buffett berkshire hathaway has increased its bed and amazon. gest online retailer rose 11% in the second quarter. it is now valued at more than $1 billion. that is far smaller than berkshire stake in apple. that investment is valued at more than $49 billion. morgan stanley is nowhere to be -- the year second second-largest ipo, we work. back after wed work -- the relationship became strained when morgan stanley would not extend as much debt financing as we work wanted. carlsberg reported a strong first half and result of a increase in craft beer sales. net profit was up 25% from a year ago. the danish beer maker raised its full-year forecast. that read to shares rising the most in almost a decade. and that isyoung your bloomberg business flash. david: time for follow the lead, a deep dive into stories making headlines and moving markets with it insight from industry veterans and insiders. today we take a look at retail. to set the stage, we turn to our resident retail expert, emma chandra. emma: we also got a number of earnings report from big r

d square added berkshire hathaway.m new york, this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. mark: i'm mark crumpton with the first word news. hong kong officials have confirmed nearly 1000 flights were canceled over the last five days and at the airport had to freeze public assets. the hong kong secretary for housing and transport explained why the airport's management obtained an interim injunction. >> we have no choice but to go the way, to ensure that airport would not be affected anymore, and to ensure the economy and at the future of hong kong would not be jeopardized. occurrencese suc

warren buffett's berkshire hathaway has increased its bet on amazon. arter and is valued at more than a billion dollars. that is far smaller than berkshires stake in apple, valued at $49 billion. morgan stanley is nowhere to be found on the year's second largest ipo we work. they have stepped back from a larger role after we work rejected their pitch to become top underwriter. morgan stanley would not extend as much debt financing as we work wanted. shares of cisco are falling after it came out with the lackluster forecast, a share -- a sign companies are -- cisco is trying to become more of a software and services provider but the majority of sales come from machines that are the back phone of the internet. -- backbone of the internet. that is the bloomberg business flash. tom: we don't need a chart or a morning must read. we have the wall of worry. i feel like i am on jeopardy. for 200.da, brexit here is the wall of worry and it is absolutely textbook. invest, i have got to for monday morning with this going on. what do you do in a retirement plan it

kick it: i want to off with berkshire hathaway.y the end of the june they had -- is really very tiny compared to what they have in apple, more than $49 billion. warren buffett, the oracle of omaha is getting interest from the billionaire investor taking a stake in berkshire hathaway valued at $680 million. that is not expected to be active. technology has been front and center on these filings. this is what is going on with uber technologies. a lot of hedge funds are hailing uber. these are the hedge funds that started from tiger management. $620 million, but we should 25% of itser lost value since its ipo in may, and the stock has been spending more time below the ipo price than about it. matt: thank you annmarie hordern. now the bloomberg business flash. management is waiting deeper into wall street that. -- wall street debt. we are seeing the final moments .he for the debt bubble bursts it is pouring hundreds of millions of dollars into management to bundle corporate loans into clo's. largest ipo,y's the firm is missing out on t

berkshire hathaway's told -- hathaway sold more than -- $1 billion more in stocks than it bought. recordnow surged to a $122 billion. 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. thank you very much. unrest in hong kong, and it is escalating. demonstrators disrupting flights . check with your carrier. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." let's have a look at the markets. you want is on the move above seven. you need something substantial to get it back. dollar-yen is up. haven's our bid. the yield on the jgb, what will the pboc -- what will the boj tolerate? we will talk about the yield curve next. a little bit of inversion in japan. nejra: take a look at the 10 year yield, hitting a 2016 low. futures on the back foot after the worst week for u.s. equities since december last week. dropping two a three year low. hong kong faces a general strike with flights canceled and public transport disrupted. carrie lam is accusing protesters of trying to

carol: i love that you brought up berkshire hathaway.e looking into this. >> that's what i was told. he was very me impressed with of the top the sky gave in reno and looked into it -- with the talk this guy gave in reno and looked into it. others are skeptical. we talked to a professor who was concerned about the claims about toxicity. jason: up next, the elements that drive electric cars. carol: plus, a frothy update to your cup of coffee. jason: this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek." carol: join us every day on the radio starting at 2 p.m. wall street time. you can also catch up on our daily show. check out our podcast. find usnd you can online at businessweek.com and through our mobile app. back to our special elements issue. it is the 150th anniversary of the periodic table we have an in-depth look at why matter still matters. carol: and the elements of the power electric cars and the ethical concerns. if the 20th century was the age of the internal combustion engine, the 21st century wi

