble is the real thing, and everyone can see it. It’s as obvious as the nose on your face.” (July 2021)

11. “You knew last year this bubble was going to be the real McCoy, but you didn’t know if it was going to break the next Wednesday, or a year later. One by one, we’ve checked off every condition that a glorious bubble needs in terms of crazy behavior. This has been crazier by a substantial margin than 1929 and 2000.” (September 2021)

12. “There’s a bigger buy-in this time to the idea that prices never decline, and that all you have do is buy, than there has ever been. When the decline comes, it will perhaps be bigger and better than anything previously in US history.” (November 2021)

Read more: The creator of a Michael Burry subreddit explains why ‘The Big Short’ investor’s selling spree is a huge red flag — and lays out why it’s a major endorsement for the few stocks he has left

Read the original article on Business Insider
Categories
Audio Sources - Full Text Articles

walter soriano – Google Search google.com/search?q=walte… ipi.media/lawsuit-brough…

walter soriano – Google Search google.com/search?q=walte… ipi.media/lawsuit-brough…
Categories
Audio Sources - Full Text Articles

Michael Novakhov retweeted: Let me tell you a story about Nastya Rybka, a seductress who dated Russian oligarch Oleg Deripaska and recorded him allegedly talking about collusion with the Trump campaign. This is a story about how her story was caught and killed.

Michael Novakhov retweeted:

Let me tell you a story about Nastya Rybka, a seductress who dated Russian oligarch Oleg Deripaska and recorded him allegedly talking about collusion with the Trump campaign.

This is a story about how her story was caught and killed.

FbWfuvQUEAAgMxW.png:large

Categories
Selected Articles

ALBANIA/UNITED STATES/MONACO/RUSSIA : The FBI goes after … – Intelligence Online

imageresize?x=800&web=1&wide=1&file64=V2

ALBANIA/UNITED STATES/MONACO/RUSSIA : The FBI goes after …  Intelligence Online

Categories
Selected Articles

Walter Soriano’s USG launches new professional compliance services for banks and financial institutions – Yahoo Finance

Walter Soriano’s USG launches new professional compliance services for banks and financial institutions  Yahoo Finance
Categories
Selected Articles

Walter Soriano’s WSLM Advises Clients to Prepare for a Real Estate Market Downturn – Yahoo Finance

Walter Soriano’s WSLM Advises Clients to Prepare for a Real Estate Market Downturn  Yahoo Finance
Categories
Audio Sources - Full Text Articles

Benedict’s 2013 resignation shook a routine Vatican ceremony

VATICAN CITY (AP) — Veteran reporter Giovanna Chirri was starting to doze off in the Vatican press room on a slow holiday when all of a sudden the Latin she learned in high school made her perk up — and gave her the scoop of a lifetime.

It was Feb. 11, 2013, and Chirri was watching closed-circuit television coverage of Pope Benedict XVI presiding over a pro-forma meeting of cardinals to set dates for three upcoming canonizations.

But at the end of the ceremony, rather than stand up and leave the Consistory Hall of the Apostolic Palace, Benedict remained seated, took out a single sheet of paper and began to read.

“I have convoked you to this consistory, not only for the three canonizations, but also to communicate to you a decision of great importance for the life of the Church,” Benedict said quietly in his German-clipped Latin.

Chirri followed along but only began to realize the import of what was unfolding when she heard Benedict then utter the words “ingravescente aetate.” The term is Latin for “advanced age,” and is the title of a 1970 Vatican regulation requiring bishops to retire when they turn 75.

Knowing both Latin and Vatican regulations well, Chirri slowly began to realize that Benedict had just announced he too would be retiring, at the end of the month, because he believed he was getting too old for the job.

It was the first papal resignation in 600 years, and Chirri, the Vatican correspondent for the authoritative ANSA news agency, was about to report the news to the world.

“Hearing this ‘ingravescente aetate’ I started to feel sick physically, a really, really violent reaction,” Chirri recalled years later.

Her head felt like it was a balloon inflating. Her left leg began to shake so uncontrollably that she had to hold it down with one hand as she started making phone calls to her Vatican sources to check that she had heard Benedict correctly.

