and berkshire hathaway listing energy and financials. the s&p 500 closing at its highest since january. brexit angst sent sterling to an 11 month low. ramy: from bloomberg's global headquarters, i am ramy inocencio in new york. will be in thes spotlight later after snuffing out initial gains following the pboc move must week. iran strikes -- last week. for demanding compensation "decades of american intervention." haidi, such an hour here with you, heading into daybreak asia, and it was pretty bullish. at least a little bit hopeful. take a look at where we closed. mentioned, earnings, especially with financials, berkshire hathaway pushing up the financials. saudi arabia revealed it had production cuts in the last month, so this is what we are the drivers.ms of nasdaq up by .6%. bloomberg dollar spot had been higher in u.s. trading, up .2%. nymex and brent crude up higher, .6% each. futureses -- gold cannot get higher because of what is happening in the rising rate environment. haidi: yield seeking investors put up by the strength of the

and famous investor warren buffett's company berkshire hathaway is making their latest market shifting investment in india the financial times quotes a knowledgeable sources saying that the previously tech shy buffett's company is betting on india's largest mobile payment payments platform pay t.m. by investing between two hundred eighty five and three hundred fifty million dollars and pay to parent company one ninety seven communications and taking a stake of three to four percent in the parent corporation pay t.m. says it has three hundred million users in india with four billion dollars in value of monthly transactions on the platform of berkshire hathaway now joins big names including ali baba and softbank as investors in paid parent many market watchers quoted in the reports of caution that while this is a first for berkshire mr buffett is not personally involved in the deal and may not this may not set a new precedent or policy for mr buffett with regard to technology. there are some mega moves in the right hand. space says d.-d. the chinese company has suspended its so-called it

and famous investor warren buffett's company berkshire hathaway is making their latest market shifting investment in india the financial times quotes a knowledgeable sources saying that the previously tech shy buffett's company is betting on india's largest mobile payment payments platform pay t.m. by investing between two hundred eighty five and three hundred fifty million dollars and pay to parent company one ninety seven communications and taking a stake of three to four percent in the parent corporation pay t.m. says it has three hundred million users in india with four billion dollars in value of monthly transactions on the platform of berkshire hathaway now joins big names including ali baba and softbank as investors in paid parent many market watchers quoted in the reports of caution that while this is a first for berkshire mr buffett is not personally involved in the deal and may not this may not set a new precedent or policy for mr buffett with regard to technology. there are some mega moves in the right hailing space as d.d. the chinese company has suspended its sole. called

the real news, the stock that should be moving on the news today in my opinion is berkshire hathawayhe stock is super cheap we estimated it is about a 90 current dollar today, intrinsic value north of $350,000 per share. call it up 10% from here but there was an old floor at 1.2 times book, but that's way down at $261,000 per a share today hedisclosed it, he was buying back shares north of $300,000 a share i think has created a much more attractive risk-reward dynamic here where the down side is no longer, the floor is no longer $260,000 a share, it's probably 305 or so which is my estimate about where he was probably buying it. so now you've got one of the most attractive companies growing at intrinsic value that's 10% under value, not screaming cheap but there's a new floor in here. it's not a hard floor. i think there's strong indication that he could be buying back tens ever billions of dollar of stock and put it back on the floor. that's major news. >> i see berkshire shares a third of your friends family portfolio. would you be a buyer here? are you buyingmore >> you know, to t

su: soros, berkshire hathaway's buffett. rkshire is doubling up on the favored area, banks and a irlines, not to mention apple. they increase stakes in goldman, delta, southwest, and reduced some positions, they say not because they fell out of favor, but to make sure they do not exceed 10% ownership of american, wells fargo, ual and charter communications. soros took new stakes in spotify and pandora, also facebook, buying when everyone was selling, and devon energy. a a lot of the big billionaires are buying into energy. we saw that with stanley druckenmiller's family fund. soros increased his stake in nxp semiconductors, reducing stakes in netflix. very interesting, some reduced stakes in tesla. ramy: with what has been happening in the share price, moving back and forth. still ahead, we have a lot for you. we will dive into the booming world of esports. for competitive video gaming in asia. haidi: up next, the outlook for the markets, as fears about turkey appear to take a breather, for now at least. this is bloomberg. ♪

and later this hour, our interview with warren buffett, always the berkshire hathaway chairman and c.e.o. turns 88 today. it is 19 minutes into the trading day in the u.s. blarg's abigail doolittle has the latest on u.s. markets. abigail: we are look agent very small moves. mixed action, too. you can see the tech-heavy nasdaq higher, putting in yet another all-time high. but the dow and the s&p 500 at least so far not joining in. we've had a string of bullish days until today for both of those indexes as well. it will be interesting to see whether they turn with the nasdaq. in fact, let's look at a five-day chart of the s&p 500 to see the rally we've had more recently. last friday, of course, fed chair jay powell, the marks had a dovish reaction, pushing up stocks, and that seemed to continue right into this week. but today, the slight, slight decline. but again, the nasdaq has turned. but when we go to the bloomberg, you look at what's happening sector-wise, it is bearish. this is the map in the bloomberg, which you can view using the bloomberg to see what's happening sector-wise for an

