many of the members consider berkshire hathaway an essential part of their portfolio. rbara, good morning. >> good morning. >> it is important we found berkshire had a big beat with earnings. everybody is talking about the cash. $277 billion. how do you view that? >> well, buffett's recent moves show he is playing offense and defense at the same time. he is playing overvalued sectors and keeping his powder try for major acquisitions or investments which is consistent with the consensus of our most recent market opportunities and risk calls. all of the mholdings are lookin for investment opportunities. >> at the annual meeting, he did say he would like to spend, but things don't look attractive right now. you believe he is being honest and transparent. he is looking for something, but valuations are not right. we have seen a selloff on wall street. in your mind, is an acquisition or m&a coming up? >> you can't tell. these look like seismic shifts. he could be betting on a recession. his cash pile has exploded since 2022 and he has been dumping his tech and bank stops. he

more from berkshire hathaway. the sell down a bank of america last week and now apple, cutting that stake by 50%. significant on multiple fronts. this is involving the french bank, socgen selling private banking units in the u.k. and switzerland. socgen has signed agreements with ubp for the sale of two of its units. the transactions are to be implemented at a total price of about 900 million euros. in terms of the value of the deal including equity. and in terms of the timeframe, they expect the deals to be completed by the end of the first quarter of 2025. socgen selling its private banking units in the u.k. and switzerland. here is what else to be thinking about. today we will get u.s. ism services index which will be published stateside giving you a clearer picture of the service sector in the u.s. services costs and inflation have been a key point for this federal reserve. how things have changed in terms of expectations. the expectation from the likes of steady that they will cut up to 50 basis points in sep

warren buffett's berkshire hathaway sold nearly half of its apple shares last quarter that, according to its second quarter earnings report, berkshire hathaway says its holdings in apple were valued at $84.2 billion at the end of the quarter, dropping from 790 million shares down to 400 million shares. this is notable because buffett is known for holding on to stocks for long periods of time. analysts say the sell off could mean buffett is not confident in apple's growth. >> one of the most popular gay bars in san francisco hosted a ribbon cutting this weekend to celebrate its new renovations. the ribbon cutting for bow on market street yesterday featured several elected city officials and a private reception, where guests could enjoy the new dance floor under new lights, sampled the new cocktail menu and catch a drag queen performance. >> a san francisco neighborhood losing its beloved hardware store, glen park hardware is closing after 61 years in business and only six months after its most recent ownership. the glen park association says the store has not been the same since 2016,

berkshire hathaway topped $ trillion in market cap. one of serve's u.s. mpanies in a very exclusive club and the only non-tech stock in that club. berkshire on a roll with class a shares up nearly 30% over the past year. warren buffettal stake in the company 15%. worth $145 billion. many happyetns. rur >>> we're back in just one minute. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. craig here pays too much for verizon wireless. so he sublet half his real estate office... [ bird squawks loudly ] to a pet shop. meg's moving company uses t-mobile. so she scaled down her fleet to save money. and don's paying so much for at&t, he's been waiting to update his equipment! there's a smarter way to save. comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to c

. >> a warren buffett's berkshire hathaway sold nearly half of its apple shares last quarter.hat's according to a second quarter earnings report that was released just yesterday. berkshire hathaway says its holdings in apple were valued at $84.2 billion at the end of the quarter, dropping from 790 million shares to 400 million shares. it's notable because buffett is known for holding on to stocks for long periods, and analysts say this selloff could mean that buffett is not confident in apple's growth. >> new rankings shows san francisco is in the top five most expensive cities in the world to live in. the number one spot going to geneva, switzerland, followed by zurich and then new york city. san francisco coming in at four, boston at five, los angeles was number nine on that list. this list was compiled by a cost of living database, which looked at rent prices of groceries and restaurants, as well as local purchasing power. >> well, a water main burst in a martinez neighborhood happened overnight near valley and truitt avenues, a few blocks from nancy boyd park. firefighters

