what does it mean for the share price of berkshire hathaway compared to the s&p 500?ell, berkshire hathaway has gone up 14% year to date when one compares that to the s&p 500, which has grown 17%, yes, it is a slight laggard, but they are doing everything they can to grow similarly in that market on the back of some of the gains coming through, of course, from apple with good, does come bad in the portfolio, apple gained 40%, but the laggards have been chevron. they let go 9 million shares out of chevron you look at the top five shares. chevron at the bottom of the list having dropped 11%. s&p 500 having gained 17%. not moving in lock-step there and not helping the overall portfolio. guys >> arabile, thank you for the breakdown. for viewers, we hear from an investor who says warren buffett is the inspiration coming up on wednesday. guy spier will talk to us. you can subscribe to the qr code to access that conversation. >>> and coming up on the show, uae player rings the bell at the u.s. open marking the green bond issue. cfo niall hannigan joins us next when we starte

hathaway my next guests are fans of berkshire and of bonds brian weinstein, and bill stone, ceo -- ofwelcome to both of you bill, i just want to start with you and berkshire's earnings from its t-bill holdings and apple's share performance and they also helping. >> yeah. i think when you strip out the investment results and they're really important over the long run and over the short run you want to look at how they're operating and thanks to the particularly the insurance side and what you mentioned, the income coming off the t-bills, operating earnings per share grew at 8% and when you put it into perspective relative to the fact that the s&p 500 does as a whole is probably going to report a decline of more than 5% year over year in earnings and a big divergence with berkshire there. >> bill, what are your thoughts? if i ask you about stocks, i'm at the seven-month run, what would you do would you chill? >> i think i would take a page from oracle and, you know, look for opportunities and that's always the way it is and it doesn't hurt you that the t-bill is a little bit and you do

let's cover berkshire, though.et up 6.6 massive cash rose to a near record the general take is rates affecting various business units and then valuation of equities sort of limiting their buybacks, limiting their purchases >> evan greenberg from chubb is doing a better job than they are with insurance, point-blank. geico's not -- insurance is a fungible thing >> geico had a better quarter. >> the ratio was not great versus what evan greenberg put up, and the rail horrible down, what, 25%? more than 20%. and now, apple oh my. >> well, it's still been an incredible winner. >> up 40% this year. >> incredible. >> i think, by the way, the reaction of apple, down friday, down 4sz and then down 9%, those are people who feared downgrades today, and they didn't get the downgrades, so let's see how they do. >> there's been some work this morning on when you get this overbought, how long does it take to absorb the other, though, is that the time period between the june quarter earnings and the phone announcement in september,

berkshire bought $10 billion in u.s.ies last monday we bought $10 billion this monday the question for next monday is whether we will buy $10 billion in three-month bills or six-month bills. that is what with warren buffett told us. he told us in april when we were in japan with him. nothing the fitch downgrade does changes what he does with the market he made comments to ease concerns of the downgrade saying there are some things people should not worry about this is one. spre separately, joe manchin is calling this a stark warning to capitol hill and calls it a failure in leadership. senator joe manchin will speak out at 7:00 a.m. eastern time. he doesn't agree with everything the federal government is doing right now, according to warren buffett, but we will see that reined in. over time, cooler heads will prevpare tv prevail. we will hear from senator manchin in a half hour. >>> nerdwallet which matches consumers with financial solutions is seeing a strong second quarter revenue up 14% year over year. nerdwallet has

view them as meaningful by berkshire standards. these stocks are working for a simple reason. there is a multiyear tail wind for the builders there are not enough homes there weren't enough homes before the pandemic, and the pandemic exacerbated the situation that had already existed. we have in the last 15 years since the housing crisis, so substantially underbuilt relative to the amount of 29, 30, 31 and 32-year-olds that we have in this country existing home sales are not really recovering. we have a lot of homeowners frozen where they are because of the dynamics of what their mortgage is locked in at, et cetera, et cetera, et cetera not worth repeating that whole thing. it is back to being on fire and so people that are going to bite the bullet and take out the mortgage, what do they want for their trouble? they want a new home that trend is going to remain in place. i want to go back to what stephanie said about home depot. i agree with her the thing about home depot, it's not as cyclical as people thought it was the dynamic i

last year berkshire had bought $34 billion worth of stocks.lready sold more than 18 billion stocks. so positioning cautiously. it is buying back less than it was. this quarter it bought back $1.4 billion of its own stock, down from 5.8 billion dollars in q1. elevated valuations, another reason it is finding more acquisitions. haidi: bloomberg's vonnie quinn. let's look at some other corporate stories we're tracking. saudi arabia's sovereign wealth fund has reported a $15.6 billion loss for 2022 after the value of investments and tech ventures plunged. the fund posted a revenue of $25.4 billion. even with the loss its assets grew to 596 billion dollars from 528 billion in 2021. indian conglomerate reliance industry expects shares of its financial services building to be listed soon. it's hoping to create india's largest nonbanking lender. chairman says the new entity is expected to unlock value for shareholders. warner bros. barbie movie has topped $1 billion in global box office sales in its third week of release. it's the second film to hit t