when you think about amazon, jpmorgan and berkshire hathaway coming together, i think if it's just going to be under the purchasing coalition, then i would expect incremental change. but if you begin to get leverage amazon's footprint within the home, the relationship with consumer, the customer obsession as we talked about health care is not as customer focused as it really needs to be, amazons customer, the customer loyalty they have and begin to leverage their ability -- whatever challenges with health care, employees don't touch the system with enough frequency in order for it to be routine, in order for them to be sophisticated consumers. amazon and other online shopping is routine for many people today. and if you can incorporate health care into their routine and leverages her platform, then you have an opportunity to reach them in a way that nobody has been able to reach them. for me when i look at this coming together, the opportunity is how do you leverage their platform to reach people in a more natural way, in a more frequent way than we reach them today? >> i have a question

that is the case at berkshire hathaway. it is reporting cash at $111 billion. over whether berkshire can buy back shares. the issue is are the shares to expensive? the company's requirement is the price has to be below berkshire's intrinsic value, conservatively determined. david: warren thinks he can invest the money better than shareholders. julie: but he has not been finding as many places to invest in. david: coming up next on "bloomberg markets," priya misra will be joining jonathan ferro. this is bloomberg. ♪ >> 30 minutes until the start of trading. this is the countdown to the open. jonathan: coming up, china indicating it is ready for a protracted trade war. president trump said the u.s. has the upper hand. washington is beginning to reimpose sanctions on iran. beijing rejecting requests to cut iranian oil imports. theygan boss suggesting better be prepared to deal with 5% 10 year treasury yield. more in a moment. 30 minutes away from the opening bell. as follows. futures dead flat. s&p 500 futures down just a single point. in the market, you see some d

anna: that was the berkshire hathaway ceo warren buffett speaking to david westin. was giving us some of his top calls in terms of liking stocks. henrietta pacquement. warren buffett likes stocks. given how far we have run, or u.s. equities in particular, how do you balance that against your world? the credit universe? henrietta: i think it is fair. his comments on stocks compared to bonds is an interesting one. from our perspective, we are slightly bearish on rates, particularly for europe and the extent -- to an extent in the u.s. the risk is the political risk. trade, e.m., and so on. we are also bearish in terms of rates. andher area that we like, that touches on his stop comment, we quite like financials. you have to watch the volatility there, but that is an interesting place to play in the credit markets in europe. particularly as european banks have been improving their fundamentals. and we still like loans. if you look at the investment grade, that is another area we like. we favor it over high yields. nejra: is there any true competition for u.s. equities

and berkshire hathaway listing energy and financials.sing at its highest since january. brexit angst sent sterling to an 11 month low. ramy: from bloomberg's global headquarters, i am ramy inocencio in new york. will be in thes spotlight later after snuffing out initial gains following the pboc move must week.

berkshire hathaway has added to its holdings in two of warren buffett's a favorite sectors, widening bets on banking and aviation. that is as part of a strategy to shift its $180 billion portfolio. berkshire has quit some long-term holdings, including ibm, while moving into apple and other companies. global news 24 hours a day on twitter,t tictoc on powered by more than 2700 journalists and analysts. i am jessica summers. this is bloomberg. yvonne: a spat between the u.s. and turkey escalated tuesday when turkish president erdogan vowed to boycott iphones and other american electronics. -- hisfinance minister finance minister accused the u.s. of waging an attack on turkey's economy. a series of speeches defined the conversation around turkey in the last few hours, starting with president erdogan. he said that turkey has come under a coordinated attack, and he would do everything in its power to defend itself. as a result, he added they would .e boycotting american products that shows you how the broad conversation escalated, and we will have to wait and see whether the united states r

warren buffett's berkshire hathaway conglomerate, home to everything from dairy queen, benjamin moore paint, burlington railroad, up 43.1% since election day, far outpaysing s&p 500 gains over the same time of 30.2% and narrowly passing the dow's 42.5% rally. i sat down with warren buffett, arguably the greatest investor of our time. he is in manhattan to have a steak and cake lunch for our winner nor the homeless services foundation. you have to hear what he said about widespread optimism driving stocks higher and higher every financial expert, trader, ceo, that we've had on the show recently said we see nothing on the horizon that looks like it would derail a very strong and fast moving train of an economy. do you? >> they don't know and i don't know. it is very simple. you shouldn't pay any attention to it. you shouldn't pay any attention to me. if i tell you what the market is going to do figure senility set in. liz: valuations to some look a little rich to you? >> i say american businesses relative to interest rates, everything is relative to interest rates, where you put your mo