. >> where does that leave berkshire hathaway?rren buffett has come short of saying he made a mistake and he has basically said they overpaid which is a stunning admission from warren buffett and the guys that 3g. there is no sign he is going to sell out but he is obviously not happy with the performance. >> how much shaking that has to go on when you think of the makeup of the foods and the supply chain? what are they have to do to reassure investors? >> the big food companies, they are not nimble. they are supertankers and they make it difficult to adjust to consumer trends and change faster than they ever have with social media and bad diets and everything that goes on these days rid this is a company not set up to innovate on food. it was set up, they took heinz profit and they got the expenses down. at the same thing with craft. they want to do this again and that is the thing that stopped them. as far as growing the brand, that will be the challenge. >> thank you for joining us. from toronto and new york, this is bloomberg.

you want to own berkshire class b is effectively a tracking stock of the real berkshire hathaway shares. obviously, it's a good buy maybe he's betting on future management at berkshire. maybe he's betting that they'll correct some of the errors in their portfolio. kraft heinz being one of them. >> that may have been -- >> you are looking micro when i first saw those headlines, i thought, is this a call on interest rates only because you have such a -- not stakes in wells fargo, large stakes in -- >> none of that is positive right now. >> if you're buying into it now, like a call on the overall macro environment for where markets overall head and financially services >> if you think they're trading at a big discount, knowing this is a company that does buybacks. the shares at a certain level, we'll see if he has anyt to say about it >> new information from cnbc shows a drop in confidence on main street tied with the survey's all-time low. more than half of small business owners say that a recession is likely in the next 12 months >> really interesting. we talked about this that 57 overal

last quarter, berkshire hathaway sold $1 billion more in stocks that it bought.s the biggest net selling since the end of 2017. the company's cash hoard is now a record $122 billion. a mergers looking into with fiat. court a 42%ing to stake in the japanese partner. they would need approval from france, which owns 60% of her know. -- renault. heathrow officials and union leaders have agreed to talk with mediators over a pay dispute. security guards, firefighters and engineers had threatened to walk from midnight sunday night. some flights at already been canceled. hazlitt is bringing back the free and unlimited supercharging perk. back theis bringing free and unlimited supercharging perk for the model s and model x. it had been removed as part of cost-saving measure. elon musk described the superchargers as key to sales. that is your bloomberg business flash. matt: thank you very much, anabel jewelers in hong kong. let's take a look at futures ahead of a market open that could be down 1% or more. ftse futures off 1%. dax futures down 142%. markets, drop in asian c

paul: berkshire hathaway is hosting its holding in the second -- second quarter. has been shifting. the stake is smaller than its apple holding which totals almost $50 billion. berkshire raised its holding in bank of america. shery: warren buffett is earning an investment boost from bill ackman. the activist investor has bought himself a new chunk of which are bringing the stake to almost $700 million. the investments have returned almost 50% this year according to its website. acrossand yields falling the board this morning. let's get a preview of what to watch in markets later today. earningsong kong focused, tencent results will be in focus. revenue growth disappointing in the face of more competition for advertising. thanng better earnings expected after claiming the top spot in the global pc market due in part to major new orders in india and other markets. the exchange came through with a solid report card for the first half of revenue from the program with a big boost offsetting weakness at home as turnover time.d during the the outlook is being overshadowe

just 2 short years ago in 2017 business tycoon warren buffett told shareholders at a berkshire hathaway annual meeting that i don't know that much about cyber but i do think that's the number one problem with mankind. i don't know that i can disagree with him of course at the time burst sure how the way specialty insurance had already successfully launched 2 insurance plans that covered both the costs associated with the cyber attack and any liability for it which was a good business decision as cybersecurity ventures reported. that there was a new ransomware attack on a business or public resource every 14 seconds in 21000 in addition they estimate that by 2021 they will happen every 11 seconds and fact the fear is so real that the city of baltimore announced this week that after a terrible attack on the city in may of this year they would transfer $6000000.00 from the parks department to pay for the cost of the ransomware attack and that they were considering purchasing insurance of course this comes on the heels of a pro publica piece by senior reporter rene dudley which found that t

