what happened was berkshire hathaway is a big insurer.y placed a bet that the hurricane season would not be that bad. the insured losses are going to be around 10 billion for this hurricane. that compares to 50-65 billion for hurricane last year. 1.8% this week. an all-time high. >> buying more stock. when covid hit, locked up in our homes and loaded up electronic tvs. after years of past we are set. >> it looks like the consumers darting to stabilize. best buy earnings. the company talked about going forward. talking about the guidance. growing quarter to quarter for the rest of the year. 3% for the week. strong business and consumer demand for pcs. stock up 20%. talking about improving demand throughout the year. this will set the stage for the next few years of a little bit better growth. you will have an upgrade cycle like iphones and computers and you will have dealt with pretty good artificial intelligence server business. >> speaking of iphone upgrade, that is coming on september 12. one thing they may be buying is a new power cord

the largest financial in the financial sector is berkshire hathaway. they're making all-time highs. there's a reason for that, because it's highly defensive. that's an anti-market kind of thing. >> mike, last word to you. >> as i was saying before, and maybe you guys heard this, maybe you didn't based on the audio issues. you don't typically see an industry en masse laying people off when times are good. that's just not the pattern. doesn't seem, baseden their actions, like things are really good, which suggests the cheap valuations we're seeing in these stocks are steep for a reason, because they are below historical averages. >> let's turn to one of the bigger movers. that would be apple. the tech titan souring nearly 6% this week, but there could be a better alternative in the software space. carter peering into his crystal ball for this one. or maybe the charts. >> we're going to look at some other old world names, but for fun let's get right to it. let's do fundamentals to put this in context. it's not clear if apple is a growth stock or value stock. apple has been out s&p 500

the citizens in florida got a billion dollars of reinsurance from warren buffett's berkshire hathaway. and then the texas wind insurance authority secured over a billion dollars of reinsurance protection from the industry and also from the cap bond industry. the reinsurers have the capital and they are willing to deploy it if they have the fair margin. there are people who are standing on the sidelines as berkshire hathaway was last year when they didn't participate in the citizens program because the rates were inadequate. >> it would seem to me that if you are incentivized to use reinsurance market more, it would actually drive down your cost. >> and when i was chairman of the committee six and a half years ago, we had flood insurance and wanted to use reinsurance markets to help. if we had done over the last previous 20 years, we would have made all of the claims and never had any of the tax bills go to the taxpayers and still would have had coverage at a minimum rate increase. so there is a place for it. >> the percentage of increased insurance cost through the regulations -- >> i

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

there's also this, the largest financial in the financial sector is berkshire hathaway, making all-timeighs, there's a reason for that, because it's highly defensive. that's an anti-market kind of thing. >> all right. mike, last words to you. >> yeah, i mean, as i was saying before, and maybe you guys heard this and maybe you didn't based on the audio ibssues. the fact is, you don't typically see an entry en masse laying people off when times are good. that's not the pattern. it doesn't seem based on their actions like things are really good. which suggests the cheap valuations we're seeing in a lot of these stocks are cheap for a reason because they are below historical averages. >> turning to one of the big e movers from this week, that would be apple, the tech titan souring 6% this week, but there could be a better alternative in the software space. carter's peering into his crystal ball for this one, or maybe the charts. carter. >> so, we're going to look at some other old world names. for fun, let's get right to it. do a little bit of fundamentals to put this in context. not clear

we are looking at five of the biggest ten insurers, allstate, nationwide, american family, berkshire hathawaybut we're on tv, so here you go. what we're looking at is if you're in hurricane country, for example, they'll still sell you a policy in some areas, but they're not going to sell you coverage that protects you against hurricane damage. so if a pipe bursts in your home, you're insured. if you have a house fire, you're insured. if wind from a hurricane destroys part of your roof, you're out of luck. wildfire country, a pipe bursts in your home, covered. if you have wind damage or hail damage from a storm, probably covered. if a wildfire burns your home down or there's smoke damage, probably out of luck. >> jacob, the rub here is that if i'm the lender, roif i'm the mortgage company, i'm going to insist that you do have that coverage or i'm not going to underwrite your loan. i want to put something on the screen from your piece. this is for the benefit of people at home who say i'm not in a high risk area, so i guess i don't have to worry. insurance markets, you wrote, especially those t

. >>> let's get to filings that show warren buffett's berkshire hathaway sold 5.5 million shares in hpg berkshire's previous stake down to 11.7%. that sale comes after the maker of personal computers and printers or cut its full-year earnings estimate last month, hp's down 2.25% but off the lows of the session. smooth sailing for carnival and norwegian cruise lines after the companies were upgraded to an outright buy. redburn says the desire to travel after the pandemic is continuing to drive demand. we've got norwegians up 5.6%, carnival up 3.6%. investors are betting on penn entertainment after deutsche bank put the stock on its catalyst call buy idea list. penn will move higher in the short term and is calling the launch of espn bet a key event to watch. deutsche expects the launch to grab attention from may yo -- major media outlets. penn's up 8.5%. and investors are embracing international game -- shares. the unit may fetch $4-5 billion in a sale. igt said, quote, we are still in the process of exploring strategic alternatives for our global gaming and play digital segments and ca