berkshire hathaway as an exposure to citizens.anies that have entered or exited the market, where is the exposure overweight? you have seen a lot of players exit florida in the last year or so. matthew: berkshire hathaway's exposure is really big in reassurance, insurance for insurance companies. i am not worried about berkshire hathaway's exposure. the losses would have to get significantly higher to hit the reinsurance level. jon: going back to the question about what to be watching as we go through hurricane season, we are in the early innings of. it typically takes us through november. how do you think others will be preparing within the industry in a positive development if we do not see a worst-case situation unfolding in this particular example? matthew: it would be very good for a mild hurricane season. reinsurance prices have gone up dramatically. a lot of companies have stepped into that space. they are hoping we do not see a hurricane ian like we did last year. if that happens, it bodes well for the whole industry and m

paul: there is always a lot of interest in warren buffett's berkshire hathaway.t were the key takeaways? su: berkshire hathaway is fall -- is followed because they hold positions for a long time. see a little bit of difference where they are getting rid of previous holdings and picking up new ones. one of the new stakes that is catching a lot of attention is a big bet in builders. berkshire hathaway buying into a trio of homebuilders, d.r. horton, nvr, and lennar. because of its real estate focus in its portfolio, some observers say they are viewed as having some insight here. berkshire slashed its take in activism blizzard i 70% in the second quarter, this came amid the delays with microsoft. also trimmed positions in chevron, exited the -- and added to occidental, now holds 25% of that stock. very interesting position there. stay tuned. shery: su keenan there with the latest on those 13f filings from the fcc. take a look at how currencies are trading at the moment. we are watching the dollar and the strength there. we are seeing that study with the bloomberg do

. >>> and higher interest rates and surging stocks helping warren buffett and berkshire hathaway in a big way. and later in the show, a live stream update on the musk and zuckerberg cage match. it is monday, august 7th you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. let's get you ready for the day. we kick it off with the u.s. stock futures. green across the board nasdaq doing the best up .30%. at this hour, the dow would open up 70 points higher. this is after the poor showing last week with the s&p and nasdaq coming off four straight days of losses and the worst week since march 10th. you see the nasdaq down 3% s&p almost by 2.5% it was rough for the tech sector the sector coming off three straight days of losses. the sharp decline down 1.5%. excuse me. 4.25%. the fitch downgrade is playing a factor it was dragged down by apple which had its worst week since 2023 we had a very busy week for fixed income and new long-term issuance yields here with the 10-year treasury at 4.09 yields back above 4% since that fitch

lauren: warren buffett, his berkshire hathaway cut its stakes by 22 million shares.his holding about a decade and gm has not grown its share price much and berkshire bought around 33 a share and now at 30. they've had the stock for a decade and not very profitable for them. stuart: discover, is the ceo out 124 lauren: it's been a rough ride for the online bank and last month they disclosed a regulatory review for incorrectly classified credit card accounts dating back to 200 and now the ceo is gone. double ouch. stuart: grinder, lgbtq dating site. lauren: good job. the stock is up 20%. really strong demand for weekly subscriptions and they raised their full year forecast as a result. i correct myself, it's up 11.7%. it had been up 20. stuart: thanks, lauren. lauren: yep. stuart: some streams offering up to 6 figures to fill artificial intelligence jobs. come back in again. i need to know which companies are doing this? lauren: say almost seven figures. start with netflixs and a product manager for machine learning position that makes up to $900,000 a year and don't e

you say rich investors, you think berkshire hathaway that firm revealing a few new stocks in the homens a stake in d.r. holton, worth about $276 million at the end of the quarter and showed smaller positions in nvr worth $71 million and lennar worth $17 million. likely a pick by one of warren buffett's other managers in total, the home builder exposure is less than $1 billion, a small fraction, of course, of berkshire hathaway's $350 billion in equity investments. shares of d.r. horton and nvr and lennar moved higher when berkshire hathaway revealed this after the bell, still moving higher today this showcases managers' long equity positions and backdated to june 30th it's not the firm's first foray in the building product space. privately, berkshire hathaway owns clayton homes, which does manufactured and site-built home construction, and owns shaw which does flooring and benjamin moore. this declined 2% in q2, according to berkshire's earnings release, where the firm said, the effects in significant increases in home mortgage interest rates in the u.s. over the past year has slowed