liz claman will go one-on-one with warren buffett, berkshire hathaway chairman and ceo. thursday 3:00 p.m. countdown to the closing bell on fox business. >>> markets ma major averages off session highs. still set to close at new records. nasdaq is looking at a new record. the s&p looking at a new record. russell 2000, small guys hitting a new record. it will kick in nine minutes nicole petallides on floor of new york stock exchange. with a lot more, nicole. >> they're excited. they like momentum they're seeing for markets overall. you mentioned how well we're doing on the dow, look at that, up 245 points for sectors. really utilities, defensive play is one in the red, plenty of green and reports for the s&p and nasdaq and russell. taking a look at movers. nasdaq leaders an laggards. interesting to see while i was talking to scott rid letter of t3 live, people while stocks were moving up were taking money off the table. jd.com is up 4%. some people might take some money off the table, for example, costco hit a new high. now it is in the red. maybe some people saw the high

and we will hear from berkshire hathaway's ceo, warren buffett, what he says about health care, apple and the state of politics today. ♪ shery: countdown to nafta, the u.s. stressing its self-imposed deadlines for a deal tomorrow as negotiations continue. president trump showing signs of optimism and canadian officials say that the u.s. is showing a willingness to reach a deal. here to discuss is michael mckee, our policy correspondent, and our trade reporter in washington. mike, we keep hearing the time, -- term, a deal in principle. what does that mean about getting a deal with candidate and the trilateral deal with mexico? e it: budget enough -- fudg enough so that you can later fill in the blanks. a deal incredible was made on monday with mexico, but not a lot of things finished yet. they need to get something done in order tomorrow in order for tom and jump to congress that a deal is coming to them and get it done before nieto leaves office on december 1. they want to have it wrapped up before the new president takes office, because he might want to tinker with it as well. so the

haidi: that was none other than berkshire hathaway chairman and ceo warren buffett with us.in, ken president trump's comments-- can president's comments on fellow strength lead to fx intervention? this is bloomberg. ♪ recapping some of these lines coming from the argentinian finance minister and treasure, talking representing the 2019 budget later today saying it is going to be aimed at making argentina more vulnerable to shocks, to dispel all the doubts that investors meet saying he's off to with the imf on monday to further discussion saying the economy in argentina has strong fundamentals and, of course, this is a bit of jawboning, given we have had these record lows for the peso ever since macri went to the imf saying they needed faster disbursement of the monetary aid. we have seen a destruction of investor confidence in this economy. ramy: all right. continue this conversation because our global economics and policy editor has been washing. to theay, an 8% drop peso. today it is 12%. kathleen: at the least we can say went from bad to worse. and, given that, yes, many p

it's the biggest holding for berkshire hathaway at $56 billion.uy even since that filing? >> we bought just a little, about 6 million of the shares are attributable to another fellow in the office that's owned it for a considerable period of time the rest are my portfolio, but i bought just a little bit -- i like to buy them cheaper it's difficult we started buying or i started buying when the stock was maybe 100, i was buying it kind of as fast as i could, and i ended up buying some as high, a whole lot higher, i don't want to name the exact price but a whole lot higher i'd rather have it go down for one thing, if it goes down apple is going to buy a lot of stock back, already buying stock back if it goes down 10% it means they get to buy 10% more shares and my interest will go up 10% more for spending that money i am benefited by going down if i were to talk my book, i would talk it down >> i spoke with an analyst today, gene munster and he pointed out the interesting thing for apple for a long time it was a volatile stock, it traded in the boom

>> leslie, thank you leslie picker back at headquarters berkshire hathaway, upping its apple exposuredo you agree with that? >> absolutely. it makes total sense he's bought into the right idea. he's seeing it in wearables and services my gut tells me elliott's buying puts to protect the position i don't think it's negative. she talked about that, as well to me it makes a lot of sense. why not? s volatility is extremely low right now. buy protection, own it and that's a great trade >> facebook, yeah. facebook and google are two names that i love and i would continue to like so i agree with that, and snap chat and twitter are two names i would sell aggressively and it lines up the ducks with these guys. >> i don't have any ducks or anything, but a couple of gooses i like the idea. >> you mean geese? >> no, gooses. >> it's geese. >> whatever. we get your point. what was the point anyway, the one trade i do like is the hedge exactly what pete said on apple, and being somewhat cautious on the macro picture here and why not put some protection on at the very least? >> i'll make a little foi

