What does Buffett's Export mean – The New York Times

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What does Buffett's Export mean – The New York Times

Capitalist conscience is ready to leave the stage

Warren Buffett, sitting on the stage of the Chi Health Center in Omaha, stepped onto an audience of about 40,000, at 1 p.m., said he was receiving a “5-minute warning.”

For most of his company Berkshire Hathaway’s annual meeting, it’s just a signal that the gathering (the capitalists called Woodstock) is over. No one knows what is going to happen in history.

After running the company for 60 years, he said he called him for his paintings, and the 94-year-old Buffett said he plans to resign as CEO by the end of the year. (It proved how much freedom he had been exercising at Berkshire, and he was surprised by his board and his successor Greg Abel: “I want to play on the director,” he said with a smile.

People in the crowd (many of them were crying, their seats were rising, and they were rising among a strange figure in the business world.

Buffett is often described as a symbol of American capitalism. The truth is that he has always been an outlier. He is more of a capitalist conscience, willing to speak uncomfortable truths about systemic diseases, while others remain silent. (His public comments on weekend tariffs and other issues are a good example.)

Billionaire always appears as a gentleman, and in an era of distrust, he becomes someone people can trust. Business tycoons and government officials admire him for their success, yes – Berkshire reported $89 billion in net profit last year, one of the biggest buyers of U.S. Treasury bonds – but also because despite his wealth, he doesn't seem to change. He lives in a modest house in Omaha and over the years he has driven, including McDonald's driveway.

Buffett is not perfect, which he often admits, urging his followers to be modest when discussing their investment mistakes and misses. But it also achieved one of his greatest achievements, using his annual Berkshire letters and marathon Q. and A. meetings with shareholders to educate generations about business, investment and life itself.

After the announcement, I was shocked by a social media post from someone I wouldn't normally be considered a Berkshire watcher who perfectly encapsulates the importance of Buffett and his long-time business partner, the late Charlie Munger. “They are good investors, real-life dealers, and patience,” Gawker founder Nick Denton wrote. “When writing about the history of the rise and fall of the United States, one of the chapters will begin in Omaha, as they leave.”

When Buffett is ready to leave, the biggest question is: What will happen to his masterpiece once it is passed on to Abel?

It has been clear for several years that Abel has run a lot of operations every day in Berkshire's operations, so this shift may not be noticeable. But the scrutiny of “Abel’s Berkshire” will undoubtedly increase: the company is not built as a collection of different businesses, but a vision of one person.

Abel said he will seek to maintain the culture carefully established by his boss. But things will inevitably be different. Berkshire's board of directors brought Buffett an unparalleled level of autonomy that could be operated as he saw fit, often only after the facts could be found out about the major deals he had reached.

Abel will have to work hard and even earn some latitudes, and under him, Berkshire will likely operate in more guardrails. But there are speculations that Buffett will remain chairman for some time, and as he grows into the most important job, this may give Abel more freedom.

Nevertheless, Buffett's success and the company he built were excellent. Investors gathered in Omaha this weekend and around the world to wonder what will happen next.

This is what happened

Marketing the central bank and busy income week. On Wednesday, it was widely believed that the Fed would once again maintain stable interest rates, which could further stimulate President Trump (although he appears to be supporting calls from federal president Jay Powell). Big companies will also report results, with investors focusing on the further impact of the trade war: Ford announced Monday; Disney, Uber and Novo Nordisk will be on Wednesday; and Toyota, AB inbev and Shopify on Thursday.

The stock looks to mark a nine-day winning streak. The S&P 500 index fell, especially as energy stocks looked weak. Oil prices fell about 2% on Monday – the U.S. Intermediate, U.S. benchmark, traded about $56.60, well below the breakeven price of most domestic drillers – OPEC plus cartel after transferring courses on Saturday and said it would increase production.