berkshire hathaway sold a billion dollars more worth of stocks than it bought. shire's cash hoard surging to a record $122 billion. amazon is squeezing sellers that offer better prices on walmart and other platforms. when it discovers a product is cheaper on another site, amazon alerts the company selling the item, then makes the product harder to find on its own site. the merchant often than the sides to raise the price on the other side rather than lose amazon sales. shake shack is brushing off quality consoles -- quality control concerns regarding delivery. last year, shake shack said it's food was not intended to be eaten half an hour after it was cooked. thanks so much. time for the deep dive into stories making headlines and moving markets, with insights from industry veterans and insiders. today, we are looking at all the asian central banks out with rate decisions amid worldwide reactions to be escalating trade were between the u.s. and china. there with a look is michael mckee, bloomberg's international policy correspondent. michael: it is all about curr

stocks, reinforcing traditional detest -- distaste, but markets are on all-time highs and berkshire hathaway's1 billion more stocks then they bought last quarter. that was the biggest selling spree since 2017, leaving them with a record of $122 billion. they have a big stake in banks and apple. paul: samsung could face investor exodus according to a korean brokerage or they estimate there will be a net outflow of $400 million of shares as a result of an msci weightings review. the global brokerages expect south korea's waiting will fall .3% as china's a shares and saudi arabia and stocks were included in emerging-market indices. news, we have breaking with a man stepping down. hsbc holding appointment with no mcqueen as entering chief executive saying john flint has stepped down. now noah quinn will become the interim chief executive. we are getting latest breaking holdings onom hsbc the new interim chief executive asked john flint has stepped down and -- as john flint has stepped down. we will get you more as we get more details. hsbc is reporting at midday hong kong time, so we will get more

berkshire hathaway is raising its bid on amazon and boosting its holding by 11% in the second quarteret was valued at more than $1 billion at the end of june and shows how berkshire's view of tech companies has been shipping. even so, the stake is far smaller than its apple holding which totals him was billion dollars. berkshire has also raised its holdings in bank of america. shery: warren buffett is earning an investment boost of his own from fellow billionaire bill ackman. a new chunk of berkshire, bringing his stake to almost $700 million. berkshire investments have returned almost 50% this year according to its website. plunged ass quarterly numbers missed estimates. it's also cut its profit outlook for the year and warned that even that cut did not take into account the next round of president trump's tariffs on chinese products. our interview with the brady is later at 11:30 in sydney, 9:30 in hong kong. that is it from "daybreak australia." all the action in "daybreak asia" next. this is bloomberg. ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses

warren buffet is 80 year's old, selling berkshire hathaway stock, no.l and quite good, he has to deal with this somehow otherwise it's going to dog him. paul: dan, i want to ask philosophical question of age and the presidency, the oldest leader, modern western leader was conrad, chancellor germany in the post era, 14 years until he was 87, great leade germany, okay, but we haven't had that kind of an old leader here in the united states and there's a question you and i both know people in 80's and 09's, some sharp and really on it but others can deteriorate rapidly, should we be thinking and debating somebody serving until late 70's or early 80's can do the job? >> well, i think it's a legitimate issue for voters to think about, look, paul, if that -- if that election were this november, then so what? he can run. conrad, 90 year's old did not have to run in a presidential campaign that ran for 15 months running day after day across the country the size of the united states and now you've got some of biden allies saying we should slow down schedule and

a private equity firm that parted with berkshire hathaway to end the merger that created cap times.ling afterill that $15 billion write-down on the value of its branded this year. that is your latest bloomberg business flash. half $1 billion, the amount that andrew luck walked away from when he retired from the nfl saturday night. we now discuss his stunning announcement. everybody is talking about it today. seasons, 37in seven euros old, has taken a lot of hits. why so stunning? >> there are times in history where players walk away before they are done, but this is a guy who was in his prime. money,think about his the owner was saying, the shelf life for a quarterback, if you can stay healthy, is until about 40, as tom brady is doing. year, there isa a chance that if he played until he was 40, looking at another $500 million in his career. vonnie: how much has he earned and why doesn't matter if he doesn't have the capacity to do any of it? >> it doesn't matter. he has made just over $100 million in his career. note, $24 million in bonuses that he made over the past two years that