according to regulatory filings released late yesterday, buffett's berkshire hathaway e ded man 12 million the iphone ker, making berkshire apple's biggest shareholders. it added more than 2 million shares to its holdings and the positions are as of the end of june. shares of apple rose today to 210.24. goldman fell to 229.25. >>> the sec has reportedly served tesla with aubpoena just days after ceo elon musk tweeted that he was considering taking the company private and that financing wasecured. the subpoena was first reported by "the new york times," shares dropped 2.5% to $338.69. kleenex and huggies are about to get more expensive. kimberly-clark is raising prices among most of its products to combattyigher commo costs. it's risen 60%, and that'sne according to estimate and consumers will start to see the higher prices in the first quarter of this year and the first quarter of next. shares popped to $116.46. >> and the move by kimberly-clark follows price increases by other consumer companies like procter & gamble. those costsre intensifying because of the ongoing trade tensions with c

in the afternoon, we will be speaking to berkshire hathaway ceo warren buffett.t interview this afternoon. it is one you don't want to miss. next, we will have "bloomberg surveillance." on bloomberg radio, we will speak with maximilian kunkel. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and

warren buffett's berkshire hathaway said operating earnings rose 16.7%.hat is as insurance operations recovered. it may have been noteworthy for what it did not contain. more on when or even if it will buy back shares. taiwan semiconductor manufacturing is recovering from a debilitating computer virus. it has warned of delayed shipments and reduced revenue. the taiwanese company which makes chips for the iphone said 80% of the fabrication tools affected on friday evening have been restored, and it expects full recovery today. it did not specify which customers would be affected. merger would become the world's largest industrial gas producer. it is facing an unexpected hurdle from the u.s. antitrust -- a company to sell more assets. they noted a likelihood a merger -- higher than outlined in be merger deal. the global cohead of its trading arm. andmberg has learned american-based in london would run the securities unit. while the cohead of the division 2014, twohere since resigned in june and were not replaced. a representative from goldman sachs did not

berkshire hathaway has added to its holdings into warren buffett's favorite sectors, banking and aviation. it boosted investment in goldman sachs, and southwest last quarter as part of a shaft -- strategy to shift its stock portfolio. brookshire -- -- it has moved on to apple holdings. global news 24 hours a day, on-air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. thanks very much. juliette saly in singapore with your world national news headlines. asian stocks fell, treasuries rose, the dollar climbed to a 14-month high as risk appetite is tested by the turkey induced turmoil. china's yummy fell to the lowest toce may 20 17 -- yuan fell the lowest since may 2017. mark cudmore, the dollar seems to -- the dollar rally continues, let's say. there is debate about where it goes from here, but we saw an interesting note from credit suisse saying maybe the fed will stop producing its balance sheet at the end of the year because of burgeoning debt and a huge supply in the treasury market. what do you think about that ide

chairman atbuffett, berkshire hathaway speaking to david westin.inutes from the start of the european open. let's talk about stocks to watch. looking at old mutual. michael is covering with bread. -- whitbread. annmarie hordern on the carmakers. announced aal special dividend on top of the $.45 they did it -- dividend it was planning for the first half. it is one rand, 0.0 seven cents -- .07 cents. but it sparks a dispute. ad mutual was involved in four-way break up this year as it separated from its london-based parent after 20 years. guy: ok. interesting angle on all of this. let's talk about what is happening with whitbread. this coca-cola story, fascinating. decided toitbread sell costa for 3.9 billion pounds to coca-cola. this is a huge deal for whitbread on the because they were under pressure from activists to divest costa. comparison, starbucks is currently valued 13.8 times. whitbread said the majority of proceeds will be returned to shareholders. no doubt investors will be pleased today. guy: what are we looking at with the car sector? he

these have actually berkshire hathaway has been holding for quite some time has just in creased the size and they did decrease and dispose verisk and monsanto, but i want to focus on a few other big names that popped up a lot of filings let's start with spotify you're seeing an increase, george soros buying into spotify like i mentioned, other big names satya nadella is nvidia, a used car e-commerce website and their stock has gone up 189% year-to-date, and last but not least we'll end on this tesla. two major companies sold off tesla, fidelity investments and t-row price group sold off more than 20%. ashley. ashley: i almost ran out of paper on all of that. i've got facebook, apple, twitter, blackrock, bank of america some very good tips in there. >> you wrote it all down that's amazing. ashley: i'm going to put my $ 9.50 to work. >> we may not be as wealthy as them but at least we can start to play like them. ashley: yes, lacking some zeros there. no kidding no kidding, but very good information christina appreciate it thank you very much. >> thanks. ashley: the closing bell ringing in

