Business Insider reports that Warren Buffett helped Thomas Kaplan become a billionaire. Buffett bought 130 million ounces of silver in the late 1990s, just before Kaplan listed his silver-mining company. Buffett has did Kaplan another favor when he bought a stake in Barrick Gold last quarter. Barrick co-owns the Donlin Creek gold deposit in Alaska with NovaGold, which counts Kaplan as its chairman and largest shareholder. "Lightning has now struck twice. Now I owe him two!"
Warren's Buffett's Berkshire Hathaway made a $570 million bet on Snowflake. According to Business Insider, the move shoes Buffett trusts his two portfolio managers, Todd Combs and Ted Weschler. "Buffett has given full agency to his lieutenants," Jake Taylor, CEO of Farnam Street Investments and cohost of the "Value: After Hours" podcast, told Business Insider. "A high-profile tech IPO is a resounding confirmation that his actions match his words," he added.
Warren Buffett's Berkshire Hathaway has cut its Wells Fargo. Its stake in Wells Fargo is now at a 17 year low. On Friday, Berkshire Hathaway said it owns 3.3% of the company, its slimmest ownership position since 2003. In 1994, Berkshire owned 13.3% of the bank. It held more than 500 million shares worth more than $27 billion in 2016. Buffett's company now holds fewer than 140 million shares, worth about $3.4 billion.
Regulatory filings show Warren Buffett's Berkshire Hathaway has sold about 101 million Wells Fargo shares in recent weeks. The billionaire investor's company cut its holdings by about 43% to 136 million shares, slashing its stake to 3.3%. The sales come after Berkshire sold 25% of its Wells Fargo position in the second quarter. Berkshire was previously Wells Fargo's largest shareholder. Business Insider reports that Wells Fargo was one of its five most valuable positions earlier this year.
Warren Buffett's Berkshire Hathaway saw the value of its Apple stock tumble as much as $19 billion in two days. On Thursday, Apple's stock price dropped 8%. On Friday, Apple dropped as much as 7%. That cut the value of Berkshire's roughly 981 million shares in the tech titan to below $110 billion. Berkshire has still more than tripled the value of its Apple investment, as it spent about $35 billion to build the 5.7% stake.
Warren Buffett's Berkshire Hathaway disclosed a $6 billion bet on five of Japan's biggest trading companies. The news was released Sunday night in a press release. The billionaire investor's company revealed that it owns just over 5% of Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. Business Insider reports that all five firms rose between 4% and 10% on Monday.
Business Insider reports that Warren Buffett's Apple position is worth more than Starbucks, Boeing, or IBM. Buffett's Berkshire Hathaway has a 5.7% stake worth $123 billion. His stake surpasses the market capitalizations of Starbucks ($92 billion), Boeing ($101 billion), and IBM ($112 billion). Berkshire's Apple stake is worth almost as much as Philip Morris ($124 billion) and Lowe's ($125 billion). Apple's stock price has soared by more than two-thirds to an all-time high this year.
The CDC says there are millions of cases of the common cold that affect both adults and children in the US each year. Adults come down with roughly two or three colds annually and while they tend to last around a week, there's no cure. But according to Business Insider, there are ways to make yourself more comfortable as your immune system fights off the virus. Dr. Aimee Desrosiers is an infectious disease expert. She says the number one immune-system booster is rest, plain and simple.
The Department of State has revoked 113 visas of Russian national carrier Aeroflot employees in connection with smuggling stolen goods. 10 people have been arrested for using current and former Aeroflot Airlines crew members to smuggle $50 million in stolen electronics to Russia. An inspection of crew members' luggage found millions of dollars of electronic devices--many of which had been stolen. Business Insider reports the devices included iPhones, iPads, and Apple Watches.
Juicy Couture's founders started the company with just $200. Celebrity tabloid culture helped establish Juicy's tracksuits and accessories as an iconic part of early 2000s fashion. By 2008, Juicy Couture was making $605 million in sales. But following the Great Recession, the brand struggled to connect with consumers and was sold for a fraction of what it once generated in sales. Visit Business Insider's homepage for more stories. Following is a transcription of the video.
At a rally in Nevada on Sunday, President Donald Trump mocked Joe Biden. Trump said Biden would "listen to the scientists" on coronavirus. Business Insider reports that the president also claimed that Biden "wants to lock down" the entire country indefinitely. Trump has repeatedly sidelined or misrepresented mainstream scientific advisors and authorities during the pandemic.
The US has entered its third wave of coronavirus infections. New cases are spiking in the Midwest, according to reports from Business Insider. Public-health experts worry this wave could be the largest, and perhaps deadliest, yet. A surge in cases and hospitalizations was expected since lockdowns have lifted. People are spending more time indoors and "pandemic fatigue" has set in. Seventeen US states have reported more new coronavirus cases in the last week than in any week prior.