and we're going to take you in in in inside berkshire hathaway.r of "squawk box" begins right now. zrjs good m >> good morning. welcome back to "squawk box. joe and becky are off. we have still got a big hour ahead. futures are opening up higher. it's been a rough couple of sessions here. the nasdaq off about 61 points the s&p if it opened right now would open about 12 points higher and treasury yields, the 10-year at 4.099 and the 2 year at 4.831 berkshire hathaway, net income swinging to a nearly $36 billion gain from a $43 billion loss last year. the strong results were helped by a jump in berkshire's insurance sector and oil prices have been generally a lot lower. on friday west texas crude hitting its highest level in a little less than four months wti has been up for six straight weeks now. and a milestone for those heading to the movies or those who have just been there the "barbie" movie crossing the billion dollar mark. it's a new record among female directors. oppenheimer's parent company comcast and giving a little bit of confidence to

the fed's rate hikes which are designed to battle inflation helping berkshire hathaway in the quarterrd and warren buffett is a fan of u.s. treasuries. he will buy another $10 billion this weekend. the yield is much higher than when defense to the raising interest rates. the equity portfolio helped, it broadened its owning of apple, and apple is up 40% this year, and some of its other investments did extremely well. haidi: what is berkshire hathaway's positioning in terms of their investment activity going into the second half? vonnie: that is interesting, because even though we talked about how well it did, it is a net seller of equities at the moment. in the quarter that just passed it sold 12 point $6 billion of equities and only bought $4.8 billion. all of last year to $35 billion plus of equities. this year it has sold $18 billion in equities. positioning itself extremely cautiously and clearly still things evaluations are too high, and that is another reason we should expect fewer share buybacks. it has shared substantially. it sold from 520 billion in the first quarter, and the

filing shows that berkshire took new positions in the home builders in the second quarter that addingthe rally for the industry with all three of those names up anywhere from 35% to 42% this year. residential real estate is still on fire. >>> still to come on the show, consumer is in focus investors are gearing up for the report from the biggest retailers in the nation, plus retail sales data out later on this morning we get you up to speed on what to expect. >>> if you haven't done so, follow our podcast if you miss "worldwide exchange," check us out on apple ctfspotify or podcast plaorm ofhoice. we'll be right back. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! that's what i'm talking about. [ cheers ] running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! that's what i'

banks coming off their best month in seven years jpmorgan and berkshire hathaway hitting new 52-weekhs. jim, you own both. >> i do. i'm bullish on the financial sector i'm overweight the financial sector i think this is an obvious play as we get into the next few years of infrastructure spending, which i mentioned before, as well as the supply chain onshoring mentioned earlier in the show. all of that will need financing. oh, by the way, as the markets come back, the ipo market gets going, m&a activity, this is a space that now that we're seeing the end of recession fears, and i think we are -- i think that's in the rear-view mirror now, a sector that can continue to perform. i will say this, i am not exposed to the regional bank sector i do think there may be more shoes to drop there. i don't think it will be systemic but certainly these higher interest rates are the problems that brought down silicon valley bank. you may see more tremors there >> the kbe and kre coming off monthly gains, liz what does it mean for the financials >> i sound like a broken record talking about yield cu

eleanor gilbert is from a farming family in berkshire and is learning to work in a changing climate. because the sun is finally shining, we're off to harvest some oilseed rape. after a july dominated by rain, she's making the most of a break in the weather to harvest crops that ideally should no longer be in the ground. eleanor is working with her youngersister, lucy, to bring in the rapeseed. such is the pressure to finish the job before the rain starts again that they've been working late into the night. but the crop is still too moist, and warm air has to be pumped through it on the floor of this store to try and make it dry enough to be sold. if we send it off higher than a 15% moisture content, we'll get rejections and also fines. best way to tell, farmers like to bite. you can tell there's too much moisture. in north herefordshire, it's time to pick the blackcurrants for a well—known cordial. it rained a lot here injuly too, but that's not the biggest problem. blackcurrants are a sensitive bunch, and last winter there just weren't enough cold days. it means that we've got this

we learned that berkshire hathaway bought a stake in dr horton. the country's largest homebuilder.about 40% for the year as buyers have flocked to new construction. anybody that is looked for a home knows there is not much inventory out there. sellers have sat on the sidelines. people with the mortgage rate of 3% are not too eager to trade that for 7%. dr horton chairs fell later in the week as we learned and hit a record year high. homebuilder stocks and learn to shrug it off. it seems like it finally caught up to them. >> recommending homebuilders as early as last year. >> indeed. bullish on homebuilders. he named toll brothers one of his pics. homebuilders bottom-line has had a good run. a little too late for a bit -- a little too late to call them into this. >> rates can go as high as 8%. >> that is true. >> covid. we think, we hope maybe it is kind of behind us. certainly less excitement about vaccines. >> the big winners during the pandemic are both down significantly double digits this year. down 40% on the year because even though cases are creeping up, people are less conc