you can afford a share of berkshire hathaway. that's amazing. and it's not on tv sour. all say for my best undocumented. but i'm with that said, you know, there's berkshire and there's berkshire b shares and he's the greatest investor of all time. he's recently been selling a lot of positions and bank of america and tremendous positions. apple, i think more about that. i as referred to ms warren buffet i think you can read your tire. he's raising a lot of cash. it's time to to turn of the car keys to younger men charlie munger passed away last year. who was partner? so i'm gonna cry the day he dies and they do a whole segment dies down or when he passes or when he retires. one of greatest investments all time, he's all about cash the dairy queen who sounds like a big ol frosty for 4 or $5 cost pennies to make, i called freezes. but any turned upside down. now, the geico cash loans, all about cash flow. looks okay. you mentioned frosty. let's talk a little bit of fast food yesterday. story out of san jose. there's this new burger joint called campus burgers. >> and they'r

thank you. >>> our shares of ulta beauty surging after warren buffett's berkshire hathaway revealed ath more than a quarter billion dollars. we will trade that one and a couple more in "three stock couple more in "three stock lunch. okay, team! oh, thank you so much i couldn't have done it without you. honestly, i don't do a whole lot here. i'm really just here for the at&t internet, it's super-fast so, any pre-launch concerns? what if nobody buys them? that's mean f everybody buys them? oh, i hadn't thought of that that's probably not gonna happen can we handle that kind of traffic? the network can handle it! i downloaded eight hours of true crime stories just during our last video call i'm learning a lot (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.

and berkshire hathaway hits a major milestone. we got all the details this hour. good evening, everybody, i'm tyler mathieson, in tonight for melissa lee, from studio b at the nasdaq market site. on the desk tonight, steve grasso, bonawyn eison, dan nathan, guy adami. we start with the most important earnings report of the quarter. it's not nsync, it's nvidia. as much as 8%, despite beating estimates. the chipmaker also off thorizing a $50 billion buy-back. not really all that big, i guess, in a trillion dollar plus company. the conference call kicked off at the top of the hour. our seema mody has all of the details and will be monitoring the call. >> hey, tyler. shares are falling here after nvidia's second quarter earnings beat estimates. some questions around the q-3 guide. i would point out that gross margins on a sequential basis decreased, driven by what the company says inventory provisions for a higher mix of new products within data centers. in an effort to quiet concerns around blackwell's launch, nvidia's cfo says she expects to ship several billion dol

warren buffett's berkshire hathaway sold nearly half of its gigantic apple stake earlier this year.stor, who is famously focused on long term gains. according to the company's earnings, its holding in the iphone maker was valued at $84.2 billion at the end of the march tojune quarter. that would mean it offloaded a little more than 49% of its stake. we are keeping a close eye on markets here in asia which have just opened after the big sell—off in asia last week, especially in tech stocks investors are concerned about the health of the us economy after the jobs report last week and actually activity fuelling fears of recession as well. we will keep a watch on that. here is a special report. scams seem to be everywhere nowadays. a bbc reporter has been given an insight into one type of financial scam — �*pig butchering' — where victims are romantically befriended on social media and then tricked into investing in fake crypto schemes. cyber correspondentjoe tidy was targeted on instagram and played along for more than two months to find out what psychological tricks the scammers emplo

morning a number of big moves by investors in the recent quarter including warren buffett's berkshire hathaway3f filings show berkshire took small stakes in ulta beauty and electronics and heico and increasing the stake in chubb. in addition to reducing apple and bank of america, berkshire trimmed chevron and capital one and t mobile and big ackman reducing nike pershing revealed it owned 3 million shares worth $229 million and the firm selling about 16% of its shares in alphabet and nearly a quarter of its chipotle stake and david tepper slashing its stake in nvidia by more than 84%. nvidia was the fifth largest holding at the end of the first quarter. appaloosa cutting amazon, microsoft, meta and alphabet, dom. lots of moves. >> thank you very much, silvana. see you later on. >>> turning back to the broader markets and inflation falling below the 3% mark since 2021 is raising he can pecexpectation f the fed interest rate cut next month. highlighting the parallels between now and the summer of 1995 given the current conditions for more, let's turn to paul christopher who is the head of strate