>> berkshire hathaway.ts are nervous right now, but if you are looking to put money to work and you believe the economy hasst a lot stronger than it's been given credit for, this is the place to be. >> josh, you've been all over this one for a long time. >> i'll never see it, it's a forever position, but sit nice. 93rd birthday coinciding with all-time highs in the stock. what's not to like? >> what is your final trade, josh? >> zoom. very cheap stock, apparently. they impressed a lot of people at the goldman sachs conference this week. >> stef? >> halliburton, very cheap at nine times. >> good stuff. thanks, everybody. see you on "closing bell." "the exchange" is now. though apple is down. thank you, scott. welcome to "the exchange." i'm kelly evans. it is a big day for apple, whose shares are down again, as china could reportedly widen their iphone ban to state-owned enterprises. plus, this all comes as chinese rival huawei launches its new high end phone. and with apple shares having their worst two-day

i like calling them the berkshire hathaway. they're more expensive.ing these cheap mortgages. it's a very strong market. it's probably better than the entry level market. so you play that two different ways. but if you do the math, they're all very correlated. >> exactly. great point. let's pivot from there to talk about the other parts of the market that are super cheap. verizon is one example. the dividend yield is now higher than the multiple. maybe it's 8% and 7. isn't that traditionally a value trap kind of sign? >> it could be but i want to point out verizon, there's lots of companies that have a yield higher than the multiple. but they're going out of business. >> right. >> this is an investment grade company that has an 8% safe yield and you know, they're not growing by leapis and bounds. this is more a sale close to shore. these guys will hit their numbers. it's investment grade. maybe it trades at 11 times over the next few years and you get 50% off and the stock price making 8% while you wait. >> infthis was the mystery char. is it good eno

happy 52-week high again today, berkshire hathaway. it's quality this year. it'll change. it's not changing today. >>> let's get the headlines with bertha coombs. >>> poverty rates in the u.s. surged last year with child poverty more than doubling. the sharp increase hit as federal pandemic and aid programs ended. the poverty rate reached 12.4% up from 7.8% in 2021. the census bureau said this is the largest one-year jump on record. rescuers pulled an american researcher out of a cave in turkey after he became seriously ill. teams from across europe launched a multiday mission to retrieve mark dickey from more than 3,000 feet below the ground. >> to be aboveground again, i was underground for far longer than ever expected. >> good that he's safe. >>> a van gogh painting stolen during the pandemic was turned over to dutch police. 3 1/2 years laettner a blue ikea bag. a career criminal was jailed in 2021 for stealing the work titled "spring garden" from a dutch museum where it was on loan. the painting had not been recovered until now. police say the man who returned it last

the reason is berkshire hathaway sold 5.5 million shares for $158 million in stock, he built up lastt's down 11%. stuart: what's with the dating services. match.com is up today. >> 4.7%. jpmorgan says investors are entirely too pessimistic about dating stocks and they think match stock is going to $60 a share. they own to endure, hinge, cupid, eventbrite. stuart: what is swiping right? >> it means you connect in some way. it's a good thing. i've never done it. stuart: i thought i was talking to somebody who had done it. let's change the subject. equitable grading is on the rise in schools where teachers are not allowed to give 0s. which groups are behind this equitable grading? lauren: there's a group of consultants behind this push to adopt equitable grading, they are essentially selling the idea and their training services to school districts across the country. data shared exclusively with fox business shows crescendo has been paid at least 2. $2 million by local governments and public schools across the country since 2018, they tracked spending of tens of thousands of government

both were berkshire hathaway's largest holdings, both are viewed as a high quality stock, holding it't get you fired. and they have similar size of financials. apple today and ibm kind of back between 1997 and 2012. so, you know, i can't tell whether this is a compliment oar a curse. we know how the ibm story ended, but is it okay? >> right, no, absolutely. so the financial similarities of apple over the last seven or eight years from an eps growth perspective and ibm 10, 15 years ago, are pretty similar in terms of they both delivered 11%, 12% ups growth. what is striking is that apple's relative multiple and absolute multiple is much higher than ibm's ever was. so the market clearly has more confidence in, you know, apple as an ongoing business than it did for ibm ten years ago. i think the concern about ibm was really that it's, you know, privileged asset was the mainframe and the account control that that provided. ultimately, the mainframe was declining and being disrupted by cloud and industry standard servers. for apple, they have a customer mode, but that's not declining. rig

now last month berkshire hathaway reported new positions in lennar and two other big builders investingon. lennar's stock is up about 60% in the last 12 months. demand for housing appears to be strong ap applications for a mortgage to buy a newly built home in august were up 20% year over year according to the nba. in q2, lennar's chairman said buyers were getting used to the new normal in interest rates but rates were below 7%, approaching 6 at one point. then they shot up over 7% in june. we'll see how much that hit demand in q3 and potential sellers for lennar. >> all right. we'll look forward to your reporting in "overtime" when lennar hits the tape. speaking of hitting the tape, adobe also reporting after the bell. days after fellow software company oracle cratered on disappointing guidance. what about now? is this a risk? we watch chips sort of some of the chips starting to pull back. oracle, software, starts to pull back. we're wondering what's going to happen with adobe. >> could be risk. adobe has outperformed on a year-to-date basis. it was an ultra favorite of the software ki

that was at the 2007 berkshire hathaway shareholder meeting. no, he was not related.me friends who happen to share a last name. jimmy got to know the late doris buffett, warren's sister in the 1980s when she was working on a genealogy profit. the two of them traveled to a south pacific island where the name is common. at doris's urging, he bought. it eventually grew to his work with forest river, designing pontoon boats that are pretty cool. we've seen them. i spoke to jimmy buffett at the 2022 berkshire hathaway meeting and marketing the margaritaville brand and what he's learned about his cousin warren. >> you don't look a the business side of it. for a long time that was taken care of by managers and agents. i was a billboard reporter for years when nothing was happening and i learned from my editor bill williams what the music business and how that was stacked up. it was pretty much against the artist of having any kind of investment in the companies themselves. so as a reporter then and knowing warren, i just wanted to take care of my interest as i went forward.