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What Tech's Survivalist Billionaires Should Be
WHAT TECH’S SURVIVALIST BILLIONAIRES SHOULD BE DOING INSTEAD COULD AMAZON'S JEFF BEZOS, THE WORLD'S SECOND RICHEST MAN, BE HUMANITY'S LAST HOPE? By IMD Professor Howard Yu IMD Chemin de Bellerive 23 PO Box 915, CH-1001 Lausanne Switzerland Tel: +41 21 618 01 11 Fax: +41 21 618 07 07 [email protected] www.imd.org Copyright © 2006-2017 IMD - International Institute for Management Development. All rights, including copyright, pertaining to the content of this website/publication/document are owned or controlled for these purposes by IMD, except when expressly stated otherwise. None of the materials provided on/in this website/publication/document may be used, reproduced or transmitted, in whole or in part, in any form or by any means, electronic or mechanical, including photocopying, recording or the use of any information storage and retrieval system, without permission in writing from IMD. To request such permission and for further inquiries, please contact IMD at [email protected]. Where it is stated that copyright to any part of the IMD website/publication/document is held by a third party, requests for permission to copy, modify, translate, publish or otherwise make available such part must be addressed directly to the third party concerned. WHAT TECH’S SURVIVALIST BILLIONAIRES SHOULD BE DOING INSTEAD | Could Amazon's Jeff Bezos, the world's second richest man, be humanity's last hope? Amazon’s CEO, Jeff Bezos, recently passed Warren Buffett to become the world’s second-richest person, behind only Bill Gates. And on Wednesday, Bezos revealed that he has been selling about $1 billion in Amazon.com AMZN +1.41% stock a year to fund space travel, with the commitment of flying paying customers as soon as 2018. -
Warren Buffett Faces Insider Trading: a Case Study by Christian Koch, University of South Florida
Volume 4, Number 1 Example Case Study 8 SEPTEMBER 2020 Warren Buffett Faces Insider Trading: A Case Study By Christian Koch, University of South Florida illionaire Warren Buffett has amassed a tially committed insider trading. Sokol resigns large following among those in the invest- from his position unexpectedly. In rank, Sokol Bment world and the numerous sharehold- is behind Charlie Munger, Buffett’s long-time ers of Berkshire Hathaway. Headquartered in business partner. Sokol is Chairman of sever- Omaha, Nebraska, Berkshire Hathaway oper- al Berkshire subsidiaries and has had a long, ates as a conglomerate that owns and operates successful relationship working with Buffett. businesses with famil- In fact, Sokol is consid- iar brand names like ered Buffett’s protégé Fruit of the Loom, GE- and the lead candidate ICO, Dairy Queen and In March 2011, Warren Buffett to replace Buffett upon Duracell. It also oper- stepped into chaos. The Chairman retirement. ates a large marketable of one of Berkshire Hathaway sub- In a March 30, 2011 securities portfolio run sidiaries, David Sokol, had resigned press release, Buffett by Buffett. Some top his position, but there was more to states, “in our first talk equity holdings are Co- the story. about Lubrizol, Dave ca-Cola, Bank of Amer- Sokol mentioned that ica, American Express, he owned stock in the Wells Fargo and Kraft company. It was a pass- Heinz. ing remark and I did not ask him about the date Buffett learns days after the public announce- of his purchase or the extent of his holdings” ment of the all-cash deal to acquire Lubrizol, (Busines Wire, March 30, 2011). -
An Investment Lesson from Warren Buffett
The VIEW from BURGUNDY APRIL 2012 “Predicting Rain Doesn’t Count, Building Arks Does” AN INVESTMENT LESSON FROM WARREN BUFFETT PEOPLE OFTEN APPROACH INVESTMENTS without fi rst approach to portfolio construction. First, that only understanding what they are trying to achieve. ownership could generate the returns he desired, and Many end up with poor long-term returns and second, that losses would erode compounding’s even more confused than when they started. “magic.” Buffett would go on to apply these insights Warren Buffett, on the other hand, has accumulated a enthusiastically and with extraordinary success for $44 billion fortune in one lifetime of investing, starting many decades. from scratch, and has never been confused about how The Power of Ownership he earned it.i In this View from Burgundy, we will uncover how Buffett frames his investment approach. The Oracle of Omaha’s fi rst epiphany was about the The investment lesson learned, properly applied, power of ownership and it came at a young age. As a is sure to help us generate improved long-term results. teenager, Buffett purchased some farmland and split the annual crop income with the tenant farmer. After A Defi ned Goal and Timeline fi ve years, when the land was sold and Buffett doubled How did the Sage of Omaha create a huge fortune his original investment, he learned that although the from scratch? First, he knew what he was trying to owner risks the initial capital, only the owner benefi ts achieve. From a young age, Buffett’s goal was to from any capital gains. -
11 Warren Buffett Quotes That'll Make You a Smarter Investor