berkshire hathaway has joined a small club of businesses with a market value of over a trillion dollarsnon—technology related company to do so, joining the likes of microsoft and amazon.shares of the warren buffett—led firm closed almost 1% higher in new york.mr buffet is credited for transforming the once failing textile maker into an investmentjuggernaut. the boss of ryanair says passengers should be limited to two alcoholic drinks at airports. michael 0'leary said this will help tackle a rise in disorder on flights.he told the daily telegraph that violent outbursts were occuring every week due to alcohol, especially when it is mixed with other substances. staying with the aviation industry, australia's national carrier qantas has just released its latest report card.it posted a i6% drop in annual profit, due to rising fuel costs and lower fares. just earlier this week, the airline made headlines for mistakenly selling first—class tickets at a steep discount to hundreds of customers. qantas has since refunded or downgraded passengers affected by the mishap.>brendan sobie from sobie av

berkshire hathaway trimming more shares of its top holding. which one?ll tell you. >>> and nfl holders letting more players into the club, with deep pockets, looking to spread the cash around the fielding. it's wednesday, august 28th, 2024. "squawk box" begins right now. ♪ >>> good morning, everybody, and welcome to "squawk box" right here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen. andrew is off today. all right. we're watching to see what's happening with u.s. equities. >> how does it happen>>>? >> that we match? >> yeah. it happens so often. is that orange? >> orangey. close enough. >> great minds. >> we did not plan it. >> i think it's evolution because we've been sitting together for your so long. >> yes. scary. work wife. >>> let's take a look at what's been happening with the equity futures. dow futures up by 25 points,

berkshire hathaway shocking investors. shares are having their worst day, apple, i mean. >>> plus, brent crude turning negative for the year. around $73 a barrel. we'll look at the pricing levels to watch, and also talk geopolitical risks. they are well off their session down 6.36%. the s&p down 4.25, the dow down 1238 points. keep an eye on the next 90 minutes, though. "the exchange" is back after this. [disconcerting stomach gurgle] not again. maybe i should get this looked at? [suggestive stomach gurgle] zocdoc? [talkative stomach gurgle] you're right, i bet they deal with this all the time. dr. finley really puts you at ease. let's do it! you've got more options than you know. book now. with so much entertainment out there wouldn't it be great... ...if you could find what you mo want, all in one place?. show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity. >

lauren: berkshire hathaway took a $266 million taken the comedy, major stamp of approval from warrentt. he's going to be 94 years old in two weeks time. he likes to buy companies on the cheap. stuart: would you call him an old dog? don't do it. cisco had a great report last night. lauren: hardware selling well. they are trying to cut reliance on that and pivot to services. ai, cybersecurity and part of the restructuring include 7% job cuts. stuart: $50 a share almost. rfk junior reportedly trying to meet with kamala harris to talk about a role in her cabinet. looks like he is playing both sides. trump says he will conduct the largest deportation operation on day one if he wins in november. the border guys next. stuart: on the market this morning the rally holds, dow is up 350, nasdaq is up 274, solid gains. take a look at sirius xm surging after warren buffett's berkshire hathaway raised at stake in that company. warren owns 133 million shares, up 6%. %. donald trump vowed to take action on the migrant crisis on day one of elected. >> of kamala wins you will have mass amnesty and cit

warren buffet and berkshire hathaway briefly becoming the first american company to hit the $1 trillionce works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. >> no application fee if you apply by august 29 at university of maryland global campus, offering online and hybrid courses and lifetime career services. learn about our more than 135 degrees and certificates at umgc.edu. >>> welcome back. quick check of the markets. stocks off the worst levels of the day. the dow jones down now 255 points. we'll keep our eye on that throughout the day. big turnaround from what we saw earlier. >>> we've got about two minutes left in the program, a little less. several more stories we would like to tell you about. warren buffet's berkshire hathaway briefly reaching the trillion dollar market value today before pulling back just a bit. it's the first american company outside of the technology sector to do so. you've got apple, microsoft, nvidia, maybe a couple of others, facebook or meta. six firms have met that level before. amazon among them

for the first time ever and i see berkshire hathaway as a proxy for the s&p.omething worth noting about berkshire, currently their cash holding is 45% of the portfolio. they are not market timers but the last 6-8 months they have been selling apple, their biggest stake. they've been selling it. you have to wonder why they have so much cash. yes, interest rates are high but there are storm clouds -- not market timing but coming through in the portfolio. either way, this stock doing very well, a $1 trillion market cap. vonnie: they haven't found anything for years. that's abigail. thank you. looking at the overall market, john hancock's emily rowland talked about the markets. emily: it's been helped a ton on a weaker dollar on the idea the feds will cut aggressively and helped cyclical assets outperform. this quarter those risk on asset classes have been the winner but at the same time you have other market participants pricing in the bad news scenario with areas like gold and long dated treasuries outperforming and we're in this very strange period now where th

