. >>> berkshire hathaway posted a growth of 6.6% growth in the second quarter with the insurance businessoosted by higher interest rates. berkshire reported near record high cash holdings which could grow in the coming quarter after warren buffett said the company will continue to invest in short-term treasury despite the downgrade. we have been poring through the numbers with arabile >> joumanna, all of this is on the basis of higher interest rates and rising stock valuation. the earnings impact of those higher interest rates on investment income has actually insured we have been able to go beyond the slowness or slowdown that we have scene of the very same interest rates on the economy. it means the operating earnings pushed up to $10 billion u.s that is up 6.6% from the 9$9.42 billion we saw a year ago. it tells you things have grown a lot of entities have been pick up on what has been pushed through with the likes of bnsf and berkshire hathaway energy put in quite a bit in the business the insurance business, geico managing to make more money and berk berkshire making money the $80 bi

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

berkshire hathaway buying into a trio of homebuilders, d.r. horton, nvr, and lennar. use of its real estate focus in its portfolio, some observers say they are viewed as having some insight here. berkshire slashed its take in activism blizzard i 70% in the second quarter, this came amid the delays with microsoft. also trimmed positions in chevron, exited the -- and added to occidental, now holds 25% of that stock. very interesting position there. stay tuned. shery: su keenan there with the latest on those 13f filings from the fcc. take a look at how currencies are trading at the moment. we are watching the dollar and the strength there. we are seeing that study with the bloomberg dollar index, breaking through its 200 day moving average. higher yields spurring those gains for the dollar against their major peers, especially when it comes to real rates or inflection protection yields. the 10-year yield at the highest since 14 years ago. traders betting interest rates will remain higher. perhaps we are seeing a new paradigm for the dollar, when before we were thinking it

. >> all right >>> coming up, the two or maybe three key reasons why berkshire hathaway's stock is rallyingld you take a page out of the oracle playbook. shouldn't you always those tadeils are next on "the exchange." here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. businesses need 5g solutions today. that's why they choose t-mobile for business. mlb partners with t-mobile to not only enhance the fan experience, but to advance how the game is played. aaa relies on t-mobile's network to stay connected nationwide, so they can help get their members back on the road. and we're helping pano ai innovate, to stop

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

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

. >>> and berkshire hathaway headed higher after results this weekend. after a boost in operating earnings thanks a jump in berkshire's insurance underwriting and investment income shares of berkshire hathaway up 2.7% it's monday, which means perhaps they're buying another 10 billion in treasuriess. >> when i saw auctions on the calendar it is monday. mondays are important to the team at berkshire according to warren's comments to becky last week >> they held something like $97 billion worth of treasuries at this point maybe it surpasses $100 billion after today. >> for so many others the interest is meaningful now as opposed to a couple years ago where it didn't do much at all to the income statement. >> yeah. exactly. >> sometimes we forget, i mean $766 billion market value for berkshire. one of the largest companies in the world. >> yeah. saudi aramco another one of the largest companies in the world reporting. i think fortune pegged them as the second largest company in the world after walmart based on revenue. they saw big profit decline on lower oil

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

. ♪ ♪ kathleen: warren buffett's berkshire hathaway posted gains as strength in the insurance businesslationary pressures. vonnie quinn with the latest. inflationary pressures are not so easy to conquer. what is the secret? >> we see negative effects across the businesses through the last couple of quarters but this time around, we did see berkshire hathaway posting 10.04 billion dollar operating margin, $2 billion more than analysts were anticipating. that is quite a difference in opinion right there. as they say they had to deal with rising prices, a troubled market any dearth of deals. what saved them this quarter? strength in its insurance business. it saw a 74% increase in underwriting earnings to one and a quarter billion dollars. it benefited from the acquisition of allegheny which it did as an underwriter. and also geico performed way better than expected, the auto insurer. it had been unprofitable but it has been profitable for two straight quarters. more expense cuts, higher premiums and lower claims. there are things in the negative column including nsf, railroad earnings we

