Celebrity
Buffett Touts Benefits Of Buybacks In His Shareholder Letter
OMAHA, Nebraska — Stock buyback critics, according to billionaire Warren Buffett, are “either an economic illiterate or a silver-tongued demagogue” or both, and all investors benefit from them as long as they are done at the right prices.
Buffett used a portion of his annual letter to Berkshire Hathaway shareholders on Saturday to tout the benefits of share repurchases, which have riled up Wall Street critics like Sens. Elizabeth Warren and Bernie Sanders as many other Democrats. The federal government even imposed a 1% tax on buybacks this year after they surpassed $1 trillion in 2022.
“When you are told that all share repurchases are harmful to shareholders or the country, or especially beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive),” Buffett, a long-time Democrat, wrote.
According to investor Cole Smead, Washington D.C. should take note of Buffett’s position on stock buybacks.
“Any politician, regardless of party affiliation, should stand up and take notice of a statement like that,” said Smead of Seattle-based Smead Capital Management.
Buffett, in typical self-deprecating fashion,
Buffett, in typical self-deprecating fashion, claimed that Berkshire’s remarkable record of doubling the returns of the S&P 500 over the last 58 years with him at the helm is the result of “about a dozen truly good decisions – that would be about one every five years.”
He mentioned a few in his letter, but he kept his message — which has long been one of the most widely read business documents — remarkably brief this year, at just over eight pages. He also dedicated an entire page to a tribute to his 99-year-old business partner Charlie Munger.
“I think investors, whether Berkshire investors or just Berkshire students, look to him for more, and I think they may come away wanting more,” CFRA Research analyst Cathy Seifert said.
Buffett emphasized how much Berkshire benefits from dividends from large investments in its portfolio, such as Coca-Cola and American Express, even though he refuses to pay a dividend at the Omaha, Nebraska-based conglomerate he leads because he believes he can generate a higher return for shareholders by investing that cash. Last year, Coke paid Berkshire $704 million in dividends, and American Express paid $302 million, helping to increase the value of those stakes to $25 billion for Coke and $22 billion for American Express. In the 1990s, Berkshire paid $1.3 billion for each investment.
Buffett said the key lesson for investors is that “it takes just a few winners to work wonders. And, yes, starting early and living into your 90s helps.”
Berkshire Hathaway reported a sharp drop in fourth-quarter profit to $18.2 billion from $39.6 billion a year earlier as the paper value of its investments fell.
Berkshire Hathaway reported a sharp drop in fourth-quarter profit
As a result, the value of Berkshire’s sizable stock portfolio distorted those bottom-line figures once more. Because operating earnings exclude derivatives and investments, Buffett believes they are a better measure of Berkshire’s performance. However, Berkshire’s operating earnings fell to $6.7 billion, or $4,584.46 per Class A share, from $7.3 billion, or $4,904.23 per Class A share, the previous year.
This is significantly lower than what Wall Street predicted. FactSet polled three analysts, who predicted Berkshire would report operating earnings per Class A share of $5,305.83 on average.
Analysts said the results were still strong overall, but higher claims costs continued to hurt Geico’s results, while BNSF’s railroad traffic slowed and rising interest rates hurt several of Berkshire’s housing-related businesses, such as its nationwide network of Realtors and its Clayton Homes manufacturing housing unit.
Berkshire’s performance tends to track the performance of the U.S. economy because so many of its dozens of manufacturing, utility, and retail businesses do. The conglomerate is a barometer of the economy in many ways.
Berkshire continues to invest in whole companies and stocks whenever Buffett sees an opportunity. According to Edward Jones analyst Jim Shanahan, he was particularly aggressive last year, making a net investment of approximately $53 billion. Much of that was invested in Occidental Petroleum and Chevron stock and Alleghany Corp. insurance, which was purchased for $11.6 billion last fall.
Despite all of that spending, Berkshire Hathaway’s cash reserves increased to $128.6 billion at the end of the year, up from $109 billion at the end of the third quarter. Berkshire Hathaway’s businesses generate so much cash that it accumulates faster than Buffett can invest.
Berkshire increased its stake in the Pilot Flying J network of 750 truck stops to 80% at the start of this year, up from 38.6% in 2017, which will help this year’s earnings.
SOURCE – (AP)
Celebrity
Jason Kelce Smashes Football Fan’s Phone
Retired Philadelphia Eagles center Jason Kelce destroyed a Penn State football fan’s phone after the alleged heckler called his brother, Travis Kelce, a fag.
In now-viral footage published on X (previously Twitter) on Saturday, Nov. 2, the retired Philadelphia Eagles great was seen accompanied by football fans outside Beaver Stadium in State College, Pa., for the Penn State-Ohio State game.
As the individual capturing the tape lifted a fist to Jason, 36, and called his name for a fist bump, another man nearby hurled the homophobic slur at the retired Philadelphia Eagles star.
Hey, Kelce. How does it feel that your brother is a queer dating Taylor Swift?” the man questioned, referring to Travis, 34, who has been seeing Swift since 2023. Jason turned around seconds later, snatched the man’s phone, and crushed it to the ground.
“Looked like a Penn State student was getting in Kelce’s face for no reason,” the original X user who submitted the video remarked. “Wild scene in State College.”
“Kelce how does it feel that your brother is a f****t for dating Taylor Swift?”
Jason Kelce proceeded to slam this kids phone on the ground.
Looked like a Penn State student was getting in Kelce’s face for no reason. Wild scene in State College pic.twitter.com/3PEdZXWhSg
— Chives (@jarrett_daveler) November 2, 2024
Additional footage on X shows Jason smashing the phone on asphalt before picking it up and walking away. The phone’s owner, wearing a Penn State hoodie at the time of the incident, was shown in many videos strolling closely behind Jason and recording him before the conflict occurred.