. >>> and warren buffett's berkshire hathaway builds a new stake in ulta beauty. >>> july retail saleslows out expectations. walmart jumps on this quarterly beat. comps 4.2%. sam's club, 5.2. >> the electronics on this number, up 1.6, building materials up, you wouldn't have gotten that from home depot yesterday. the assembly -- the mosaic of what's going on at walmart is extraordinary. we've got overall boxes now deflated, food's been rolled back so i know there's a big move in washington. let's go after price gougers. well, certainly isn't walmart. frozen veggies for a dollar sell really well. rebok, free assembly, chaps, polo usa all showing strength. it's not just about the basics anymore. if you didn't know anything, david, we were coming out of a recession. coming out of one. >> i know. the way that reads. and yet, i think the question was asked and answered by the analyst just on the end of "squawk" there which is, is it a sign of broad strength or is it coming at the expense of other retailers? she seemed to believe that it was coming at the expense of other retailers. >> targe

meantime we told you how berkshire hathaway has taken up a pretty good position in beauty store ulta,at they dumped. berkshire jettisoned snowflake, trimmed investments in bank america, capital one, t-mobile and chevron. that energy name happens to be one pick our "countdown" closer says do not toss away. joining us with 85.7 billion in assets under management, wealth enhancement green senior portfolio manager. great to see you. you like chevron. let me hear your case. people think oh, buffett is trimming. forget it. let's hear what you have to say? >> thanks so much for having me. with chevron we still think we're getting a discounted high energy company and solid balance sheet that still yields over 4%. i think over the long term energy will be in high demand, oil will be in high demand so we like having a stable company like chevron in the portfolio mixed other energy companies. liz: they do have a good yield. they do have a very solid management team and you look what they're doing, they're also expanding into other areas, correct? >> absolutely. i know it gets caught up in the ac

also strengthen homebuilders and banks and a shout out to warren buffett who is a berkshire hathawaynd hit a record on friday, buffett turns 94 on august 30 which is coming up in the stock market cap is approaching a trillion dollars and a great birthday present and it's only 2% away from that. >> i'm guessing he's blushing. >> e number is going to be nvidia earnings report on wednesday and nvidia is about whether tech stop in investors the earnings are supposed to be around 67 cents per share -- tears number of people interested in the resident expert on nvidia with bullish on a.i. and he likes what's going on with the stock. jack: we haven't heard a lot of details about the candidates economics plans, we have heard something about what kamala harris would like to do on housing. what's on the table what are the chances of a happening. >> i would like to say there's a ton of detail on the table. even with housing she's been more specific, we haven't quite narrowed it down all that much. the big issue that housing is unaffordable, everyone can agree on that. she is propose giving twit

but apple is also dealing with a divestment from berkshire hathaway. it was it has slashed its stake in tech giant apple by nearly 50%. that's according to the company's quarter earnings report released on saturday. the sharp selloff is notable for ceo warren buffett, who is known for holding on to stocks for long periods of time. all right, let's talk olympics. team usa is celebrating this morning after a weekend of big wins. the 100 meter race was one of the closest races in olympic history. you can see jamaican runners starting to celebrate his first place win. but after a photo finish review, turns out american noah lyles crossed the finish line first. he won by five thousandths of a second. wow and set a new personal best. congrats to him. well, last night was the final night of swimming at the paris olympic games and team usa went out with a bang. the usa broke two world records. bobby finke set a new record in the 1500 freestyle and in the women's four by 100 meter relay. take a look at this. a strong lead by team usa lilly king, gretchen walsh