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

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

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

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

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

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

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

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

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

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

. >>> coming up on "worldwide exchange," warren buffett's big bet for berkshire hathaway that is coming up next >> announcer: tech drivers is brought to you by workday. the finance system for a changing work world. ou kday to transform your business. but it still doesn't make you a rock star. so unless you work with an actual rock star. hi, i'm ozwald. hello ozwald. pam, you are a rock- i wasn't going to say it. ♪♪ >>> welcome back let's check on the top headlines with frances rivera in new york. good morning >> dom, good morning a sweeping 41-count criminal indictment is what the fulton county grand jury brought against former president trump and 18 allies. this came after the two-year investigation by district attorney fannie willis in the attempt to overturn the 2020 f election in georgia. trump faces racketeering and conspiracy charges >> the indictment alleges that rather than abide by georgia's legal process for election challenges, the defendants engaged in a criminal racketeering enterprise to overturn georgia's presidential election results >> all 19 defendants, including rudy

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

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

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

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

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

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

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

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

berkshire hathaway record high after the company announced operating profit top $10 billion for the firstdriven primarily by the insurance business were in buffett swelling to a near record 150 billion during the quarter at 120 billion parked in treasuries. brookshire hathaway up 3.6% let's look at shares of yellow corporation at the top of the show they are taking 30% after the embattled trucking company officially files for chapter 11 bankruptcy after 100 years in business. >> now it becomes about the creditors and we are optimistic about the ability based on the assets and based on the health of the company other than what the union did to it. were optimistic about how the creditors will fare in the bank of c. >> that is yellows lawyer that he feels good about the creditors in the case including uncle sam as the company plans to liquidate the assets, joining us with more details and news charlie who is back. >> i am wearing yellow. >> that was not intended by the way. >> these are stories that you predict but you don't want to predict it. 20000, 30000 would it be out of a job because o

wall street pros talking about warren buffett piling up cash to near record levels at berkshire hathawayu know, whenever warren buffett's piling up cash, i think back to his statement that, you know, when the economs greedy, be fearful. but when wall street is fearful, be greedy. so when buffett starts to pile up cash, you know he thinks there are going to be some deals to be had. all indications are that the consumers are running out of money and with the increasing in prices and the rising interest rates, households are going to be pulling back, and that's going to create a recession sooner rather than layer. elizabeth: thanks for joining us. coming up, congresswoman nicole malliotakis, carol roth, john lonski, and homeland security's new warning, mexican cartels are now involved in every level of organized retail crime and retail theft across the u.s. this is thanks to biden's border crises. plus, just ahead former deputy assistant attorney general tom dupree. we're taking on this new bombshell, the national archives admits it does have nearly 5400 e-mails and records of then-vice pre

the former heir apparent of berkshire hathaway, and the man behind blockbuster, autonation, and waste management. for about three decades, as you've said, they have given him a sort of laundry list of vacations. we have found in our reporting, there's at least 38 destination vacations in there. something to the order of two dozen or so private jet flights. for more helicopter rides. tickets to sporting events in the skybox, resort stays, and outstanding invitation to an exclusive golf club, and that is just sort of what we know at this point. >> did he report any of this? >> he did not. that's what the ethics experts told us is the big concern here because he was bound, as all justices are, to disclose most gifts, and these, the ones we have reported on, many of the ones we have reported on, would not be falling into the personal hospitality exemption that some of your viewers may have heard about before. things like private plane rides, yacht cruises, that is not personal hospitality according to folks we talked to. >> there is so much focus on the justices' activities outside the co

and a few areas that have nothing to do with the deposit business, things like black rock, berkshire hathaway. please explain it to me, the last 15 years you got away with paying nothing to depositors and could use that to make as much money as you wanted -- bonds, private equity, could lend to rich people against their stock and bond portfolios. that has changed there is a funding cost. if you believe there are five rate cuts next year, okay, buy the banks. you're not going to want to own companies that have as high a cost for acquisition of customers as the regionals, for example. look, these are good companies. it's just a terrible environment. in my experience when a good company meets a terrible environment, the environment wins. i'm not optimistic, and i think there are going to be more problems, not less, the longer we see rates stay where they are. >> steph, do you want to counter that? you have bank of america, schwab, which is another story in and of itself. good companies, terrible environment, explain why you want to own the banks. >> this kind of news will take all of them down.