a boost for warren buffet's berkshire hathaway. profit almost triple the same time a year ago. buffett's conglomerate runs and has stakes in businesses that range from railroads to retailers such as dairy queen. it improved its business in the insurances by and the broader health of the u.s. economy. >>> as we reported job growth remains strong. in fact, the u.s. is on pace to add 2.6 million jobs this year. the majority of job gains, 58.5% increase ending in may were in counties that backed hillary clinton in 2016, according to the "associated press." and a striking number of counties supported president trump and smaller towns in the country's city and interior are losing jobs. >>> meanwhile the cranberry industry is reportedly investigated crushed by the trump administration tariff reliefforts about a third of u.s. cranberry production is exported. >>> and tom cruise topped the movie box office for a second week in a row. >> you have a terrible choice to make in berlin, one life for millions. >> "mission impossible: fallout," th

more details from berkshire hathaway's filings. breaking news after the market closes. more details on how big their stake in apple is. the firm increased its stake by 5% and owns 231 million shares. that makes them the third biggest shareholder in apple. in the meantime, they are the second-biggest shareholder in southwest airlines because berkshire hathaway also increased their stake by 90% there 256 and a half million shares -- to 56 and a half million shares. and now owns 56 and a half million shares of southwest -- it now owns 56.59 shares of southwest. because it's -- it cut its stake in american air. it also cut its stake in united continental, and increasing its stake in delta. lisa: it's interesting there is not more from move in the airline stocks given how they have been recently. we should move over to turkey contagion. "what'd you miss?" argentina is taking emergency measures to stabilize the peso raising interest rates five percentage points and announcing an fx auction. this is an unorthodox move from argentina coming in response of the lira's downward sp

. >> also, you sold to berkshire hathaway and started another company, same space-ish.mazing track record. >> wheels up, trying to be more netflix to net jets, more of a subscription model, five years in, really excited, i would say we're proof that anything is possible in america. >> well, good, yeah, that's good to remind ourselves, especially in these days. so, tell me one thing you have learned. >> i learned that you can't be scared to pivot. no business plan, i know in your business, j.j., and the people you interview, the people that really hit it are the ones that can move. there is no straight-line in business. you got to pivot and i think if you don't pivot, you are just too hard core to your original plan, you're not going to get to the rainbow. the gold at the end of the rainbow. >> what was your scariest pivot? >> i wouldn't say any of them are scary. it is more scary not to pivot. but i think in our space, you know, we were focused on the 25 to 50 hour flyer at wheels up. i think the real magic in the space is the zero to 15 hour flyer which is the enintere

berkshire hathaway has added into sectors, widening its bets on banking and aviation. boosted investment in three banks last quarter as part of a strategy to shift its $180 billion portfolio. berkshire has quit some long-term holdings, including ibm, while moving into apple and other companies. 22 people died when a highway bridge collapsed in the metairie name -- mediterranean port of genworth. rescuers fear more victims may be buried in the rubble. the bridge was built in the 1960's and the company that operates the highway says the strengthening work had been underway. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. still ahead, property data from china, morningstar says the key risk is government policy turning to harsh. rishaad: china loses momentum in the escalating trade war, but our next guest remains positive. we will be talking with aberdeen standards next. this is bloomberg. ♪ rishaad: you are back. i am rishaad salamat. continuesna's

form of berkshire hathaway now joins big names including ali baba and softbank as investors in paid parent many market watchers quoted in the reports of caution that while this is a first for berkshire mr buffett is not personally involved in the deal and may not this may not set a new precedent or policy for mr buffett with regard to technology. there are some mega moves in the right hailing space as d.d. the chinese company has suspended its so-called it should be carpooling service that after a brutal assault number of a female passenger this follows another murder of a writer in may the company restates released a statement which read quote as a platform d.d. failed to live up to trust and by the public and has inherent responsibility and hoover is taking the long way home to profits have it focuses not on cars or rescue vs but makes moves toward more urban friendly transport lots to get up to speed to on the right hailing space let's get with alex my hyla but she's always savvy and sophisticated on these things alex that this is spencer of the car pooling service the hitch is a big bl

>> kraft heinz was formed in 2015 at work shredded warren buffett and berkshire hathaway.each own 20% of kraft heinz. 3g is known for its cost-cutting, including big named brands by campbell soup. you will see they own 40% of the company. another big shareholder, dan loeb, pushing the family to make the sale. vonnie: thank you. caroline: coming up, following 34 minutess than from the end of trading. up across the board. every industry group pushing up higher. you name it, it is in the green. take a look at the fx market, dollar weakness, labor data coming out. on the flat side, euro against the pound. we are euro up to 10%. the bond market, we see a rally all but in italy will we so yields push higher. politicalce again tensions capture our attention, concerns about the government and the finance minister. more into that after the break. this is bloomberg. ♪ reporter: it is 11:00 in new york, 11:00 in hong kong. 30 minutes left in the trading day from europe. i am caroline hyde. paul: this is the european close on bloomberg markets. caroline: here are the top stories we ar