11 Warren Buffett quotes that'll make you a smarter investor The world’s third-richest person and Berkshire Hathaway (BRK-A, BRK-B) chairman and CEO Warren Buffett is known for his folksiness, pith, and ability to distill complex investing and economic concepts into super simple ideas. His annual letter to shareholders is often the forum Buffett uses to not only explain Berkshire’s wins and losses over the previous year, but also to espouse certain lessons the most novice investor can heed. Ahead of the annual Berkshire Hathaway shareholder meeting on May 5, which Yahoo Finance is livestreaming from Omaha, we’ve collected a few of his notable quotes (as we’ve done before). Many touch on themes and ideas that he comes back to again and again; they all speak to his broad ideas about investing, money, and life in general. You don’t have to understand advanced investment theory to be a good investor “To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses – How to Value a Business, and How to Think About Market Prices.” -1996 shareholder letter “…an investor needs some general understanding of business economics as well as the ability to think independently to reach a well-founded positive conclusion. -
Krupa Global Investments Announces Holiday Campaign to Save Kraft Heinz; Will Bring Campaign Directly to Buffett
Krupa Global Investments Announces Holiday Campaign to Save Kraft Heinz; Will Bring Campaign Directly to Buffett The Central Europe based investment firm, previously known as Arca Capital, is arranging for billboards and demonstrations during the holiday season to advance its campaign for an $80/share buyout of Kraft Heinz from Berkshire Hathaway PRAGUE, Dec. 21, 2018 -- Krupa Global Investments ("KGI"), one of the largest shareholders in Kraft Heinz, has announced that it will continue its campaign for an $80/share buyout throughout the holidays in an effort to convince Warren Buffett to make investors whole on funds invested when Kraft Heinz first went public in 2015. Kraft Heinz shares have fallen approximately 40 percent since the IPO. The holiday campaign will involve demonstrations in Omaha with canvassers distributing flyers complete with a direct appeal from ordinary shareholders to Buffett. That letter can be found on Krupa Global Investments website at www.KrupaInvestments.com. Demonstrations have also been taking place in New York earlier this week outside the offices of various Berkshire Hathaway Board members. Pavol Krupa, Chairman of Krupa Global Investments, had the following remarks on the letter and the campaign, "We at Krupa Global Investments wish Mr. Buffett and all board members of Berkshire Hathaway a Merry Christmas and Happy Holidays. Krupa Global Investments stands ready to meet with Mr. Buffett, even during the holidays, to build consensus for a constructive resolution that will build billions of dollars in shareholder value for ordinary investors and Buffett alike." About Krupa Global Investments: Krupa Global Investments, previously known as Arca Capital, is a private investment group with a focus on energy, real estate, retail and service activities, as well as regulated activities focused on building and managing fund structures focusing on energy, real estate and financial services. -
Alice Schroeder) Page 1 Variety of Roles in the Area of Professional Ethics, Accounting Standard-Setting, and Regulation
The Forging of a Skeptic - From Accountant to Buffett’s Voice on Wall St. http://seekingalpha.com/article/235292-behind-the-scenes-with-buffett-s-biographer-alice- schroeder Miguel: Hi Alice. I’d like to start by thanking you for taking the time to talk with me. Alice: Miguel, thanks for inviting me to do the interview. This is the first time I’ve ever talked to anyone at length about Warren Buffett, The Snowball, why I wrote the book, and the lessons learned. Miguel: Start by explaining what was special about your experience with The Snowball. Alice: When we discussed doing this interview, a theme that emerged was the hidden world of people like Warren Buffett, people who are in the top tenth of one percent of society in terms of fame, money, and connections, and how little most of us know of that world and its hierarchy and norms. Instinctively, you know that Snookie doesn’t go to parties with Bob Iger and Willow Bay (Disney CEO and his wife, a television host), but the more granular distinctions aren’t self- evident. For example, how valuable a form of social currency strong political connections in Washington can be, not because of their actual importance, but because they bring you reliably fresh and impressive-sounding conversational material to use at dinner parties. Even once inside a person’s world, getting to know their life history and psyche takes years, and that’s even truer of an important public figure because they’re so self-protective. Warren is so remote that his inner world has been accessible only to a tiny handful of people over the course of his lifetime, even though so many people are acquainted with him and consider him a friend. -
Berkshire Hathaway, Inc