. >> coming up, warren buffett's berkshire hathaway sells more shares of bank of america. rkshire itself is moving very close to a trillion dollar valuation. why don't you take a closer look at futures as we get ready to begin trading at the new york stock exchange? 16 minutes from now, a lot more "squawk on the street" straight ahead. is it possible to count on my internet like my customers count on me? it is with comcast business. keeping you up and running with our 99.9% network reliability. and security that helps outsmart threats to your data. moaire dida twoo? -your data, too. there's even round-the- clock customer support. so you can be there for your customers. with comcast business, reliability isn't just possible. it's happening. switch to reliable comcast business internet with security and get started for $49.99 a month. plus ask how to get up to a $500 prepaid card. call today! >>> berkshire hathaway moving closer to joining a lot of those mega cap tech names in an exclusive club. warren buffett's company now within striking distance of a trillion dollar valuat

warren buffett, berkshire hathaway unloading some of the apple steak and continuing to unwind bank ofca that added to the jitters but it's mostly about the economy and the sudden weakness that might be in the u.s. economy. >> i totally agree i think were seeing the pivot from bad news is good news to bad news is just bad news this is interesting the lower-than-expected jobs that started the whole train on the station. we will see the mixed-signal from the economy and that's going to happen in jobless claims. obviously at the start of the month those were a little bit down and that sent folks into a little bit of a worry signal but they didn't do so bad this week and help the markets rebound. we will definitely get the latest inflation next week that may be the mixed signals but this will be something that we have to monitor and it could create volatility in the near future. >> economist told me this past week it's too late to panic we can skip panicking but what else should investors do. >> they can it on monday you to want to panic at a time like this. you want a levelheaded approach

berkshire hathaway, which reported over the weekend, talking about selling much of that apple position, much of that selling starting at the end of last year with the stock in a correction. apple in april of this year, this stock down about 2.7%, despite the stockpile. really a sell on the s&p 500 overall. but it's also healthcare. it's energy. it's also retail. investors selling. but you made that interesting point about the stocks turning green. let's look at some of the stocks that are helping out the s&p come off the lows, and it's all about the chips. lam research now up 3%. advance microdevices, which had been down shortstoply earlier, up about 5%. you see some bargain hunting in here, so to speak. and then there's one stock on this board that's not like the others. sonali, they're up, so it's not all bad. we have some green, but for the most part we're still under pressure. sonali: we're going to discuss this more. we've been talking about some of the sentiment over the surface. we've been talking about that slow drip of selling we've seen in the prior weeks. has something chang

walmart has been on a tear recently, berkshire hathaway, some banks and classic value names.nson, proctor & gamble. health care, united health has been strong. some consumer discretionary like mcdonald's. this is what i mean when i talk about the rotation. interest rate sensitive sectors, what's happened since the market bottomed, tech has still led, but consumer discretionary like mcdonald's and nike have been on a tear, banks have generally improved. again, banks are economically sensitive. that's a really good sign. they would not be buying banks if they thought there was a recession coming. we're seeing rotation in values, small cap coming back a little bit. more confidence in the soft landing, i would say, overall here. less fear of a recession, that's helping the cyclicles. the soft landing scenario is still intact. inflation waning, job growth slowing, earnings growth for the s&p overall, 10% in 2024, and gdp, 2.9%, the atlanta fed estimates. that is why the stock market is holding up so well, these four factors. you're not going to have a dramatic drop in the stock ma

you also had over the weekend berkshire hathaway having their apple stake, and itjust seems like the news. i think the markets are really nervous with how — when you see the carry trade... ..the recession calls were very low, now it seems the odds are ticking higher. there�*s a big question mark. higher. there's a big question mark. �* ,, , �* mark. but ed... sure, sure. but ed, to what _ mark. but ed... sure, sure. but ed, to what extent _ mark. but ed... sure, sure. but ed, to what extent really - mark. but ed... sure, sure. but ed, to what extent really is - ed, to what extent really is there a concern about a recession in the united states? to be fair tojerome powell and his team, at the last meeting, he was very clear about where the federal reserve is going, the federal reserve is going, the direction of travel. so markets wouldn�*t be getting a nasty surprise or a shock. i know friday�*s numbers on the jobs were weaker than expected. but is there really a concern the us is headed into a recession?— the us is headed into a recession? ~ ~ , ., recession? well, i think - you have

stuart: berkshire hathaway. the first non-tech the us company to hit the milestone and happened two days before warren buffett's -- happy birthday a little bit early. stuart: trillion dollars. lululemon. lauren: stock is cut in half. analysts say you don't have to be everything to everybody. cater to who your core customer is. expect sales to increase by 9%. that slower than it has been. stuart: iran's supreme leader said he's open to renewing negotiations, talking with the us over tehran's nuclear program. is that a retreat by the iranians? retired general keith kellogg deals with that. ukraine hopes to get biden's blessing to strike russian targets with american long-range missiles. we have that next. ♪ clem's not a morning person. or a night person. or a...people person. but he is an "i can solve this in 4 different ways" person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan that's right for