when you think about amazon, jpmorgan and berkshire hathaway coming together, i think if it's just going to be under the purchasing coalition, then i would expect incremental change. but if you begin to get leverage amazons footprint within the home, the relationship with consumer, the customer obsession as we talked about health care is not as customer focused as it really needs to be, amazons customer, the customer loyalty than, begin to leverage their ability, one of the challenges with health care, employees don't touch the system with enough frequency in order for it to be routine. in order for them to be sophisticated consumers. amazon and other online shopping is routine for many people today. and if you can incorporate health care into their routine and leverages her platform, then you have an opportunity to reach them in a way that nobody has been able to reach them. for me when i look at this coming together, the opportunity is how do you leverage their platform to reach people in a more natural way any more frequently than we reach them today? yes? >> a question about i guess

we have berkshire hathaway. we have shifted from bankers to investors.es that make the system safer? warren: the system will always have a panic from time to time. thing, it did one took a lot of pages to do one thing, but it probably would make it a little more difficult to deal with a certain kind of panic, because it is the power of the fed to act in a panic. unilaterally, they will say this will and now, that power has been diminished. i think that was a mistake. david: do we need federal regulation of the non-bank banks? warren: we need some kind of regulation. people in massive lending activities, we need whatever their names, we need some kind of regulation. no question. the market system is wonderful, but animal spirits can go too far. [laughter] finally, it is your 80th birthday, which is terrific. look back on a 38-year-old warren buffett. if you were starting out today, with the principle that got you to where you have gotten still apply in a world so much -- of so much technology and globalization? warren: the principles of not changed at all

warren buffett and berkshire hathawa hathaway leslie picker is joining us. >> in may, buffett says he own 100% of apple if he could. bershire also boosting his stakes the firm did trading around airlines and banks berkshire's ownership jumps to 21%. and airlines berkshire -- the firm says it wishes to avoid owning 10% or more of investee's shares many are purchasing shares, that requires berkshires to make adjustments. it is not their view of relative attractiveness >> yes, 100% of that, huh? >> a trillion dollars company now. >> a bit more difficult. >> it is amazing that he finally sort of threw in the towel >> it makes you wonder if he'll make decisions like that on other investments. amazon he had such positive commentary on and jeff bezos and he keeps on saying he missed it. apple is a consumer product company and not a technology company. >> he wishes people would stop talking about apple and the same is true about amazon because he wants an entry point where he can buy into the stock at a price that he deems, you kn know -- >> if he thinks so >> you have done amazingly well fro

berkshire hathaway posted a 67% surge easily beating forecasts they were boosted by results at severales particularly where underrising profit rose more than 5 fold but they attributed part of the profit jump which requires the company to report unrealized investment gains with earnings. >> rusal reported a second quarter profit of $440 million despite sanctions imposed by the u.s. recurring net profit at the company rose 75% from a year ago listed by higher prices for metal but it was down 17% on a quarter on quarter basis sanctions were imposed in early april. coming up on the show, connor mcgregor says he's heading back to the octagon find out who his next opponent will be, when we come back you might take something for your heart... or joints. but do you take something for your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life. happy anniversary dinner, darlin'. can this much love be cleaned by a little bit of dawn ultra? oh yeah one bottle has the grease clea

certainly a bullish streak for berkshire hathaway.et's look at some of the consumer staples, names draghi on that sector. pepsico down 2.6%. kimberly-clark down 1.8%. campbell soup and krft t,nsumer staple -- kraf consumer staple names. overall, stocks are strong. shery: thank you so much for that. coming up, turkey's cratering market, a possible bailout by they imf -- the imf. rumors are being met by radio silence from the central bank and present erdogan. this is bloomberg. ♪ marketshis is bloomberg balance of power. mark: president trump isn't considering lifting sanctions against north korea. john bolton tells fox that kim jong-un's regime hasn't taken the necessary steps toward getting ready -- rid of nuclear weapons. toton spurs the north release the names of all foreign soldiers killed during the korean war, including those from south korea. an official at the u.s. drug enforcement administration says the percentage of bitcoin transactions involving illegal activity has fallen. it has dipped from 90% five years ago to just 10%