one is ackman, who took a stake in berkshire hathaway. he bought shares worth about $687 million. very concentrated on. he only has about eight stocks on the long u.s. side. always people are curious to see what he is investing and what he is adding. , hehe detraction side lowered his exposure to chipotle and lows. -- and lowes. vonnie: he has been an acting are strategy over last couple of years and you can see this is the academy of it. -- the epitome. hema: exactly. it is quite interesting. i iswhat caught my eye that a bunch of funds were long uber and did not do the same when it came to beyond meat. hema: even though the stock is down 25% since the ipo, a lot of the big hedge funds are in their. these spun out of tiger management which is run by julia robinson. ,iger global, viking global they all have starting positions in uber. viking took the biggest eight at $620 million. as some of these hedge funds got involved with uber when it was private. tiger is an example that got in at the private stake. that was one of the more popular stocks. anything fromduce recent market vol

trillion dollar question >> they've been talking about the economy for several months look at berkshire hathaway over the weekend reporting earnings what were their weak spots so yes they are highly sensitive to movement in the economy. they lead a lot of indicators out there and they've been telling us, there have been problems with the production side of our economy. >> and the main question is this time different and i know i'm using that phrase intentionally. from in the past, they would tell us the broader economy was slowing. if they're hit by tariffs -- is it more niche? >> we've talked about the cash cushion the companies have had for so long. i wonder if they've been willing and able to eat a lot of the higher costs that they've had to bear so the consumers don't have to if that's one of the reasons we have this bifurcated economy >> i think so. and i think you're going on see even more of this even if tariffs on those consumer goes go up. are the companies going to eat or try on pass it along to the consumer >> it could go on forever. >> and they have to stop spending and ultimately, t

the issue, i mean, one thing he could say warren buffet is 88-year-old, are you selling your berkshire hathawayughter] >> but, yeah, i think has tooo deal with this somehow otherwise it'll dog d him. >> dan, i want ask him more philosophical question about age and presidency, the oldest leader, modern western leader with conrad, chancellor of germany in post war, served 14 years until 87, great leader of germany, okay, but we haven't had that old leader here in the united states and there's a question you and i both know people in 80's and 90's, some are sharp as a tack and really on it, should we be debating somebody who will serve in late 70's or early 80's can i do the job? >> i think it's a legitimate issue for voters to think about, look, paul, if that election were this november, so what, he can run. conrad being 90 year's old did not have to run for campaign that ran for 15 months day after day in the country the size of the united states, some of s biden's allies saying we should slow down schedule and not do things to push him late in the afternoon and so forth. there's a sense, paul,

it is no surprise to me that if you look at berkshire hathaway's portfolio, warren buffett has financials they took a big hit. daniel: absolutely. not every bet that warren buffett makes is going to be a winner, but in our good get -- but in aggregate, it is hard to argue with his track record. paul: to get back to the point you made about relative value, i want to bring up this chart. to your point, it does prove that the dividend deal does outweigh what you will get from the rather miserable 10 year trade. but you have to bear in mind, the earnings season's been tempered. we were talking about the u.s. dollar. that does not bode well, either. it does come with risk. daniel: i think so. there is short-term headwinds related to the trade wind issues, volatility around the dollar. but if you go back over the past five years, the dollar has gotten much stronger and has not really caused any sort of economic calamity. i don't think investors should be making their decisions based on short-term volatility surrounding where the dollar goes. it is very likely we could end up at some point with

b shares buying nearly 3.5 million of berkshire hathaway's shares, guys. >> coming back to thent in a moment. warren buffett, it's a vote of confidence for the long-term shareholder and where they stand for valuations we have heard him talk about this to our becky quick in a recent interview if you are looking at a three or five-year view, it's not so much whether or not you are going to get a recession. it's to say if we get one, the banks are going to fair a lot better this time than last time. you are not going to have them as the epicenter for the cause of the recession their capital levels coming in are much higher than last time and you are not going to get the same level of regulatory kickback afterwards. i think buffett, with his time horizon, that's one of the factors he thinks about. the other is valuations. again last time becky asked him about this, trading around book value depending which stock you are looking at with double-digit roes after the crisis, roes fell to single digits. you are trading alt book value if you look through whether or not there is going to