berkshire hathaway, that stock has recovered a little bit but they made record profits. and there sitting on a cash pile that swelled to $147 billion. if you were looking to the premarket the stock was down because their railroad division reported lower shipments of consumer goods and price competition coming from the truckers, that is priced to sell by a quarter and geico did well but is handling fewer policies. a lot of people look at berkshire hathaway and omaha warren buffett himself as having their finger on the post of the economy and this was a mixed report card it could go either way, wall street is encouraged by the prophet but it is not all positive. stuart: wall street is encouraged to die what 250 points right from the get go on a monday morning, then going the other way the trucking company yellow has officially declared bankruptcy they winding down their operation. lauren: the official filing came coming yesterday to make payments to the workers, 30000 affected, mostly union workers they have 100,000 creditors in they still intend to pay back the $7 million

industrials up a percent berkshire up a couple of bucks. >> berkshire helping lift other insurers becausehey showed how much of a tailwind higher rates have been to their business. now sitting on $150 billion worth of cash, buying $10 billion worth of treasuries every monday as we pointed out, today is monday >> yes see what ackman says about that. in the meantime, rbc raising e s expectations for the s&p for '23 and '24 by $1 and $2 respectively she does maintain her year-end price target, concerned this year's rally is due for a pause. she's not the only one wells still expecting a mild recession next year. jpmorgan, morgan stanley, both concerned rising rates could pressure equities. our next guest thinks there's time to invest joining us, wolf research chief investment strategist, chris, welcome. >> thanks for having me. >> paint a picture of what the potential pitfalls are in the next six months. >> yeah, so there's a host of pitfalls, i think. i think the biggest one, foremost is oil prices i think the quickest thing that can cause a disinflation to go away is higher oil prices. tha

josh, what do you make of the moody's call you own jpmorgan and berkshire much bigger names. not so much exposed to the regional banks that could have more of this. >> i broadly agree with what moody's is saying, and, you know, a lot of people raced in to buy the dip in march and april and they were rewarded because those stocks had a really nice sound, but i didn't love the idea and i didn't really -- i bought schwab and sold it quickly. i don't think there's an opportunity in the smaller banks and i agree with sarat, like u.s. bank corp is not really a regional bank, but broadly speaking these are companies without a purpose at this point. they look like coal mines to me. i don't think they're going to zero i think they could go through a decade of shrinking market cap and relevance and challenged earnings and no growth and maybe some force consolidation at some point. i really don't want to be near them bank santander put out a consumer survey at the end of july and they talked to over 2,000 middle income households, that's people earning between 42,000 and 147,000 or some

shareholders last heard from the legendary investor back in may during berkshire hathaway's annual meetinge took questions in a marathon six-hour session. >>> ford drivers listen up. the american-based manufacturer is recalling about 42,000 f-250 and # f-350 trucks because the rear axle shaft may break. a report from the national highway traffic safety administration says a broken axle shaft could increase the risk of a crash impacted drivers will be notified and ford will inspect and fix the shaft. >>> and some fast food customers have beef with burger king. a class-action lawsuit alleges the chain made its signature whopper look bigger than it actually is in ads and on billboards. a federal judge refused to dismiss the case. the suit seeks $5 million for breach of contract. that's your "cbs moneywatch" report for this thursday morning. i'm shanelle kaul, cbs news new york. >>> the annual venice film festival kicked off without its usual star power. the dual actors and writers strikes in the u.s. impacting the celebrations at the world's oldest cinema festival. zendaya's new movie was exp

the citizens in florida got $1 billion of reinsurance from worn buffet berkshire hathaway and the texas a wind insurance authority secured over a billion dollars of reinsurance protection from the private reinsurance industry and also reinsurers do have the capitol and they are willing to deploy it they can make a fair margin. there are people standing on the sidelines as berkshire hathaway was last year they did not participate in the citizens program because the rates were inadequate. it would seem to me if you were incentivized to use the reinsurance market more it would drive down your cost. i know when is chairman of this committee six and half years ago we were working on flood insurance who wanted to use reinsurance market to help that situation. if we would have done it over the preet really is 20 years who would have paid all of our claims. never at any tax bills go to the taxpayers and so what if ed coverage at a minimum rate increase. there is a place for it. what's a percentage of increase insurance costs to regulations? >> i do not have a number for this. the main esg legis

amazon, so that's why the markets are going to take the lead there not the mention that fact that berkshire hathaway also owns apple. the markets are really overexposed to this. that's what you're seeing it trade on i was cautioning advisers, make sure you know what you own apple is such a large holding. markets are going to trade lower on that news >> yeah, i tend to agree we spoke about the concentration of these big five games and amazon while it's half the weighting had twice the move to the upside you expect that to find more equilibrium there. just look at the rate volatility that we have had from 4 to 4.25 back to around 4 any time you're seeing those type of oscillations in the market, it's just a matter of time before you start to see them translate into equity moves or implied equity moves, which is why we saw the move in the vix. >> were you surprised, guy, by this move in apple here? >> well, it's going to sound somewhat -- i don't know -- no, i wasn't surprised by it i'm surprised it's not lower given the run that we have had it's three quarters in a row they tell you next quar

