Billionaire investor Warren Buffett was a sharp critic of Donald Trump during the presidential campaign, but said in an interview broadcast by CNN Friday that he expects the stock market to continue rising.
“The stock market will be higher 10, 20 and 30 years from now and it would have been with Hillary [Clinton] and it will be with Trump,” Buffett said. Suggestions by market pundits that stocks would plunge after a Trump victory were “silly,” he said.
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Time For Truth: (Market Watch) – Trump critic Warren Buffett says stocks will continue to rise
Warren Buffett had $1.4 billion wiped from his fortune Tuesday after Wells Fargo & Co. fell 3.3 percent as the fallout continued from revelations that bank employees had opened more than 2 million accounts without clients’ approval.
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Time For Truth: (Bloomberg) – Buffett Loses $1.4 Billion as Wells Fargo Tumbles on Scandal
In a story April 30 about Berkshire Hathaway’s annual shareholders meeting, The Associated Press reported erroneously that Fabio Rivera is a student at the University of Arkansas. He attends Harding University in Searcy, Arkansas.
A corrected version of the story is below:
When a lieutenant to Warren E. Buffett first invested in Precision Castparts three years ago, the billionaire had hardly heard of the metal parts manufacturer.
Now Mr. Buffett has bought the company in his biggest takeover ever.
Berkshire Hathaway, his $354 billion industrial empire, said on Monday that it would buy Precision Castparts for $32 billion. The move will help move Mr. Buffett’s company — which includes earlier acquisitions ranging from the Burlington Northern Santa Fe railroad to Fruit of the Loom underwear — further into the industrial sector. Including debt, the transaction is worth $37.2 billion.
After all these years, the most famous investor in the world still believes that derivatives are financial weapons of mass destruction. And you know what? He is exactly right. The next great global financial collapse that so many are warning about is nearly upon us, and when it arrives derivatives are going to play a starring role. When many people hear the word “derivatives”, they tend to tune out because it is a word that sounds very complicated. And without a doubt, derivatives can be enormously complex. But what I try to do is to take complex subjects and break them down into simple terms. At their core, derivatives represent nothing more than a legalized form of gambling. A derivative is essentially a bet that something either will or will not happen in the future. Ultimately, someone will win money and someone will lose money. There are hundreds of trillions of dollars worth of these bets floating around out there, and one of these days this gigantic time bomb is going to go off and absolutely cripple the entire global financial system.