apple is down now you know 9% do i buy in a just putting that out there apple did fall after berkshire hathaway a stake in the company nvidia said the launch of new chips could be delayed up to three months, those are some stories happening in the magnificient 7, all right. coming up we are following the massive market sell-off this morning for you right now dow industrials, session lowe's in futures dow down 1208 points nasdaq down 1083 selling continues moment by moment. first, the biden administration freezing controversial migrant flight program on reports of fraud after thousands of mooikz were broth directly into u.s. we have an update you are watching "mornings with maria" live on fox business. meet the jennifers. jen x. jen y. and jen z. each planning their future through the chase mobile app. jen x is planning a summer in portugal with some help from j.p. morgan wealth plan. let's go whiskers. jen y is working with a banker to budget for her birthday. you only turn 30 once. and jen z? her credit's golden. hello new apartment. three jens getting ahead with chase. solutions that grow wit

see it has actually topped the $1 trillion market cap valuation so we are finally there for berkshire hathaways in that prestigious basket. you have alphabet, metta and nvidia. all of them have a mac -- market cap of $1 trillion. i thought was interesting to know that bircher hathaway has a one third valuation the size of nvidia which is interesting given how long each of the guppies has been around for. you have it. just something to leave you with and something to think about. as we go into our next show, the opening of trade is coming up next. thank you for watching daybreak era. this is bloomberg. ♪ you founded your kayak company becaushe ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire kriti: good

when it comes to berkshire hathaway, we got more detail there.know basically they have been on a selling spree which saw it offloading more than $75 million in equities in the second quarter as it grew the cash pile to the all-time high of $277 billion. just to put it in context, that's larger than the annual output of new zealand as well as portugal warren buffett's 40 million apple shares and cutting the holdings in capital one the firm bought $266 million of ulta the shares in the beauty retailer gave the boost in the extended trade and up more than 16%. it is important to say that money managers with more than $100 million in assets are required to disclose the long positions with the s.e.c. 45 an days after the quarter ends. active traders could have changed positions by the time the figures come out that's an important update here. of course, the bottom line, dan, we have seen these big investors cutting their positions in big tech of course, when you look at the details of the portfolios, u.s. big tech still has a huge role in the portfoli

about a quarter of the xlf is comprised of berkshire hathaway and jpmorgan which each are trading aroundrds yesterday as well as today. the best year to date performers in the sector include progressive, the insurer, up 52%, another insurer, arch capital group, is essentially tied with kkr, the alternative asset manager for second and third place. among the big banks, goldman and jpmorgan have seen the biggest gains this year and they each hit fresh record highs yesterday. today they are trading a little bit higher as well. financials have been boosted by the prospect of a soft landing, however lower rates would, of course, cut into the amounts that banks can charge for loan making, while deposit costs tend to take longer to move down. "the wall street journal" had an interesting piece about how bank of america could be poised to benefit even though berkshire hathaway has been selling stock. the article notes estimates of bofa's net income growth higher than its peers and the firm has the bond portfolio under water with higher interest rates as reits decline and securities roll off that

but then, i also have a chart of berkshire hathaway. erkshire does well in major market swoons, historically, and that is the case right now day-to-day. berkshire broke out, and is now checked back to the level from which it broke out, i would put some money to work there. and finally, we have the ultimate safe haven, gold. gold, if you look at every instance, we'll spend a little bit of time on this, 20, 30 seconds, anyway, the columns speak for themselves. these are instances where the market dropped more than 20%, 2007, 2009 selloff, right? the covid selloff and then the bear market of 2022/-23. and lthere have been 15 instancs where the s&p has dropped more than 15%, more than 20 from an all-time high, and gold has outperformed the market every single time, except the 1980s. >> wow. carter, thank you for that. up next, final trades. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. v