berkshire bought $10 billion in u.s.easuries last monday, $10 billion this monday and the only question for next monday whether we will buy $10 billion in three month or six month t bills at the same time, bill lachemann commenting on the long end and the prices paid might fit into that discussion. >> for sure. buffet has a point in terms of the downgrade not being that much of a swing factor the yield are going up no matter what the reason. we can point to many of these, one of them being the realization that fed is going to be higher for longer, making its way into the market, the stock market has hesitated every time we've gotten yields above 4% no magic formula for what the correct level of the indexs are relative to what yields are, but it's definitely the case after a five month sprint higher in the s&p 500, after we priced in a pretty good earnings season and earnings draw from the second quarter that's going to look better in 2024 and, you know, all the other stuff, disinflation, all the good news soft landing th

let's get across to our correspondent rosie berkshire reporting from slovenia is the town of a per volume in the north of the country that has been hit hard by that flooding. r . rosie, we saw some really dramatic pictures there, and it looks like a bit of a mess where you are to can you tell us more about the situation of the absolute the scene does remain domestic behind me. that is an entirely collapse bridge local authorities. here are doing their best to try and clean it up and get it reconstruct too, and also to add other kind of improvise bridges further down the river so that the other side of the bank would just be most heavily impacted can be cross. now we've spoken to local officials here and they've told us, but no, as you see, the sun is shining in the light of day. their priority is to try and get these cleaned up. but there are also some other dangers of blooming here. officials are trying to work to restore a gas pipeline. as you can see, the river is still slowing pretty fast, but there's also another risk which is still facing residents here, particularly a little bit fu

berezovsky — another putin critic who fled to the uk — was found dead a decade ago in his mansion in berkshireer litvinenko was fatally poisoned with radioactive polonium in 2006. the european court of human rights found that russia was responsible for his death. our analysis editor ros atkins has been looking into what we know so far about the crash that may have prigozhin�*s death. thank you very much indeed. here are four possible explanations for why prigozhin�*s plane came down. the first is a bomb. this footage, confirmed by bbc verify, shows the plane falling to earth rapidly. this could have been caused by a bomb. and based on tracking data from prigozhin�*s plane, it had been in moscow and hadn't flown for over a month, potentially making access to the plane easier. though tracking technology can be switched off, it is probable, if not certain, that the plane hadn't moved. if not a bomb, then it could have been a surface to air missile. russia certainly has the capacity and reuters is reporting that two us officials have told them it was a surface to air missile, though the us has not

but berkshire hathaway adding a stake there. so warren buffett giving a homebuilder a thumbs up and obviously a lot of those homebuilders, at least they're activity can help the home depot business. right now, home depot is modestly higher, matt. but as we've assessed those results and we'll talk a little bit more about them later in the program, it just feels like consumers are not buying the biggest ticket items these days, still doing some spending, but less so. well, you know, i was talking to an analyst about this earlier, drew redding from bloomberg intelligence, who said the problem is the comps are from a time when people were out there buying the big ticket items, they were getting, you know, the big weber grills or, you know, decking for their patios. and now that that's done, it's not the kind of thing that you buy every month. you just do that every few years. and a lot of consumers have already done that with the excess savings they had. and the question is how much is left? let's talk about that right now, because

we heard a bit more detail about sara in that she was born in slough in berkshire.y three weeks since sara sharif�*s body was discovered that still the cause of death has not been ascertained. and the inquest here, the opening, heard that a home office pathologist, even though it's ascertained, confirmed that it's unlikely to have been caused by natural causes. the coroner, as i say, adjourned the inquest for six months. and we also heard that sarah's body had to be identified by comparing her dna with that of her mother, 0lga sharif. so a very brief hearing at surrey coroner's court to establish sara sharif, where she died at her home in woking, which we already knew. and the inquest opened and now adjourned while the police carry out their investigations. meanwhile, police in pakistan are widening their search for sara's family. what more do we know? so this is an international search for three members of sara's family. herfather, irfan sharif, his partner, beenish battell, and also one of sara's uncles, faisal malik. they all left the uk and flew to pakistan the