. >>> berkshire hathaway posted an 11% drop in the second quarter operating profit, missing expectationsic growth and weak performance in the insurance underwriting business hit the buffet company a record $122 billion, as the firm struggled to idea acquisition opportunities. >>> the surprise departure of ceo john flint after 18 months for hsbc europe's biggest bank cited a change f need for a change at the top quinn will step in as interim chief executive. that's as the bank announced another share buyback of up to $1 billion and a 16% rise in first half profits meanwhile, finance director, the cfo, stevenson told the "wall street journal" hspc is planning to cut up to 2% of the bank's employees. a lot of developments in the banking space, as well, right on the heels of the earning season. a lot of banks have reported let's bring in luke hickmore, senior director from aberdeen senior investments, joining us down the line from eddinburg thi morning. >> morning. >> what's your take on the developments in the banking sector over the last week or so? we're getting some extreme reactions bot

that firm disclosed a new stake in berkshire hathaway "b" shares that holding is a passive one, i'm toldot planning nor could he successfully launch did you to the structure of the "b" shares a problexy fight against warren buffett any time soon. >>> it's not even 6:00 a.m. and we are seeing wild swings. the markets are down right now we'll keep you up to speed and be right back after this break ♪ applebee's handcrafted burgers now with endless fries starting at $7.99. and get more bites for your buck with late night half-priced apps. now that's eatin' good in the neighborhood. >>> not even 6:00 a.m., but we're seeing wild swings in the market china threatening retaliation if washington goes ahead with planned tariffs on september 1st. we're in front of the telestrator, we'll look at some charts walter zimmerman joins us now. the s&p lost 3% yesterday. is this the end? can we buy the dip now >> no way. if this is a bullish expanding triangle starting here, a, b, c, d, the final e leg down targets 2100 >> 2100? >> 2100. >> we're at 2840 take us through the rational here you're pointing ou

. >> caller: i had a quick question about berkshire hathaway it's down 8.4% since five months is now a good time to buy -- >> yes, the answer is yes, unqualifiable yes. great value there and great man at the top period end of story. >>> i need to go right now to r.j. in california r.j. >> caller: booyah, jimmy they know nothing, they know nothing. i have a 5g play -- >> they know nothing >> caller: my entire hia position to tsm, taiwan semiconductor. >> well, you're taking kind of a risk there i do like the company, but i got to tell you, marvel, mrvl i own for the charitable trust, i will see your taiwan semi and raise you with marvel because rick hill is the chairman and rick hill -- >> hallelujah. >> midas is what they call him i need to go to grant in texas grant. >> caller: cramer, thanks for taking my call >> my pleasure >> caller: i wanted to ask you about yeti it hit 20% after all time highs in july. is it an opportunity to buy or stay on the side lines >> i like yeti very much i'm surprised it came back down again. it had resistance in the 30s we liked it from the teens we l

warren buffett's berkshire hathaway raising its stake in amazon.y now have $100 billion in financial services stocks, one-fifth of their market cap. amazon now goes to 11%, worth more than $1 billion. >>> luxury retail brand holding company tapestry plummeting. the company owns brands such as coach, kate spade. missing its fourth quarter sales target, giving disappointing first quarter revenue and profit forecasts. sales slumped 6% last quarter. sales of tapestry down to 51% in the past year, more than 19% today. largest percentage decline thsie september 2001. >>> burger king, shake shack hitting a new all time high. sun trust robinson lifting the price target to 102 from $86 per share. analysts noting the burger chain is testing new menu items, and new cooking equipment. limited time offer incentives will drive sales next year. shares are up better than 6%. >>> the "wall street journal" saying if the u.s. falls into recession it will be white house adviser peter navarro's name all over it. liz going one-on-one with peter navarro about that conver

. >>> berkshire hathaway's operating profit fell more than expected in the second quarter wa weaknessn insurance underwriting and trading woes for buffet's economy trading at $306,000 a share. >>> coming up, are we on the verge of a global currency war china doing something it hasn't in ten years, and it could mitigate the tariffs how does president trump react what does it mean to your money? answers to both ahead. five? one to five? it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry clive! actually, really angry. thank you. but what if your business could understand what your customers are feeling... and then do something about it. turn problems into opportunities. thanks drone. customers into fanatics change the whole experience. alright who wants to go again? i do! i do! i have a really good feeling about this. ♪ think you need to pay prestige prices for better skin results? try olay regenerist. the rich, hydrating cream is formulated with vitamin b3 and peptides to plump skin cells, brighten, and visibly smooth wrin

microsoft, amazon, google, berkshire hathaway, they like that kind of stuff even in this environment.agree. when you look at technology, the software and service providers are definitely your safer bet. it is semis that are just getting killed because a lot of their sources are from china. they're the most exposed. you want to break up where you're getting your technology from. the industrials and consumer discretionary, the departments are struggling. i think we'll see a hit on consumer discretionary if they start ratcheting up the prices or cutting into their profits. i think industrials, some of the industrials, again, big china exposure. tech semis and consumer discretionary are probably the most vulnerable going into the second half of the year. i like, even though you're not getting as much growth, i like some of the health care stocks. they're less exposed to a lot of tariff fears. they don't have as much volatility. we've seen more stable earnings. if we do start thinking about earnings, that is a place to go. charles: i hadn't heard health care from anyone. you're the first.