. >> wobbly market at the end of summer, i'm going with the steady eddie here, berkshire hathaway. >>. >> maybe this isn't good. there's still time for you to leave. you've got a couple of seconds. >> i've got fine seconds. >> maybe this isn't good for inflation but valero. seasonality matters. >> i'll see you on the closing bell. have a good weekend. "the exchange" is now. >>> thank you, scott, and welcome to "the exchange." i'm kelly evans, and here's what's ahead this hour. inflation is still too high and further rate hikes are still in play. jay powell's rather hawkish tone causing stocks to reverse course several times today. but it shouldn't give you cause for concern our market guest says. she gives powell's speech an a and says it works well with what she's buying. she joins us ahead with the sectors and the names. plus a 1% down payment on a home. what could possibly go wrong? we'll ask the chief economist at zillow home loans because they are now offering this option to address th

. >> new ones we know of now are david sokol, the former heir apparent of berkshire hathaway, warrent's number two. he left around 2011. he now chairs a holding company on top of international shipping , power utilities. he is a private equity firm. tony novelly is an oil magnate from st. louis. then the third is wayne huizenga. he might be more of a household name. he is the billionaire behind blockbuster, waste management, and for a time he owned three florida sports teams, the panthers, miami dolphins, and i am blanking on the third. but he owned three teams at the same time. and because have wayne huizenga, david sokol, tony novelly, and harlan crow. did any of mega donors have cases before the supreme court? we know harlan crow did. >> what they have had our different petitions. tony novelly did at some point in a case he was involved in was being appealed to the supreme court. however, when exactly that took place in relation to his relationship his vacations with justice thomas, it seemed that actually happened -- that case happened before their friendship turned into a vacati

up, dr horton shares higher today in addition to other home builders after warren buffett's berkshire hathaway betting on the u.s. housing market dr horton up 40% last year was a nasty year for the home builders. today with our trades is david trainer, new constructs ceo. what's your take on new constructs >> i like them, especially if the home builder is focused on the lower-priced half of the market in dr horton you're looking at a stock with great risk/reward it's one of the most profitable companies in the market. it's priced as if profits will permanently decline by 20% we're seeing really good risk/reward in terms of strong macro tailwinds, strong profitability and growth >> the chart has been up and to the right for most of the year. >>> next up, discover down 10% today. opposite direction after the company announced the ceo will step down effectively immediately with john owen taking over as interim ceo should we pick up this stock on sale >> we think this is on sale. we think the bad news is priced in here. this is probably going to be forming a relative bottom. another super strong p

berkshire hathaway and crude pulling back after staging a rally over the past two months, but gas prices back on the rise, inching towards four buck as gallon. levels not seen since june of last year. so, what can we expect as we head into the end of the year? wha halima croft with us always great to have you on "fast. >> thank you for having me >> last time you were on was in june >> yes >> and that's when the saudis announced cuts and all about the saudis -- >> it was that million dollar a day unilateral production cut, they announced it at the june opec meeting there was some skept siicism, w said the fact they're going al alone, it just shows their resolve to stabilize this market i think the saudi action, we have seen a russian pull-back. remember in june, when everyone was so worried about the oil market, they kept saying, about mad da of russian oil on the market their barrels are down $808800, barrels since june we haven't seen a dropoff. june was a monster month for chinese buying july softer, but august looks pretty good so far >> on a national security front -- >> yes >> how i

you know, the wealthy businessmen include a guy named david sokol who was a top executive at berkshire hathaway the miami dolphins. these are people who are broadly ideologically aligned with thomas. we didn't find that they had actual cases before the court, but some of them are very generous political donors and have given to causes related to the courts and the law, so clearly have ideological interests. and you know, one sort of unanswered question still is what are they talking about with justice thomas with so much private time, you know, while they're taking him on vacation or flying him around on private jets. you know, it's something that we're still reporting on and we don't really fully know the answer yet. >> you've been doing incredible reporting. this is a very long and thorough piece. explain for our viewers how you and your colleagues uncovered all of these details and all of that leg work that went into really doing your due diligence before publishing this. >> yeah, i think the insight with this reporting is that if you're living essentially like a billionaire, which is how ju

company has gained more than $900 billion in market value, just this year that's more than one berkshire hathaway, which, by the way, is the next biggest company in the s&p 500. nvidia's call is just kicking off. our kryistina partsinevelos has more >> the options market was right. they anticipated a 10% swing and you can see the stock is up almost 10% that's because the a.i. hype has materialized into dollars for nvidia the company posting a 61-cent eps beat, but revenues that came in at $13.5 billion versus the $11.2 billion estimated. for context, that's more revenues than the combined amount of q-2 and q-3 of last year and if we're talking about guidance, let's talk about q-3 even more impressive $3 billion above consensus, $16 billion. that's $3 billion more than what was anticipated. the last time that happened was last quarter with nvidia data center revenues, con contributes 60% of revenue, jumped 141% quarter over quarter to $10.3 billion that is the major driver for this name. the company also announcing a $25 billion buy-back there's no deadline for it the company plans to keep buying