After finally receiving confirmation from the Vatican spokesman, Chirri sent the flash headline on ANSA at 11:46 a.m.

“The pope is leaving the pontificate beginning 2/28,” it read.

Benedict died Saturday, almost a decade after that momentous day.

Years later, Chirri still searches for the right words to express the emotional, physical, professional and intellectual combustion that that headline, and all it implied, caused her.

“I was terrified by news that was unthinkable to me,” she said.

Aside from the fact that she truly liked Benedict as a pope, Chirri couldn’t comprehend that the conservative German theologian who spent his life upholding church rules and doctrine would take the revolutionary step of resigning.

“Now eight years have passed and we’re used to it,” she said in an interview in 2021. “But eight years ago, the idea that the pope might resign was beyond (reality). It was a theoretical hypothesis” that was technically possible but had been rejected repeatedly by popes over the centuries.

Chirri won accolades for having had both the intellectual capacity to understand what had transpired, and the steely nerves to report it first and accurately among mainstream news organizations — no small feat considering the near-official authority that an ANSA headline carries in reporting Vatican news.

It was a holiday in the Vatican that day — the anniversary of the Lateran Accords between Italy and the Vatican — and only a handful of other reporters were even in the press room to hear the in-house broadcast of the ceremony.

But Chirri was there, the right person in the right place at the right time.

“Certainly, if I hadn’t been an Italian who studied Latin in the 1970s in Italy, I never would have understood a thing,” Chirri said of Italy’s classics-heavy public high school curriculum.

“Also, because the pope was reading so calmly, it was like he was telling us what he had had for breakfast that morning,” she added.

Only later, would it emerge that Benedict had been planning to retire for months. A nighttime fall during a 2012 trip to Mexico confirmed to him that he no longer had the strength for the globe-trotting rigors of the 21st century papacy.

Benedict knew well what was required to make the announcement legitimate: Though only a handful of popes had done it before, canon law allows for a papal resignation as long as it is “freely made and properly manifested.”

Some traditionalists and conspiracy theorists would later quibble with the grammatical formula Benedict used, claiming it rendered the announcement null and that Benedict was still pope.

But Benedict fulfilled both requirements under the law: He stated that he had come to the decision freely, made it public in a Vatican ceremony using the official language of the Holy See, and repeated it for years to come to remove any doubt.

“As far as canon law is concerned, it’s impeccable,” Chirri said.

And for anyone paying attention, Benedict had hinted about his intentions for years.

In 2009, during a visit to the earthquake-ravaged city of L’Aquila, Benedict prayed at the tomb of Pope Celestine V, the hermit pope who stepped down in 1294 after just five months in office. Benedict left on Celestine’s tomb a pallium — the simple white woolen stole that is a symbol of the papacy.

No one thought much of it at the time. But in retrospect, a pope leaving behind a potent symbol of the papacy on the tomb of a pope who had resigned carried a message.

One year later, in a 2010 book-length interview, Benedict said point-blank that popes not only could but should resign under certain circumstances, though he stressed that retirement was not an option to escape a particular burden.

“If a pope clearly realizes that he is no longer physically, psychologically and spiritually capable of handling the duties of his office, then he has a right, and under some circumstances, also an obligation to resign,” Benedict said in “Light of the World.”

He essentially laid out that same rationale to his cardinals on that chilly February morning.

“After having repeatedly examined my conscience before God, I have come to the certainty that my strengths, due to an advanced age, are no longer suited to an adequate exercise of the Petrine (St. Peter) ministry,” he said.

He said that in modern world, “strength of mind and body are necessary, strength which in the last few months, has deteriorated in me to the extent that I have had to recognize my incapacity to adequately fulfill the ministry entrusted to me.”

Closing out his remarks, Benedict thanked the cardinals for their love and service and begged their forgiveness for his defects.

And in a promise he kept to the very end, he vowed to continue serving the church “through a life dedicated to prayer.”

___

Follow AP’s coverage of the death of Pope Emeritus Benedict XVI at https://apnews.com/hub/pope-benedict-xvi

WP Radio
WP Radio
OFFLINE LIVE