Apple is now 51% of Buffett's portfolio, who adds Occidental, D.R. Horton shares
Bay Area Times
August 15, 2023
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Top stories today:
- Apple is now 51% of Buffett's portfolio, who adds Occidental, DHI
- Michael Burry has 94% of portfolio in stock index puts
- Amazon rolls out AI-generated reviews for “subset” of U.S. users
- Elon again taunts Zuckerberg to fight when he's not available
- Ruble inches back to 98 after central bank raised rates to 12%
- China unexpectedly lowers short-term rate to record low of 1.8%
- Trump, 18 co-defendants indicted in Georgia over 2020 election
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Apple is now 51% of Buffett's portfolio, who adds Occidental, D.R. Horton shares
3 new positions, all in homebuilding: D.R. Horton ($720M), NVR ($70M), Lennar ($17M). - Yahoo
The latter two are likely purchases by Berkshire's 2 other investment managers, Ted Weschler and Todd Combs.
2. Michael Burry has 94% of portfolio in stock index puts
Historically, continuously buying puts has provided negative returns. Michael Burry, of course, may believe he can correctly time markets, which empirically, very few people have been able to do consistently. - Reuters
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A rich source of selenium, magnesium, zinc, among other nutrients, and longevity-supporting properties.
Scientist-formulated, rigorous tested, with real results. - BRAIN MANA
*Sponsored. These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.
4. Amazon rolls out AI-generated reviews for “subset” of U.S. users
Read more: Techcrunch, Amazon.
5. Elon again taunts Zuckerberg, as prediction markets estimate a 12% chance of fight happening in 2023
“Mark is traveling right now and isn't in Palo Alto. Also, Mark takes this sport seriously and isn't going to fight someone who randomly shows up at his door,” a Meta spokesperson said. - Insider
Prediction markets reached a peak of 71% odds earlier in August, only to drop now to a low of 12%
6. Ruble inches back to 98 per USD after central bank unexpectedly raised rates by 3.5% to 12%
Weaker ruble puts pressure on inflation:
Target: 4%.
Central bank exp.: 5% - 6.5%.
Household exp.: 11%. - POLITICO
Read more: Reuters, Bank of Russia.
7. China unexpectedly lowers short-term rate by 0.1% to record low of 1.8%
1-year rate: -0.15% to 2.5%, 2nd reduction since June.
Motive is “insufficient” demand: China said it needs to “step up macroeconomic policy adjustment, and focus on expanding domestic demand, lifting confidence and preventing risks.” - Bloomberg
8. Trump, 18 co-defendants indicted in Georgia over 2020 election
Mandatory minimum of 5 years: racketeering (RICO) charge. - Reuters, annotated indictment, 18 co-defendants.
Trump called the indictment a “witch hunt” and is expected to mount a 1st Amendment defense
Just as in the federal criminal indictment about the 2020 election, Trump's legal team is expected to argue that his actions were protected political speech.
Trump may face 4 criminal trials before the 2024 election, although his legal teams are attempting to postpone them
DA wants a trial date in the next 6 months.
9. Monday.com revenue +42% YoY to $176M in Q2, with a -7% operating margin
GAAP results tell a much worse picture, as is usual with mid-cap software companies
Read more: CTech, shareholder letter.
10. Covid shots for new bivalent shot drop to 57M, lower than influenza
11. Interesting tweets, memes, and videos
12. Other headlines
AI
Saudi Arabia, UAE buying 1000s of NVIDIA chips.
China's AI regulations set to begin today — no AI without pre-approval.
Tech
Youtube tests new ad-blocked blocker.
DOJ asks SCOTUS to review social media laws that prohibit moderation.
Lending startup “Happy Money” seeks to sell itself after $1.1B valuation.
Tesla unveils $10K cheaper versions of Models S, X.
Elon studied Napoleon for leadership tips: biographer (Isaacson).
Elon gives $10M to fertility, population research project.
Foxconn revenue -14% to $40.8B in Q2.
Saudis were mystery partner in collapsed $2B gaming deal.
Biotech
FDA approves Pfizer's Elrexfio for advanced multiple myeloma.
Nuclear weapon survivors have accelerated immune aging.
Selective destruction theory of aging.
Business
Argentina devalues currency by 18% to 350, hikes rate to 118%.
Newspaper owner, 98-year old, dies after police raid.
Banks with $100B could have long-term debt requirements: Fed.
NVIDIA stock +7% as Morgan Stanley calls it “top pick.”
Hollywood unions to respond to studios’ 5% salary hike offer.
CNN changes primetime lineup.
NYT aims to move its users to bundle subscriptions.
Saudis lure Neymar with $87M/year salary.
Crypto
Celsius to poll customers on whether to restart exchange.
Binance files protective court order against SEC.
Prime Trust files for bankruptcy: 25K-50K creditors.
Coindesk lays off 20 people in editorial team, 45% of it.
FTX exec: SBF would “route money” through him for political donations.
SBF heads to MDC prison, will get Adderall, Emsan prescription.
Coinbase launches Stand with Crypto Alliance.
U.S. politics
Hunter Biden's lawyers want gun portion of plea deal still valid.
Jan. 6 case: amicus brief filed in support of Jan. 2 trial date.
Trump discloses $246M+ of income since 2022.
DeSantis would likely ban TikTok.
Vivek: defend Taiwan until “semiconductor independence” in 2028.
No Labels gets 10th ballot access, could launch bipartisan ticket.
RFK Jr. backtracks, now against 3-month abortion ban.
World
Taiwan frontrunner: we can be friends with Xi, keep status quo.
U.S., Korea, Japan to set deal of defense responsibilities.
Taliban erasing women from public sphere.
Lviv: strikes in Western Ukraine city kills 3+ people.
Putin proposes to “develop cooperation” with more militaries.
Niger: U.S. says prosecuting former leader “unjustified.”
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