now, warren buffett's berkshire hathaway owns 26.7% of kraft heinz. in may, two and a half months after kraft's first write-down which was $15.4 billion, that slammed the stock, i asked warren buffett how he viewed the situation at kraft. >> i don't remember exactly when i heard, but the write-down is intangible. it isn't like money disappears or anything of the sort. it's because we paid, in my view, we paid too much for kraft. we didn't pay too much for heinz but we paid too much for kraft. liz: did you know you were paying too much at the time? >> i'm not known for buying things where i know i'm paying too much. liz: okay. but he said it's not like money's disappearing. well, money is disappearing, at least on paper. buffett's stake worth $15 billion before that first write-down, is today worth $8.7 billion but we need to make this clear. bes berkshire will not need a write-down because it intends to hold kraft heinz until the price recovers. this is not a sector story at all. while kraft heinz stock is down 38% year to date, look at competito comp

a new share in berkshire hathaway. this is not expected to be active.hnology is the flavor of the day. i want to show you what's going on in uber technologies. these are alumni from tiger management. they are crowding into this uber technology. viking was the biggest one. they had $620 million holding in uber. uber has been hitting the brakes recently since its ipo in a -- may. the stock has fallen 25%. it spent more time below their ipo price than above it. nejra: think is a much. still with us is allen higgins, let's get your first reaction to what annemarie was reporting. we often ask you about tech. where do you sit on it now? >> there's tech unicorns and there's tech affable companies, apple being the poster child where you have a total return to shareholders of 8%. the buyback is huge at apple. i can understand that and the amazon investment. it's very token. i don't have an issue there. really different from 1999 where cisco was at 170 times earnings. i don't have an issue. the unicorns are a separate investment for me. maybe there is euphoria he

the $10 billion deal with berkshire hathaway got taken to the cleaners by buffett. icahn also wants four board seats which the company has rejected it all adds up to our interview tomorrow on "halftime. we'll find out what carl's next move may be and we'll do that tomorrow on the show there's oxy shares down about 5% >>> let's talk about another stock that's down about 5%, too. disney missing on the top and bottom lines they blame the disappointing results on the ongoing integration of fox, increased streaming costs and the weak theme park attendance. i'm going to turn to you >> this is a name i thought, when you look at the run, it makes sense we'd see a pullback. when they delivered the miss and the miss, that gave people fuel to say i'm going to back off i think that's a mistake i am looking at this stock now as it's pulled off as an opportunity. i look at the quarter and i understand all of the different integration issues that they have had to go through the disappointment with some of the fox in terms of the studio but i still think when you are looking at con

>> it makes you wonder how many other bombs there are waiting out there when you think that berkshire hathaways 26% of the thing and it has imploded. it has a $33 billion market value and $31 billion in debt. the genius minds who loaded these things up, you know, this is bull market stuff when we start seeing some of this stuff unwind, there might be more of this. >> the activity, does it indicate circling-the-drain kind of -- >> i don't know if it is circling the drain. >> i don't know if it is written yet. >> that's an option i would like to see. >> but there's all kind of activities in a variety of the names. this name is hitting a lot. >> all right. >> we'll see >>> let's switch gears here. it has been a hot year for ipos and that means a flood of lockups are about to expire. could a russian insider selling lead to a beat leg lower leslie picker is here onset with the low down on the lockdowns. >> thank you so much >> welcome. >> if ipos had levies they would come in the form of lockups. their purpose is to prevent the flood of sales by insiders after an ipo but six months later the flood

said warren buffett influenced his career now he is paying homage with a new investment in berkshire hathawaylli million of berkshire's "b" shares berkshire hathaway revealing they boosted their amazon stake by 11% in the second quarter according to a new filing. >>> we're learning more about other big whale moves. leslie picker is here to tell us about them >> we talked a lot about ipos on this show. the second quarter was huge month for ipos a lot of those companies sold off in yesterday's market turmoil. we have a better sense of who snapped up all of those ipos during the second quarter of the year tiger global was a big buyer disclosing stakes in chewy, crowdstrike, luckin coffee, and the realreal chase coleman owned uber before the ipo and it had been reported they were trying to sell the stock before as part of the listing. that same report said tiger opted not to buy more stock as part of the ipo. but the firm's latest disclosure showed an ownership of about 7 million shares worth about 2$200 million at yesterday's prices. third point bought into the high-flying deals. dan loeb took s