Shell's stock jumped on a report that it was weighing BP's bid. Bloomberg reported that the oil giant's adviser is evaluating the acquisition of troubled BP, which could be extinguished if oil prices (and their competitors' stocks) drop further. The fate of BP has become an incredible problem, and Wall Street analysts see it as a major acquisition target as it pursues turnaround plans under pressure from activist investor Elliott Investment Management.

Forecasting the Market with the Vatican

The Pope election may be older than the Sistine Chapel. This week’s meeting involves a new twist: This is the first time that the major online forecasting market will focus on the Vatican’s ancient selection process.

According to the forecast market Polymarket and Kalshi, Italian Cardinal Pietro Parolin gradually flowed in. Even last week there were reports that the 70-year-old Vatican denies medical problems that are not limited.

But while the prediction market claims to defend correctly predicting President Trump’s victory in November, choosing the next heir to St. Peter’s throne may be a more difficult challenge, experts within the Vatican are known as the “Vaticanisti” and outsiders are told by Bernhard Warner and Michael De La Merced.

The wisdom of the crowd may only be so far. High-tech gambling websites “can never break through complexity, unpredictability of internal decision-making”, Vatican expert Franca Giansoldati writes for Il Messaggero, the largest daily newspaper in Italy.

Rajiv Sethi, an economist at Barnard College, who studies the forecast market, noted that when it comes to presidential elections, the bets are able to handle a variety of sources of information, including public polls and televised debates. The Pope Conference – famously conducted behind closed doors and was sworn in by the expected 133 cardinal voters – provided fewer clues for gamblers.

According to Sethi, considering a surge in multi-market contract betting, the announcement of Francis’ death will be selected in 2025. If you trade there, someone might make a lot of money. “We can rule out the information leaked by the Cardinal,” Sisi said.

Conclusion politics is highly predictable. In 2013, the odds favorite was Cardinal Angelo Scola; then Jose Maria Bergoglio, who became Francis, was on several short lists. There are also unexpected developments, and most recently, when Cardinal Angelo Becciu was forced to resign from his post after a financial scandal, he briefly tried to collapse the upcoming meeting of Saf.

This time the Cardinals were split again, with many meeting for the first time – these factors may have made how long it would take before White Smoke came out of the Sistine Church.

Giansoldati noted that there are other potential wildcards, including President Trump's policies (which Francis often criticized). Will the Cardinal even be influenced by Trump’s social media posts portraying himself in the Pope’s costume? Analysts have seen that there is already a Trump role globally this year.

All of this is unlikely to stop online bettors. Kalshi's main contract for the next pope will currently have about $5 million in bet volume. “So far, the Pope’s election market is tracking as big as the Super Bowl,” Jack Shise, a forecast market spokesman, reached $27 million, he told DealBook.

“Today, you know, Donald Trump thinks he can take over the election system through one of his execution orders. Tomorrow may be the banking system. After that, maybe it's the contract. Maybe he ordered, 'I'm going to decide which contracts are binding and which contracts are not.' So the legal system is crucial to the way our society works, how capitalism works, and how everyone should have shares. ”

– Marc EliasPresident Trump aims at the Democratic Party’s outstanding lawyers in a campaign against big law firms. Trump attracted further attention during an interview with “Meeting Media” broadcast on Sunday, and he repeatedly said “I have no ideaWhen asked whether he needed to uphold the constitution and guarantee the right to due process.

The trade war is Hollywood

Netflix shares fell more than 4% in listing trading this morning as investors weighed President Trump’s latest tariff target: movies made overseas.

It's OK Hollywood has huge deals Remaining In other parts of the world, it is difficult to define the major films actually made outside the United States. The proposal involves a 100% tax on such films, which can compete for economics for major studios and streaming services.

Other places in the tariff news:

Trump once said on the Air Force that he had no plans to talk to Chinese top leader Xi Jinping this week, a trade conversation between the two booths. But he reiterated his willingness to reduce the expropriation of trade between the two countries.
According to an analysis by the Washington Post, many companies promised to invest heavily in the U.S., and the White House has said “trillions of new investments.”

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