and, yvonne and coming up, a live interview with berkshire hathaway's warren buffett. is 11:30 a.m., and we will talk about his stake in india and what else he is watching as markets continue to hit market highs. this is "daybreak: australia," asia" is next. this is bloomberg. ♪ xfinity mobile is a new wireless network designed to save you money. whether you use your phone to get fit. to find meaningful, thoughtful, slightly-weird gifts. or just to know which way you're facing right now. however you use it, your wireless bill is about to cost a whole lot less. ask how you get xfinity mobile included with your xfinity internet. so you just pay for data -- by the gig or unlimited. saving you hundreds of dollars a year. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. yvonne: we are live from bloomberg headquarters. welcome to "daybreak: asia." day, another record. offset new highs. the s&p closed over 2951st time. trade remains the driver. 2900 for the first time. trade remains the driver. ramy: it is ju

as for financials, it has a lot to do with berkshire hathaway.e look at the chart and you can see that, it is the best day and more than two weeks on a very strong second-quarter report. plus, $111 billion cash with investors wondering how the money will be used especially relative to buybacks. shery ahn: thank you. coming up, the gop fight with the coax -- kochs. this is bloomberg. ♪ david: we turn now to kaylee for the first word news. >> the reigning trade sanctions that had been mixed -- they go into effect at one minute past midnight. barred from using u.s. dollars. they will also be able to -- planes and parts, targeting in november. there has in a dramatic escalation between -- in a dispute between saudi arabia and canada. diplomatic ties and halted new trade investment trading. the saudi's were criticized for resting -- one was a canadian citizen. leave the country within 24 hours. authoritiessays will begin distributing an experimental vaccine for the law. it is believed to have killed at least 33 people in the eastern part of country in

tomorrow on bloomberg, david westin interviews berkshire hathaway ceo warren buffett. this is bloomberg. ♪ taylor: that is some of our reporting streaming on twitter. romaine: this is bloomberg markets. it is time for a bloomberg business flash. a look at some of the biggest business stories. shares of dick's sporting goods are falling. another quarter of slumping sales since ending sales of assault style rivals in february. it also says it experienced significant decline in under armour products. under armour shares are also trading lower. amazon and google parent out of that -- morgan stanley bumped its price for amazon by 1%. it is higher than any other of the analysts surveyed. morgan stanley sees amazon's cloud services as catalysts. a stark warning from deutsche bank president. he says european banks need to bulk up or die. predicting that increased requirements will overwhelm many banks and forced them to consolidate. he addressed speculation that deutsche bank may be interested in a tie up with commerzbank. that is your bloomberg business flash. taylor: still a

berkshire hathaway rose after profits jumped 67%. the second best quarter since the recession. season is not over. expect to hear from snap, disney and papa john's. >>> a woman leading pepsi is leaving. she will be replaced by the global operations chief. nooyi helped turn pepsi into a large food and beverage company in the world. she is one of a handful of people of color and a woman to lead a fortune 500 company. her departure leaves 24 women. >>> do you have a movie pass? it limits you to three movies per month. previously you could see one movie per day. moviepass is running out of money because of the low subscription price. that is less than some movie tickets. moviepass has to pay theaters to make up the difference. most customers see three movies or less per month. >> a perplexing business model. >> they are making promises they cannot keep. >>> we are just short of 5:00 a.m. in the east. "early start" continues right now. >>> stunning testimony from the star witness against president trump's former campaign chairman. rick gates says he broke the law for paul manafort a

reinsurance as had pretty good rates recently, and you guys have locked in some large deals, one with berkshire hathawayen buffett. what do you do -- do you expect those costs to remain low? what do you do if they don't? dan: reinsurance does play a central role in our model, in a fairly unconventional way. one of the pillars of lemonade is behavioral economics, how to create an insurance company that is not conflicted with its customers, that doesn't make money by denying claims and thereby doesn't engender the kind of distrust that plagues the entire industry. reinsurance for us is part of the solution. lemonade takes a flat fee. if there is money left over at the end of the year, we give it back to charity, to nonprofits of our customers' designation. that means we never have any incentive to deny or delay claims. our reinsurance partners are partners in making this a new on conflicted business model that speaks to consumers, in general, younger consumers, in particular. emily: you had a lot of success in growing very quickly, which has gotten you a lot of big backers like softbank and others. your u

. >>> warren buffett and berkshire hathaway making big beth bets n apple, airlines and goldman sachs. >>> and a billion more reasons why jeff bezos may be taking over the world on this wednesday, august 15th as "worldwide exchange" begins right now. ♪ let's have a little talk good morning thanks for starting your day with "worldwide exchange." here's how your money and global markets are setting up the day dow futures, s&p, nasdaq slightly down. not a big guidance here. but they have seen a change. ten-year yields, they are still hanging below that 3% mark in fact the ten-year yield is at 2.89%. turkey concerns have the bond market getting a bid over the last couple of weeks the good news is that that should help keep mortgage rates in check by the way, they are at seven-year highs in asia, as we eluded to, it was a sea of red once again the domestic chinese equity market, the shanghai, was the big decliner, down 2%. shenzhen down 2% these markets are both down more than 20% from their recent highs. hang seng is down 1.5% the nikkei falling 0.7%. we'll get more on this story from sing