in berkshire, that means seizing every dry moment to try to harvest. some oilseed rape. we are off to combine some oilseed ra e. . ., we are off to combine some oilseed ra e, ., ., ., we are off to combine some oilseed rae. . ., . we are off to combine some oilseed rae. ., ., ., , , rape. eleanor and her younger sister lu have rape. eleanor and her younger sister lucy have grown _ rape. eleanor and her younger sister lucy have grown up _ rape. eleanor and her younger sister lucy have grown up in _ rape. eleanor and her younger sister lucy have grown up in a _ rape. eleanor and her younger sister lucy have grown up in a farming - lucy have grown up in a farming family. such is the pressure to bring in the crop that they have been working into the night. even then, they found the crop to moist, and warm air has to be pumped through the floor of the store to dry it out to be sold. br; through the floor of the store to dry it out to be sold.— dry it out to be sold. by biting, ou can dry it out to be sold. by biting, you can tell— dry it out to be sold. by

psychologist, she traveled around berkshire asia so she wrote books on japan, china, india.te for many major magazines of the day so she had an extraordinary record and one hunting in the book is an episode where she can suck in the philippines after the spanish-american war in 1899 and today she arrives as an introduction and it can't be true because this is why i have compared her, she rubbed elbows with a lot of famous people and eyewitness to many historicto events so she became an expert on pan and that is where she got the idea. a couple of other things about her gosh she became the first woman elected to the board of national geographic and was founded in 1888 and joined around 1890 and i was so impressed by her reporting on alaska that they elected her secretary of the society which made her first woman ever to serve on the board. kodak just invented the box camera in 1888 so the first evidence i found was 1890 on a trip toas alaska taking photographs of john m mueller at his cabin he built. not only did she photograph them, she developed friendship with him andsh hi

if berkshire county council wish to retain these and give them to some other shakespeare—starved youngster know the thing that strikes me is they are in fantastic nick. you've obviously looked after them very well. it also suggests they hadn't been borrowed or listened to or used before. this — your sherlock holmes mind is correct! i was very... i read the sleeve notes copiously and then these two titles became rather important to me in the end, hamlet and henry v. did you study the record, did you learn the speeches? did you...? well, i sort of, i... speak along? speak along? i copied them a bit. i did a bit of... mimics olivier: "0, that this too, too solid flesh _ would melt, thaw and resolve itself into a dew!" is a bad version if it! or gielgud doing his... he does a speech of hotspurs which goes, "my liege, i did deny no prisoners. but i remember, when the fight was done, when i was dry with rage and extreme toil, breathless and faint, leaning upon my sword, came there a certain lord, neat, and trimly dressed, fresh as a bridegroom." etc. that was, you know, you couldn't get it out o

the berkshire hathaway bet is low inventory sparks big demand to build homes.sense, right? stocks are up because everyone looks at what omaha does. stuart: if you get the permitting people, they are not in my backyard people. they might build new houses but that is just my hope indian. check the big board, 6 minutes, down 190, that's just over half a percentage point. dow winners, home depot at the top, walmart is in there again, unitedhealth up. mcdonald's and merck down. the s&p 500 the winners please, dr horton, nvidia is up $10, 2. 3%. how about the nasdaq composite? look at the big names. nvidia, fort net on the upside. the 10 year treasury yield has been going up recently. 4.21%. the 2-year treasury this morning yielded 5%. that a landmark. the price of gold, $19.32 per ounce. bitcoin 20 one thousand 3, is it? it has been there for days. price of oil, 80 one dollars a barrel. natural gas, 269. look at gas, keeps going up, 386. diesel up one sent overnight him a 432 the national average. coming up, hillary clinton reacted to trump's latest indictment. watc

next to her we have stephen w thrasher he holds the inaugural annual rent berkshire at northwestern middle school the first general is him pressures ship in the world the book is on dq arresearch. he's here with his book the barrel of the class the human toll when inequality and disease nkcollide. i want to start this off by framing i think that's so important to keep in mind as we continue with his discussion. i can only imagine it was very difficult to report on i love you to share the story of the title. thanks everybody for coming. why write a second book about the opioid crisis. i was sober harassed by the time i finished dope sick young woman who struggled with addiction for 5+ years, murdered after being abandoned by every system that was meant to help her mother saying goodbye to her battered body funeral home and rest because loss of also the rest because of the poor response of our nation to to the opioid crisis. i really wasn't ever going to write about it again. my husband said you should write a cookbook. [laughter] then i started going out and talking to people and learning a

coming in stronger than expected, home depot posts a quarterly beat despite increasing costs >> berkshireathaway -- including d.r. horton and lennar we've gotten another warning from fitch, this time the rating agency telling cnbc it may be set to downgrade dozens of banks that could include jpmorgan chase. >> let's begin with the markets. a lot of credit card data said retail was going to come in strong here. >> look, the fed has tightened we know that i don't want a big jackson hole boom, but the economy -- the consumer is strong the enterprise is strong the weakness is, what, in trucking, in some really bad retailers? david, at times you have to play a game where you find this weakness i need to know where there's weakness give me some weakness. >> china go to china, young man. >> china is not in america i just want to give you a little -- >> well, you didn't specify geography to be fair >> no. but in the -- absolutely china is weak. i won't give out numbers about unemployment because they're all in school. >> many of them are in school -- >> at least that's what the chinese are saying