which i think is particularly important because if you recall a couple of weeks ago we had berkshire hathawayh its numbers and pointing to that trimming it had made with its stake in our pool, perhaps he could have been for tax accounting reasons. but, it certainly does seem that there has been that change and that shift into apple shares. the stock itself was up 25% in the latest time. net via more than a .5 million shares from hedge funds, janus henderson, there'd point, a lot of different ones. at the same time you say there's been a shift away from ai related themes. nvidia and the trimming of profit taking from some of the different funds. microsoft is was reduced by 140 investors. as we continue to see that boosted to other names like amazon, tsmc, that's what came through the numbers so far. tom: maybe some profit-taking. famed hedge fund manager making his name during the great financial crisis. also doubling down, intriguingly on chinese tech, which sounds counterintuitive or might be to some. annabelle: it's really interesting because michael is someone who is famous and betting aga

the news that berkshire hathaway cut its position. i understand you are bullish on the stock.hy do you remain bullish on apple when warren buffett is cutting exposure to the stock? >> for buffett, buffett cut in q1, too. it is still his number one position by more than double over bank of america. clearly this is going to put gasoline on the fire in terms of worries in terms of overall tech. when you look at apple right now, they're going into what i view as the biggest a.i. driven super cycle in terms of the action cycle in last five years. we saw this bet on cook. it is the wrong time to get off the name in my upon. i get what buffett is doing with tax as he has been 100% right on tech. this is not the right time to sell apple in my opinion. we have been talking to investors and you buy apple on weakness today. >> dan, as we come into the start of the equity trade, what are you watching? if you take a step back and think about this, who is to blame for the selloff we are seeing right now? is it weak data or the fed or the tech ceos who got up on stage at the big events in le

watching shares of volta which is --of ulta which is on pace for its biggest rally because berkshire hathaway valued at $266 million. dana is still with us and she has an outperform rating on the shares. warren buffett likes ulta, and what about the stock screams discount in value in the buffett sense? dana: look at where the valuation of the stock is. it had been at $600 and today it is trading around 368 or $369. i think the category is still solid when you think about ulta, it offers goods in the mid to prestige price points. they just relaunched their ulta beauty line and investor day is coming up on october 16 where they will give out their long-term algorithm, footprint and physical locations are convenient. and now with a smaller box size of 5000 square feet we will have to see what the expanded potential should reach and the digital channel as an opportunity for them. it captures a grandmother, mother and daughter with services included like hair salons that brings people back. and let us not forget about the target partnership which has room to expand. it is and just in 500 stores. s

look, the first non-tech company to get $1 trillion market cap today is berkshire hathaway. and it's the anti nvidia trade. it proves that value based fundamental investing isn't dead. you can make money in railroads insurance and my favorite dairy queen. so i think for a 94 year old man to put together that type of portfolio, investors have to recognize that this obsession around the fed, around politics and obviously around big tech, there's so much more to the us economy. let's not lose sight. there's lots of ways to drive that retirement plan, maybe without the volatility and without the crazy outcomes where you have to have trees grow to the sky to get these multiples and justify them. anyone who saw the value of dairy queen that early is a genius and he just proved it. but but thank you. you're both geniuses yourself. i appreciate invaluable neil. invaluable. valuable is right. just tried the softy swirl. all right, jeremy, we'll be back with us a little later. meantime, kelly o'grady is with us right now. she's been following the retailers. they're crucial to follow b

. >> berkshire hathaway. >> mike. >> the best hedge is a good business. i like amazon. >> karen?. cnbc special starts right now. >>> thank you, melissa. live from studio a at cnbc headquarters, this is a cnbc special on the major market selloff on wall street. i kelly evans. the dow closing down 600 points while selling off nearly 1000 intraday. the nasdaq down 10% from recent highs and the s&p dropping 2%. over the next hour we will look

lauren: warren buffett's berkshire hathaway bought up a roughly $260 million stake in ulta beauty.he buffett stamp of approval. stuart: chicago has issued a permit if for an anti-israel march on the dnc. performly, i think it's a pro-hamas rally, and it should be stated like that. mike tobin in chicago. what's the rationale behind that decision? >> reporter: stuart, the city says it's about a public safety, but as the demonstrators bring their causes to the city of chicago, this pro-israel group says they're not getting the same treatment as the pro-palestinian groups. the pro-palestinian coalition to to march on the dnc is upset about the details in the permit that just got approved, but still they got a permit to march within sight and sound of the united center. >> they gave us sight and sound because we organize and we demanded that they give it to us. >> reporter: now, the israeli-american council, the council -- israeli-american council, their permit was denied. the chicago department of transportation wrote assembly would be a direct interference with the planned activity an