buffett and berkshire hathaway. look at mutual funds and etfs, vanguard, blackrock, state street, they have a 16% stake in apple. when you break it down, spdr s&p 500 etf, they have 55.8 million shares. i-shares u.s. tech etf, their exposure is 17% of the portfolio, roughly $4.1 billion in holdings on apple. talk about winners and losers with apple, you remember john sculley? he is the guy who had unfortunate history replacing steve jobs, getting pushed out by steve jobs, former ceo. he sold the apple stock he had, began buying it after introduction of the iphone. he has 60% of his net worth is apple stock. that net worth is worth a lot more today than it was just a month ago. charles? charles: adam shapiro, thank you very, very much. so the question now of course what is next for the tech giant. to tech analyst. russ, first of all, great seeing you. it has been a long time. >> i know it has been a while. charles: what is next? they're sitting on a pile of cash. there have been some investors so long trying to get t

vonnie: berkshire hathaway investors are on buyback alert, posting strong second-quarter results over but there were detailed plans to repurchase shares. the strength could make shares too expensive. .ith more is catherine $30,000 a pop is not -- $13,000 a pop is not too expensive, is it? catherine: insurers were looking pretty good. so it will be interesting. recently just a month ago, the cap was listed on's talk buybacks. and it will be interesting. we don't know if this is too expensive for them or not. shery: did we get guidance from the second-quarter results? katherine: not much on repurchases. he announced he's willing to buy them back. he cap did at a 20% premium that he historically has. at 40% over book value. maybe buffett sees 40% at a good price to buy back shares. maybe it is too expensive. it is raising questions in analysts'minds about, is it too expensive. billion is a lot. they buyappens, if back shares, what are the alternatives? katherine: buffett has always favored doing m&a. said in the annual letter in february that prices were too high. so he said he wouldn't

wall street recovered losses from the previous two days as >>> warren buffett's berkshire hathaway boosted its stake in apple holding now nearly 252 million shares up from 239 million. the oracle of omaha also increased stakes in southwest and delta airlines. >>> the cofounders of tinder are suing its parent company. the founders along with eight other executives allege match group and its parent company iac bilked them out of billions. iac and match are being accused of manipulating financial information to drum up a low ball estimate for what tinder was worth when it was purchased. >>> new gaming figures out yesterday show nine new jersey casinos took in 12% more gambling revenue in july than they did in the same month last year. the state's casinos and racetrack took in about $40 million in sports bets the first month after it was legalized. >> all right, diane. well, we are hearing one mom is learning why you shouldn't save credit card information on amazon. what are the details? >> reporter: so here's the story. a 6-year-old utah girl spent $350 on toys, vibod games by secretly using

buffet's berkshire hathaway has bought another 12.4 million shares lifting their holdings to 252 millionn $5.2 billion. buffett has called apple and unbelievable company. retailers doing very well this summer. the commerce department says retail sales in july were up .5% than the month before up 6.4% over the past 12 months, clothing chains, restaurants and department stores big winners. there were sales declines for furniture and sporting goods. but given that retail sales and consumer spending is about two-thirds of the u.s. economy, certainly bodes well for gdp growth at the start of the second half. stock market today is under pressure from ongoing trade wars. dow down over 170 in the early going, nasdaq down 56, s&p down 19. back to you. >> thank you. >>> new this morning, some high-tech security screening on its way to l.a.'s public transit system. you can take a look. the scanners being rolled out across l.a. metro stations. the technology is similar to what tsa uses. officials say they are safe and no radiation is used. the scanners analyze the natural waves that come off your bo

berkshire hathaway has added to its stake in banking and airlines. quarter, it increased holdings and to airlines. it trimmed its stakes in wells fargo and american airlines. the buying spree in the permian basin has arrived. one company has agreed to buy an oil driller in an all stock deal valued at $8.4 billion. pipeline shortages and other shortages have boosted costs to the permian, and that led to the push for consolidation. in south africa, shares of one company are down the most in some time. it posted a surprise drop in quarterly profits. that is the bloomberg business flash. francine: thank you so much. may have just announced his plans to take the company private. goldman sachs had not been formally tapped as a financial advisor when he tweeted. the bank and silver lake still had not officially signed on. joins us nowrick on the phone to discuss all of this. thank you for joining us. where does this end? it seems like every day there is s bad news for elon musk. does he now have no choice but to take it private >>? >>i don't know -- take it

. >>> warren buffett and berkshire hathaway making big beth bets n apple, airlines and goldman sachs. billion more reasons why jeff bezos may be taking over the world on this wednesday, august 15th as "worldwide exchange" b