that's exactly the setup in berkshire hathaway i'm not currently long i might be before the end of thisweek. i like the risk/reward it sounds silly. but hear me out. 195 has been support for the stock going back years the stock has been underperforming the market, but historically that's the best time to get involve. when he's crushing the market for a period of time, that's when hi strategy is most in favor. one of the main reasons i like it they a portfolio of u.s. stocks, primarily, but there's another $125 billion in cash that berkshire has allowed to build up it's not been allocated. it's not market timing per se, but holding it in reserve for a big opportunity. if you're a trader,ic like this trade for that reason as well. you have a defined down side you'll know if you're wrong for bothsh so for both people, this stock could work for the up side. >> lots of exposure to the banks. >> a lot of the negatives on berkshire, we all really understand, insurance and banks is the largest part of the portfolio. tech is second, obviously most of that being apple, but look, here's a company

berkshire hathaway's operating profit fell more than expected in the second quarter.uran insurance under jowriting and td woes weighed on the company. it's been flat the last 12 months but underperformer lately. >> it is a tell in what he's invested in. it is banks and insurance, financials, not doing well, right? >> yeah. >> consumer doing okay it is really a tell of -- >> massive railroad. >> right exactly. >> that's the trade effect, as well. >>> coming up, chaos in hong kong much of the city was at a standstill over the weekend, and flights were cancelled amid a strike we have the latest from hong kong's administer. that's next. >>> take a look at friday's s&p 500 winners and losers through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from managing inventory... to detecting and preventing threats... to scaling up your production. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. mno kidding.rd. but moving your internet and tv? that's easy. easy?! easy? e

with markets at all-time highs, berkshire hathaway sold $1 billion or more of stocks that it had bought selling spree since the end of 2017, and leaves it with a record cash pile of $122 billion. they sold big stinks a big banks and apple. renamefacebook plans to instagram and whatsapp with its name. the comedy said he wants to be clear about its products, but it -- it is worried that facebook has too big of a monopoly. paul: let's recap the situation in hong kong. plenty going on today. disruption at the airport and we've already heard of a number of flights being canceled. you can see a tram waiting there. also disruption of the mtr, this is something we have seen as well. passengers standing around, blocking access to tea -- to trains. the mtr on the island line encountering delays and they are warning people to allow extra travel time. 10:00 a.m., wee, will carry live carrie lam's speaking to the press. she will be alongside the financial secretary. we will have those comments live on bloomberg. let's get check of the markets. we are continuing to see a sea of red. the nikkei at the

, making that position worth about $230 million at the end of the quarter also interesting, berkshire hathaway upping its amazon stake by 11.2% to about a billion dollars, but worth noting warren buffett was not the one making that decision. it was another one of his associates guys, back over to you >> leslie, thank you very much for that crazy day here, morgan down 800 points on the dow. >> yes. >> that's the fourth worst points decline ever, down about 3% for all of the major indices as the yield curve inverted. there will be so much more on the massive sell off tonight on cnbc's special report "markets in turmoil." it starts at 7:00 p.m. as for today on the "closing bell" we're out of time. thank you for watching. >> "fast money" begins right now. ♪ >>> stocks slammed as the bond markets flashes a major recession warning. the dow handing in one of its worst days of the year as fear grips wall street. so what should you be doing with your money following a day like today? our team of traders are standing by to break it all down. a special edition of "fast money" starts right now. >>> and we

we have beenrter earnings from berkshire hathaway over the weekend.uestion is whether warren buffett's railroad will extend its fourth-quarter profit streak. our bloomberg news finance reporter is with us now. is it all about the nsf? >> a lot of it. given berkshire breadth, it may not drive down earnings a time, but it will be interesting. csx said it was a very puzzling economic backdrop. there is still economic growth. slowing but still there. yet, the railroads are seeing pockets of weakness. part of that is the trade situation, part of it are someone else. increasing trucking competition, the fracking been was different than it used to be. it will be interesting because if they can maintain this profit, it gives a good sign of their ability to whether potential slowdowns in the industry. across his you look portfolio, it is hard to find bright spots, given the current environment, whether exposure to the insurance market, whether it is what has been going on with kraft heinz, or is big exposure to financials. now this lower and lower interest rat