Another footage published on X, which appears to have been filmed after Jason shattered the man’s phone, showed the hooded Penn State supporter trudging through a mob to pick up his phone off the ground.
“Give me my phone, bro,” he seemed to say to Jason.
The NFL alum seized the gadget first, then stood in front of the man and asked, “Who’s the fag now?” Others appeared to interfere.
The incident occurred while Jason was at Beaver Stadium for an appearance on ESPN’s College GameDay. The Ohio State Buckeyes won Saturday’s game 20-13 over the Penn State Nittany Lions.
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Celebrity
Shaun White’s Proposal To Nina Dobrev Was Romantic Gold
Shaun White, the Olympic snowboarding champion, already has an impressive medal tally, but his surprise proposal to Nina Dobrev deserves a gold medal.
On Wednesday, the couple announced their engagement on Instagram. Dobrev posted photographs of the two hugging under an arch of white roses and showing off her five-carat Lorraine Schwartz engagement ring.
“RIP boyfriend, hello fiancé,” Dobrev said in the caption.
However, the photographs only tell half the tale, as Shaun devised an elaborate plan to surprise Dobrev with his proposal.
Shaun White’s Proposal To Nina Dobrev Was Romantic Gold
According to a Vogue interview published Wednesday, Shaun said he assembled a team of people from the couple’s inner circle and Vogue personnel to trick Dobrev into thinking she had been invited to an intimate dinner party with Anna Wintour.
Dobrev accepted the invitation, joking that Shaun made it “look so legitimate.”
He even asked Dobrev’s stylist to outfit her in Chanel for the event.
Dobrev said she recognized what was happening when she entered the venue and saw White standing beneath the flowery arch.
Shaun’s Proposal To Nina Dobrev Was Romantic Gold
“I went into shock,” Dobrev admitted, later adding that White “said all the right things” before she agreed.
According to the publication, after Shaun proposed, the couple partied into the early morning hours with close friends and relatives.
“Best night of my life,” Shaun captioned his Instagram story on Wednesday.
The duo first became romantically involved in 2020, and they have since publicly recorded their relationship, globe vacations, and White’s Olympic farewell on social media.
SOURCE | CNN
Celebrity
Hollywood Actress Teri Garr Passes Away at 79
Hollywood actress Teri Garr, known for her roles in classics like “Young Frankenstein” and “Tootsie,” has passed away at 79. She died Tuesday of multiple sclerosis “surrounded by family and friends,” said publicist Heidi Schaeffer.
Admirers took to social media in her honor, with writer-director Paul Feig calling her “truly one of my comedy heroes. I couldn’t have loved her more” and screenwriter Cinco Paul saying: “Never the star, but always shining. She made everything she was in better.”
Throughout her career, the performer, often known as Terri, Terry, or Terry Ann, seemed destined for show business from a young age.
Her father was Eddie Garr, a well-known vaudeville comic, and her mother was Phyllis Lind, one of the original high-kicking Rockettes at New York’s Radio City Music Hall. Their daughter began dancing classes at six and was performing with the San Francisco and Los Angeles ballet companies by age fourteen.
She was 16 years old when she joined the road crew of “West Side Story” in Los Angeles, and she began starring in small roles in films as early as 1963.
In an interview from 1988, she described how she landed the role in “West Side Story.” After being rejected at her initial audition, she returned the following day dressed differently and was accepted.
Teri Garr, a comedian
Teri Garr then found steady work as a movie dancer, appearing in the chorus of nine Elvis Presley films, including “Viva Las Vegas,” “Roustabout,” and “Clambake.”
She has also appeared on various television shows, including “Star Trek,” “Dr. Kildare,” and “Batman,” and was a featured dancer on the rock ‘n’ roll music show “Shindig,” the rock concert performance “T.A.M.I.,” and a cast member of “The Sonny and Cher Comedy Hour.”
Her breakthrough role was as Gene Hackman’s girlfriend in Francis Ford Coppola’s 1974 thriller The Conversation. This led to an interview with Mel Brooks, who offered her the Gene Wilder’s German lab assistant role in Young Frankenstein if she could speak with a German accent.
“Cher had this German woman, Renata, making wigs, so I got the accent from her,” Garr once said.
The film established her as a great comic performer, with New Yorker film writer Pauline Kael calling her “the funniest neurotic dizzy dame on screen.”
Her big smile and off-center appeal helped her land roles in “Oh, God!” with George Burns and John Denver, “Mr. Mom” (as Michael Keaton’s wife), and “Tootsie,” in which she played the girlfriend who loses Dustin Hoffman to Jessica Lange and discovers he has dressed up as a woman to revive his career.
A gift for spontaneous humor
Teri Garr, best known for comedy, has shown in films such as Close Encounters of the Third Kind, The Black Stallion, and The Escape Artist that she can also tackle drama.
She had a gift for spontaneous humor, frequently playing David Letterman’s foil during early guest appearances on N.B.C.’s “Late Night With David Letterman”.
Her appearances grew so frequent, and the pair’s good-natured bickering so convincing that rumors of romantic involvement circulated for a while. Years later, Letterman acknowledged those early appearances with helping the program become a success.
During those years, Garr began to experience “a little beeping or ticking” in her right leg. It started in 1983 and expanded to her right arm, but she thought she could handle it. By 1999, her symptoms had gotten so bad that she saw a doctor and was diagnosed with multiple sclerosis.
After disclosing her diagnosis, Garr became a spokesman for the National Multiple Sclerosis Society, giving hilarious remarks at events in the United States and Canada.
Source: AP
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