Investment Stewardship Vote Bulletin: Berkshire Hathaway, Inc. Company Berkshire Hathaway, Inc. (NYSE: BRK) Market and Sector United States/Financial Services Meeting Date 1 May 2021 Item 1.1: Elect Director Warren E. Buffett (Chairman and CEO) Item 1.11: Elect Director Thomas S. Murphy (former Chairman of the Audit Committee) Item 1.13: Elect Director Walter Scott, Jr. (Chairman of the Governance Committee) Key Resolutions1 Item 2: Report on Climate-Related Risks and Opportunities (Shareholder Proposal) Item 3: Publish Annually a Report Assessing Diversity and Inclusion Efforts (Shareholder Proposal) Key Topics Governance structure, board oversight, climate risk, diversity, equity and inclusion Board The board recommended voting FOR Items 1.1, 1.11, and 1.13, and AGAINST the two Recommendation shareholder proposals (Items 2 and 3) BlackRock Vote BlackRock voted FOR Items 1.1, 2 and 3, and AGAINST Items 1.11 and 1.13 Overview Berkshire Hathaway, Inc. (Berkshire Hathaway) engages in the provision of property and casualty insurance, reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, and retailing services through its diverse public and private subsidiary businesses. Notably, Berkshire Hathaway controls 91% of public subsidiary Berkshire Hathaway Energy. Berkshire Hathaway has a long history of strong financial performance, however, as we discuss in this Vote Bulletin, our concerns are related to our observation that the company is not adapting to a world where environmental, social, governance (ESG) considerations are becoming much more material to performance. As a long-term investor on behalf of our clients, BlackRock Investment Stewardship (BIS) engages with companies to understand their approach to managing material corporate governance and sustainable business practices and to explain our views and provide feedback on issues of importance to a company’s ability to generate sustainable long-term returns. -
Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Streets Bluff Free Download
CONFIDENCE GAME: HOW HEDGE FUND MANAGER BILL ACKMAN CALLED WALL STREETS BLUFF FREE DOWNLOAD Christine S. Richard | 336 pages | 15 Apr 2011 | John Wiley & Sons Inc | 9781118010419 | English | New York, United States Hedge Fund Manager Wall Street was happy to deal with both the bond insurers and AIG because they appeared to be among the most creditworthy counterparties in the world. They got inside the house and scratched at the walls, keeping Washington awake at night. The Worst That Could Happen. Do you like that better than a model? Hedge fund managers and especially short sellers are all too often portrayed in a negative light. The model was dangerous. In recent months, Ackman had shared his analysis of MBIA with Einhorn, who had meanwhile been unusually public in his criticism of another company called Allied Capital Corporation, a firm that provided debt and equity financing to midsized companies. Why did the number of insured bonds guaranteed by MBIA and Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Streets Bluff below investment grade double in the last few quarters? The next afternoon, with the list of Caulis Negris properties in hand, I went out to see more. Where are they filed with the SEC? The financial markets, only recently recovered from the upheaval caused by the failure of Long Term Capital Management, could be thrown into turmoil again. By insuring a bond and stamping the triple-A credit rating on it, companies such as MBIA and Ambac turned the security into a kind of commodity that could be easily traded. -
Warren Buffett's Pacificorp in Federal Court for Air Pollution Violations
FOR IMMEDIATE RELEASE Wednesday, March 6, 2013 Contact: Krista Collard, (415) 477-5619, cell (614) 622-9109 Warren Buffett’s Pacificorp in Federal Court for Air Pollution Violations PORTLAND—Corporate owners of one of the largest and most polluting coal plants in the nation, Colstrip Generating Facility located in Montana, landed in federal court today for what the Sierra Club and the Montana Environmental Information Center (MEIC) call egregious violations of the federal Clean Air Act. The complaint contains an astounding 39 claims of Clean Air Act violations. The owners facing federal violations include high-profile companies like Warren Buffett’s PacifiCorp, Washington-based Puget Sound Energy (PSE), Pennsylvania Power and Light (PPL), Avista Utilities, Portland General Electric, and NorthWestern Energy. Bruce Nilles, national director of Sierra Club’s Beyond Coal campaign issued the following statement in response: “Across America utilities are transitioning from coal to clean energy, yet the Colstrip owners shovel customers’ money into a Montana coal plant that is one of the largest polluters in the U.S. The Colstrip coal plant is a liability not just for the owners and their boards, but also for the families who will be asked to foot the bill to keep a dying plant on life support. Of great concern is Pacificorp’s continued involvement in illegal practices that intentionally deceive its customers about its coal plant operations. While other parts of the Warren Buffett empire like Mid- American have demonstrated real commitment to clean energy investment and responsible coal plant retirements, Pacificorp continues to hold nearly 80% of its energy portfolio in dirty coal and has made little effort to transition to renewable energy like wind and solar. -