one of them is front and center because berkshire hathaway has a stake. well as they have done even the competition? sustaining revenue growth, a lot of it going with smaller merchants big they added 286,000 of them in the latest quarter. that is an area of the market according to analysts that its peers have not focused on much. you see what it has meant in terms of transactions. growth has slowed but still substantial. in may, they opened a digital bank. by the end of the quarter, they had 1.4 million users. has been downloaded 2.5 million times. that is what they are getting into to get away from the payment processing business. caroline: thank you so much, dave wilson. let's talk about netflix because it gained quite the reputation of the years but maybe not for what you think. it is known for creating a bloodbath of canceled shows. according to data compiled by not more likely to drop shows than any other network. we are joined by our reporter from los angeles. the grumblings we are hearing from hollywood are perhaps not entirely fair on netflix. >>

berkshire hathaway filled with financials that should do badly in this environment. jpmorgan, number nine, maybe numbers have to come down. after you take everything down, you then have to look and see what was taken down correctly and not. if macy's were in the top ten, the answer would be absolutely but how much is that execution that's bad execution. >> we'll talk about macy's earnings in a moment it sounds like you don't necessarily disagree with the notion that we get a seasonal low this fall and that that the chance to buy might be coming later in the year. >> i think that, yes, i think that's a good summary of things. i believe that the volatility is going to be here for a while i don't like the action. look, yesterday, we went up, okay then we plateaued. and we did nothing we did nothing and the vix didn't go down enough to make me feel that things that were kind of out of the woods, had a good presentation last night. then i sit back and say, okay, the realreal that was a good quarter, it is not macy's, tilray, not that good day to day basis, i still see rea

. >> a rare black eye for berkshire hathaway, who is a significant holder in this company. >> how long hold on? >> that's a great question i reported in the past that there is tension between berkshire. mr. buffett said i am not hapy n with 3g. >>> when we return, shares of adidas under pressure this morning with trade tensions weighing on earnings we will hear from ceo kasper rorsted on his company's quarter when "squawk on the street" returns. dow's up 150 points almost here. >>> the biggest we have on the tariffs, it is a trade war, a currency war between america and china. we have a 25% of our business in china. of course, it would have a significant impact for us. we have a 25% of our business in - at southern new hampshire university, we believe in education built for all people. - [woman] snhu was the best experience of my life. - [man] without snhu, i wouldn't be the leader i am today. - [woman] i graduated high school 19 years ago. i still finished. - [man] in the military, you feel that sense of accomplishment. that's what snhu is. - you will march from this arena and say to

saying investors should own services and provide goods providing stocks amazon, google, and berkshire hathaway have less exposure to trade conflicts. victoria, what do you think? >> obviously, with all the trade issues going on, you want to reduce anything that has that exposure goods services, we've seen it in the hiring that has really fallen off for services hiring that's stayed really strong. that's been supporting the labor market i think you want to look at names where you can reduce some of that exposure, wherever that may be >> let's bring in tony dwyer, as well given this market sell-off we've got all sectors lower, tony and it's clearly very interest rate-linked, because utilities and real estate are the best performers, albeit down themselves financials very much the worst performers how much further do you think this yield move has got to go? and is it fair that you're seeing this equity market sell off in light of it >> well, i think it's kind of continuing what we talked about last wednesday from our conference, where you just -- you didn't get -- you didn't relieve the overbough

also, by the way, berkshire hathaway not so great earnings that's a big position in the xlf. technology, i see it that's where people built up profits. they have an out-sized allocation of course, apple down for china-related reasons most likely too that's skimming some risk away from the markets and happening in some of the biggest most liquid sectors. >> mike, the gld and the s&p are up 14.19% for the year now. >> wow i regret that i didn't come on that myself. excellent coincidence. they came at it from different directions, right? the gold market is trading at a new high i think gold was on it like 1250 two or three months ago. here it is pushing $1,500 an ounce. the s&p 500 has backed off from there. >> gld now exceeds as we are speaking the s&p's return, at least so far year to date i love when i can actually surprise santoli with something. >> mike, we are down 5.5% from the highs. >> yeah. >> some people were looking for a few percentage points correction is that a healthy thing? >> absolutely. it can be viewed as a healthy thing. a lot of folks are looking at levels