Legendary investor Warren Buffett has made a secret investment in the financial sector, with the details to be potentially revealed at the company's annual meeting this weekend. Buffett has been selectively buying stocks in this industry, likely worth billions of dollars. The investment could be in a single large company or spread across multiple firms. It's a notable move given that Buffett has recently reduced his exposure to financial stocks due to concerns about loan defaults and interest rate fluctuations.
Warren Buffett's annual shareholder weekend is underway in Omaha, with over 20,000 square feet of shopping exhibits showcasing products from Berkshire Hathaway companies, including Brooks Running, See's Candies, and Jazwares, which introduced plushies of Buffett and his partner Charlie Munger.
The weekend will culminate in Berkshire's annual shareholder meeting, broadcast exclusively on CNBC, featuring special guests, company updates, and a celebration of Munger, who passed away last year.
Warren Buffett's Berkshire Hathaway reduced its stake in Apple again, selling an estimated 116 million shares. This is the second quarter in a row that Buffett has trimmed his holdings in the tech giant. While Apple remains Berkshire's largest investment, Buffett may have sold due to valuation concerns, as Apple's stock has rallied significantly in recent months. Despite the sale, Berkshire is still Apple's largest shareholder outside of index funds.
Berkshire Hathaway, led by Warren Buffett, saw a significant increase in operating profit in the first quarter, with a strong performance in insurance underwriting. However, net earnings fell due to fluctuations in stock investments. The company's cash hoard reached a record high, while it also bought back more stock. These results will be discussed at the upcoming shareholder meeting, where Buffett will share his insights on investing and the economy.
China's electric car industry is booming, but a surge of new models has sparked a price war. To survive, Chinese automakers like GAC and BYD must compete on price and innovation, investing in technology partnerships and localizing production outside of China. Meanwhile, foreign manufacturers face challenges in navigating China's competitive market and regulatory scrutiny from other countries concerned about the impact of Chinese EVs on their industries.
A fired trader from Societe Generale claims he was a "scapegoat" for unauthorized trades. He alleges that supervisors were aware of his daily reports and profits, and blames their failure to detect the risky transactions. Despite not losing money, SocGen fired him after revealing the trades could have led to significant losses. The trader highlights a lack of regulations in the trading industry and calls for justice for traders.