. >> time now for final trade, jim, kick us off >> berkshire hathaway, firing on all cylinders and theo consider is the $100 billion war chest that warren buffett has and he'll sweep in >> morgan stanley, i think capital formation is definitely choppy and i think you can own the name. >> joe, you have the last word. >> i like both of those calls. valero is trading right now at 1.29 we're seeing the risk management perspective and 119 and 118 area as a stop loss >> shares of valero up 2.25% right now. a quick check of the markets and the dow is trading at session highs and the s&p is the same and up almost a quarter of a percent and the russell the only one on the red and that will do it for us. "the exchange" with kelly evans starts right now >>> thank you very much, frank, and welcome to the exchange. i'm kelly evans, and ahead this hour from rate hikes to cuts by next year. the new york fed's john williams is floating that prospect in a new interview. we'll break down why it might be needed, how much is already priced in and what that could mean for inflation and the markets. former

telling cnbc berkshire has been buying treasuries an the short end of the curve for consecutive weeksnd will continue to do so the oracle of omaha says he has bought $10 billion of treasuries the past two mondays and the next question is to buy in three-month or six-month lows. let's discuss with the head of the short-term interest rate trading at citi. i appreciate the time. i wonder with the 10-year treasuries seesaw to the worrisome levels of 2022 would you be panicked? >> no, i think it is natural for us to see the curve steepening as we see global disinflation from australia to europe and uk and u.s. we see the global disinflation which means the front end of the curve is moving in less with the reinflation and curve steepening >> you see the likes of bill ackman who is shorting the treasuries and sawing this is a hedge against the high end are you in the same school of thought in. >> i think this is clear in the front end of the curve where the fed is trying to decide and a lot of the central banks are trying to decide where terminal is what wie are seeing here is we are close t

warren buffett out telling our own becky quick that this is not going to fitch, meaning change what berkshire does. warren buffett told becky quick, they bought $10 billion in treasuries last monday we bought $10 billion in treasuries this monday it seems like they're going to continue the only question for next monday whether we will buy $10 billion in either 3 or 6-month treasuries warren buffett is a bull on america. he has been his entire investing career and fitch isn't scaring him. he's not really taking the same tilt that bill ackman is i know there are different durations, are you scared of the u.s. sovereign bond market >> i'm not scared of it, and i do think it will be -- the world still views it as a place of safety so if we were to get some bad economic news and things started to turn for the worse, i think treasuries would still act well in that environment. i will say there's a huge difference in my mind between what bill ackman is doing at the very long end of the curve and the three to six months that warren buffett is buying two different animals in my mind i think treasuries

the berkshires were 16 -- a lot of them were very wealthy. buckley, just an example, he had a lot of ties to first leaders. some of his readers were either in the society, they were not members, but they were supportive of it. it was very hard to kind of disentangle. so he wrote a couple of editorials in the 60s denouncing welch's conspiracy theories. welch had argued and buckley said, youou know, too far. and then later in 65 especially as they were more radical on the vietnam war he did a bigger thing. when buckley ran for mayor of new york city in 1965, even though a lot were angry at him, he still had some so society, some that supported his mirror run. it was very hard, what i was interested in, though, the main stream, they bothan kind of wood and they tried to bring them into the fold at times but then they did not want -- they wanted the money, both in energy, but, you know, i think they understood that electorally especially after goldwater boston 64 and the landslide where he famously declared extremism in defense of liberties no vi

the warren buffett's berkshire thath way posted impressive news over the weekend. >> yes, this one is a story of those higher interest rates and stock valuation. what basically happened they reported an operating margin of 10 billion u.s. dollars, the highest operating profit effectively for this company. up 6.% from $9.42 billion they reported a year ago in the same quarter. all of that on the back of the likes of apple having grown 14% thus far. 18% alone in the second quarter. it gives a clear amount of growth. they are at $177 billion of apple stocks. chevron is the other stock they own, that dropped1%. s&p 500 has grown. and good data and even the stockpile climbing to 150 billion u.s. dollars. >> and a real quick last one for you. three weeks into its run, "barbie," an absolute blockbuster continues to make history. tell us more. >> yeah. so that now is just about to pass that fated $1 billion mark, right, at the box office. can you believe it? it's continuing to rise even more sharply than "oppenheimer." more and more consumers go out to head to the cinema.