after he ascended to the nation's highest court include david sokol, a former top executive at berkshire hathawayul tony novelly, a little oil baron. none of their names disclose -- which could be a violation of the law, according to ethics experts. joining me now is jeremy fogel, executive director of the berkeley judicial institute at the university of california berkeley and a former u.s. district judge for the northern district of california. judge fogle, great to have you with us. thank you for your time. as a former federal judge, would you have been able to keep your job if you engaged in conduct like clarence thomas? >> well, let me say this -- there are two different regulatory schemes here, one of them is the ethics and government act, which is the one that requires the reporting, and the other is the code of conduct for the united states judges, which applies to all federal judges except for the justice, justice of the supreme court. to answer your question, i would not have been able to do this. on a number of levels. one is, i doubt, and i really don't know, time will tell -- but i d

. >> wobbly market at the end of summer, i'm going with the steady eddie here, berkshire hathaway. >> joe t. >> maybe this isn't good. there's still time for you to leave. you've got a couple of seconds. >> i've got fine seconds. >> maybe this isn't good for inflation but valero. seasonality matters. >> i'll see you on the closing bell. have a good weekend. "the exchange" is now. >>> thank you, scott, and welcome to "the exchange." i'm kelly evans, and here's what's ahead this hour. inflation is still too high and further rate hikes are still in play. jay powell's rather hawkish tone causing stocks to reverse course several times today. but it shouldn't give you cause for concern our market guest says. she gives powell's speech an a and says it works well with what she's buying. she joins us ahead with the sectors and the names. plus a 1% down payment on a home. what could possibly go wrong? we'll ask the chief economist at zillow home loans because they are now offering this option to address the affordability crisis. and from ketchup to hand sanitizers and beauty products, chances a

we also saw some interesting things from berkshire hathaway, the fund run by warren buffett slashed its stake in activision blizzard. that's as ongoing anti-trust scrutiny. we know that the activision microsoft deal is still under scrutiny by the cma here in the uk. he did add some new positions when it comes to home builders in the us. d.r. horton being one of them. they saw a big beat in their second quarter earnings. so i'm sure warren buffett is happy with that. but again, very interesting to see what these hedge funds are up to. even if it is a bit delayed. lizzie, it's always nice to maybe catch up on how these guys are viewing the market. valerie you show me up. who knew that? the big shorts, my favorite film. oh, well, thank you. bloomberg's valerie title with a look through the 13 f filings coming up counting down to the jobs data that are out in just a few minutes. the bank of england across the road from us. we'll be watching very closely and we'll take a look on the outlook for the uk economy next. this is bloomberg. guys. got hair loss. i know what you're thinking. should i

because berkshire hathaway announced positions in the 13 f's in both d.r. horton, lennar, maybe some more, but the whole space getting a bit of a tailwind. china tech, though, guy, not so much having everything to do again, probably with those janet yellen comments. yeah it's amazing to see what's happening here. plus you've got all the data plus the rate cuts, plus everything else going on. vinfast ceo joining bloomberg technology, caroline hyde, ed ludlow. looking forward to that show from alex from me. have a good afternoon. with verizon business unlimited. i get 5g truly unlimited data and unlimited hotspot data so no matter what i'm running this kitchen. make the switch. it's your business. it's your verizon. sometimes you don't realize what's not covered by your dental insurance until you get the bill. that's why affordable dental insurance from physicians mutual insurance company is important. this isn't some discount plan. it helps cover things like cleanings, fillings, crowns, bridges, root canals, even dentures at any dentist you want with no dedu

buffet, 40% of his berkshire hathaway is apple. that has been back to 2016.hat over to our listeners and viewers. do we lighten up on tech we just assume they keep growing as mr. buffet has enjoyed seeing apple grow? sarah: i think they keep growing longer-term. last year the tech stocks got hit very hard and some of those things become staples. is your iphone the discretionary item or is it something you have to have with you? when you leave the house does it feel like i cannot live without my phone? i'm not sure that falls into a consumer staple as opposed to a discretionary item. the question is can i keep seeing better performance on these stocks? i am not sure how much of the earnings growth will come the way people expect. i'm not sure if that is about technology or the entire market. lisa: we are having this conversation at a time yields are rising to the highest level since november but pushing up to the highest levels we have seen in a long time and i wonder how much that changes the conversation, how much that changes your thesis in terms of valuati