Former Netjets Executive Joining Private Equity Firm by the ASSOCIATED PRESS - OCT
Former NetJets Executive Joining Private Equity Firm By THE ASSOCIATED PRESS - OCT. 29, 2015. OMAHA, Neb. — The former Berkshire Hathaway executive who earned praise from Warren Buffett while leading NetJets for four years is joining a private equity firm that invests in hotels. Four months after Jordan Hansell resigned in the midst of NetJets' contract dispute with its pilots' union, he took a job as president of Rockbridge Holdings. While at NetJets, Hansell had appeared alongside Buffett in interviews to discuss the cost-cutting turnaround he led from 2011 until June. But near the end of tenure, Hansell became the focus of the union's ire over concessions the company sought in prolonged talks. "Ultimately, it became a little bit about me as a leader, and I thought it was probably best if I got out of the way to see if they could come to a conclusion in those arrangements," Hansell said about why he left NetJets. The company's 2,700 pilots reached a tentative contract agreement with NetJets earlier this month. The company sells partial ownership interests in a fleet of more than 700 business jets. During Hansell's time with NetJets, Buffett praised his efforts to cut costs after demand for private jets plummeted in the midst of the Great Recession. Buffett did not respond to questions this week. Hansell seemed to tire of the challenging economic conditions NetJets faced. Now at Rockbridge, Hansell will get more opportunity to use the dealmaking skills he learned before joining NetJets as a mergers and acquisitions lawyer. "When I arrived at NetJets along with others, it was in 2009 in very difficult circumstances," Hansell said. -
Berkshire Hathaway Inc. News Release for Immediate
BERKSHIRE HATHAWAY INC. NEWS RELEASE FOR IMMEDIATE RELEASE April 27, 2011 Omaha, NE (NYSE: BRK.A; BRK.B)—Last night the Berkshire Hathaway Inc. Audit Committee released its report to Berkshire’s Board of Directors regarding the trading in Lubrizol Corporation shares by David Sokol. A complete copy of the report is attached and is also being posted on Berkshire’s website. In addition, a complete transcript of all questions and answers related to the David Sokol – Lubrizol matter that are raised at Berkshire’s annual shareholders meeting on Saturday April 30 will be posted on Berkshire’s website as soon as possible following the meeting. Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B. — END — Contact Marc D. Hamburg 402-346-1400 BERKSHIREHATHAWAYINC. TO: The Board of Directors FROM: The Audit Committee DATE: April 26, 2011 RE: Trading in Lubrizol Corporation Shares by David L. Sokol A. Summary. Berkshire Hathaway’s top priority is to maintain the highest standards of business ethics. Company policies require the employees of Berkshire Hathaway and its subsidiaries to uphold those standards. The Audit Committee has considered1 the conduct of David Sokol in connection with his trading in the shares of Lubrizol, and has determined that it violated those standards. In particular: His purchases of Lubrizol shares while serving as a representative of Berkshire Hathaway in connection with a possible business combination with Lubrizol violated company policies, including Berkshire Hathaway’s Code of Business Conduct and Ethics and its Insider Trading Policies and Procedures. -
Campaign Overview | Mailchimp
February 2018 Newsletter Would you bet against Jeff Bezos, Warren Buffett and Jamie Dimon? The shock wave felt across the health care business Dear Colleagues, As it happens, I was at Magellan Healthcare’s MOVE conference when the news hit that these three movers and shakers have agreed to form a new company to do something about burgeoning costs and other problems in the healthcare business. While the details are still unclear, the agreement has a lot of people in the healthcare system wondering what it might mean for them. The hungry tapeworm of ballooning healthcare costs Warren Buffett is ever brilliant at a turn of phrase, and this one is no different. Not only are healthcare costs in the United States higher than they are in the rest of the world, they’ve also been rising faster than elsewhere. According to Consumer Reports, if you sliced out healthcare spending in the United States and made a country out of it, it would be the world’s fifth largest economy. Page 1 of 12 The negative consequences of one sector sucking up so much of the economy are, indeed, dire. Funds going into healthcare aren’t available for other things – things like raises for workers, for instance, contributing to flat wages and limited earning power for many. The Bezos-Buffett-Dimon agreement clearly signals that the frustration with seemingly intractable momentum in rising costs has reached some kind of tipping point. Completely broken market mechanisms According to Capitalism 101, prices for things are set by market mechanisms. Buyers try to get the lowest prices they can get, and sellers try to get the highest, and depending on the laws of supply and demand they eventually negotiate a deal.