i wonder what you think on berkshire hathaway. >> it is what i call an p stock. it's been that way since i was first told about it in 1983 and it remains an up stock even today. look, if you stick to some diversification and have cash on the side then it is easier to own red-hot docs like nvidia and absorb the pain felt across the tech sector. salesforce is on the move. i'm sitting down fresh off its report. that is a tech company that did well, but it came in cold. and what are the recent turning signaling for you, the consumer? i'm investigating. and i am crunching the numbers for the red-hot beacon of a by now, pay later stock, so stay with cramer. >> don't miss a second of "mad money". follow jim cramer on x. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i

according to the latest financial report, berkshire hathaway holds 234 billion in short-term investmentsh sits there, it's yielding around 5.2%. what does buffett's huge cash holdings say about his outlook on the market? joining me invest net solutions co-cio dana doerio. he has 375 billion in assets under management. a bit more than warren is holding in t-bills. dana it is less about that and more in my opinion about what we all can learn and maybe follow when it comes to his investing patterns? >> yeah, for sure and obviously he is a little different from all the rest of us because you know, he has been an investor who is also very involved in his investments in a different way than perhaps the retail audience we're speaking to, investors we're catering to via advisors. a different kind, warren buffett is involved inside these investments when he's, he's in an investment he is part of the investment versus the passive investors in the market. but i would say you know, to the extent this is a concern and get to cash, a concern around recession, that sort of you know, leaking into this,

. >>> ulta beauty rallying after berkshire hathaway revealed it bought 600,000 shares of that companys not the only big name getting into the beauty business our next guest recently teamed up about the hair care brand it's a 10 to create a hair and beard coloring product for men joining us is grammy-nomnamed artist and co-founder of rewind it 10, fat joe, and carolyn aaronson, ceo of it's a 10 hair care welcome to both of you thank you so much. >> thank you for having us >> fat joe, i was on vacation the last couple of weeks while i was going i said i'm going grow my beard. i got to as i point where i looked like methuzala. it was gray. it was itching if i had known about your product i might have kept it >> it would have worked out. it's sensitive for your skin, ammonia free you know, we say why fight the time when you can rewind the time >> yeah. >> why look 50 when you can look 40, why look 40 and you can look 30 rewind the time. >> i think one of the things that is curious to me about hair care products and hair coloring products is the idea -- and i have experience with, this i'l

it's been relatively cautious, berkshire hathaway, jpmorgan and big pharma holding up the s&p today.f nerves for the long-term story whether they can start to address the idea that they're hogging, like, a ridiculously huge percentage of this massive capex, or if it's just steady as she goes. pencil in fiscal 2026. that, we'll see. i do think the market has been a little edgy and uneasy, and maybe a little bit too fickle day to day, even within this range. i'm not sure if we have to sort of test some levels lower on the indexes before we know if this rebound was for real. >> we'll be back to you in a minute. steve, crowdstrike important as well. >> it's not just nvidia. these crowdstrike earnings are going to be overshadowed by the huge i.t. outage in july. since that date crowdstrike shares are down more than 20%. there are going to be lots of questions here, what's happening next, including the fight with delta, which is asking microsoft and crowdstrike for $500 million in damages. microsoft is going to be hosting crowdstrike and some other cybersecurity firms at its headquarters o

apple shares continuing to slide following warren buffet and berkshire hathaway slashing half.s price target on apple to 203 from 195. keeps a hold rating on the name. great to have you with us. >> thank you for having me, melissa. >> what do you make of -- i mean some people say it's just risk management and may very well be, but buffet has sold well, and he sold according to the filing during the big run up in apple shares. and he also was selling bank of america, which you don't cover, but altogether selling pretty well. how do you take this sort of signal if it is? >> yeah. i think it's a signal. if you look at shares of apple trading at about a 30 times multiplon out year from a p/e standpoint and what does success look like on an ai upgrade cycle. >> success looks mid single to high single digit eps growth looking at a ratio of three to six times. i think the stock is ahead of itself. there's a huge opportunity here for an upgrade cycle for ai. we think it will be half as big as the 5g upgrade cycle. for example, they're going to have to navigate regulatory challenges in