in fact, my only concern for berkshire hathaway, in our management of our strategy, we sell maniacal pricing. and 40-year-old companies that are mature, we would consider 30 to 40 times earnings maniacal. and that hasn't bit people yet, because anything at high quality they have stuck with so that's the big risk at some point, you come in, and the historical market multiple is 15, the market goes to 13, and those stocks go to 18 times earnings and you get some serious damage. >> right, although you would feel comfortable in that case where you are positioned riding it out so you're telling me that apple, amazon, you know, meta, 18 times earnings, that could happen in the next 12 months >> yeah, and remember, a lot of people confuse this, disney and coke were 89 and 60 times earnings in 1972, and the companies did spectacularly the next ten years and their stocks did terrible. so don't confuse corporate success with stock success a lot of times the stock price, all the future success comes very early >> do you think the high rates would be the reason for a big market repricing >> i th

when i saw this headline about berkshire and the home builders -- let's lay it out. dr horton and other home buyers. listen, i'm not going to say this, but the time to buy them was a year ago when they were trading at 3 x. but that's not the say -- listen, they bought apple and crushed it. so why is now a good time to be a buyer of dr horton? >> we were talking about it last summer, but i can't believe that trade worked out. i was not early. we've got 30% of all new -- or all home sales coming from new construction. that's over twice the historical norm. nobody wants to lose their 3.5% mortgage. that's not what is going on. what's going on is the ratio of adult children living at home is plummeting right now. that's not a covid thing, it's that millennials were staying in school longer. they were staying at home longer. but eventually they get married, have kids and become parents. so the reason dr horton versus the other group, if you're going to go in now on a big secular move going forward, you have to deal with the 800 pound gorilla. because we need as many units

. >> watching the home builders this morning these filings show that buffett and berkshire hathaway took a m position in several times like horton and lanar we're back in a couple of minutes. what if all i do isn't ? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro lost up to 25 pounds. mounjaro is not for people with type 1 diabetes or children. don't take mounjaro, if you're allergic to it, you or your family have medullary thyroid cancer, or multiple endocrine neoplasia syndrome type 2. stop mounjaro, and call your doctor right away, if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, vision changes, or diabetic retinopathy. serious side effects may include pancreatitis and gallbladder problems. taking mounjaro with sulfonylurea or insulin raises low blood sugar risk. tell your doctor if you're nursing, pregnant, or plan to be. side eff

though tech had a great run, three year basis value stocks have outperformed tech, talking about berkshireathaway, chevron, jp morgan. i think old school names will continue to outperform. a year from now we're not talking about tech, we'll talk about earnings, low multiples, we'll be talking about dividends, all the things that tech isn't right now. maria: even a company like ge, kenny, back up to 115 right now. >> listen, but i'm in your camp. i've been talking about -- i'm not out of tech. are you suggesting get out of tech completely. >> no, cut down on tech. >> absolutely don't get out of tech. big, boring, beautiful names that offer subcontinue shale sud payments, they'll survive a downturn. maria: what about oil? >> i like energy companies. they were up last year, they're basically flat in a year but i like energy. i think energy is going to go higher. saudi wants $80 at a minimum, that's what they want to see, they'd rather 90. fossil fuels are not going away. maria: 85, crude at 81, adam. >> just to follow up on that point, when we getting inner independent, if it weren't for the

neil: we've got the executive vice president and principal of berkshire hathaway, good read and anotherarket we look at a lot which is the real estate market. you are facing if you think about it and environment of higher interest rates presumably for all the right reasons but you worry about the impact that is going to have, because you have people out there, maybe we are at a housing bottom, maybe that is it and we are up from here even in the face of those higher rates. what do you think? >> i think this. if you talk about the money people get for the sector, as an example, interest rates have gone up three times in the last 18 months and demand is just still there with real estate, people want to buy houses. this is not like it was in 2007-8 where prospective investors in the market, these are people buying places to live. i will say this. this is just my opinion but a different read on the interest rate implication on the marketplace is this. how about this? 42% of people own their houses outright. 58% that is left, if you look at the median value of what that property is worth, th

three other billionaires who have strong conservative interests including david sokul, executive at berkshireree others too. the important thing here the disclosure. exactly what you said. clarence thomas did not comment to propublica for this report and not to us. we've asked for any kind of response. here's what he sai april when the first story came out about harlan crow. early in my tenure at the court i sought guidance from my colleagues andthers in the judiciary and was advised that this sort of personal hospitality from close friends who did not have business before the court was not reportable. but that's not really the case because you just mentioned the private jet trips, those have always been required to be reported on financial disclosure forms, put out annually. there is a little bit of fuzziness in other personal hospitality, but those -- that kind of transportation has never been deemed personal hospitality that could have variation. the other thing that's happened, even though the justices are covered by certain post-watergate and disclosure and conflict of interest rules the

. >>> coming up, berkshire hathaway betting on the fortunes but the threat of higher waves continues to weigh on sentiment. we'll speak with the first vice chair of the naahb who is himself a builder. plus, stocks are not red that is party why our market cap says being selective matters now more than ever he'll join us with his top picks ahead. "the exchange" is back after this my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, cha