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Yahoo BusinessAug 08, 2020
Buffett's Grim View of Air Travel Realized in $10 Billion Charge
(Bloomberg) -- Warren Buffett's dire airline predictions have hit close to home.After dumping his stakes in airlines earlier this year with a warning that the pandemic had unleashed fundamental change on that business, Buffett's own Berkshire Hathaway Inc. took a roughly $10 billion impairment charge tied to Precision Castparts, its massive maker of plane parts. A vaccine may be the only remedy for the pandemic's "particularly severe" impact on the aerospace market, Berkshire said."The Covid-19 pandemic produced material declines in commercial air travel during the second quarter," Berkshire said Saturday in a regulatory filing discussing second-quarter results. "Airlines responded by reducing and/or cancelling aircraft orders, which is resulting in significant reductions in build rates by aircraft manufacturers and significant inventory reduction initiatives being implemented by PCC's customers."At Berkshire's annual meeting in May, Buffett announced a full reversal on his airline bet, with his conglomerate going from one of the biggest shareholders in all four major U.S. carriers to owning none. A rally in airline shares over the next month had critics including President Donald Trump saying Buffett had erred, but the S&P 500 Airlines index is down 26% since that early June high.Despite those stock sales, the Omaha, Nebraska-based company still had a significant exposure to the air travel slump through Precision, a business it bought more than four years ago in a deal valued at $37.2 billion.Now,

Yahoo BusinessAug 08, 2020
Coronavirus punishes Warren Buffett, as Berkshire Hathaway takes big writedown
Berkshire, which acquired Precision for $32.1 billion in 2016 in its largest acquisition, said COVID-19 caused airlines to slash aircraft orders, resulting in significantly less demand for Precision's products and revenue to fall by about one-third. It also said results may continue suffering as the unit undertakes an "aggressive restructuring" to shrink operations to meet lowered demand. Precision was not the only drag on Berkshire, which said the pandemic has caused "relatively minor to severe" damage to most of its more than 90 operating businesses, which include the BNSF railroad, Geico auto insurer and See's candies.


Forbes HeadlinesAug 08, 2020
France: Here's Why Risk Of New Covid Lockdown Makes Headlines
As France experiences a record surge in Covid cases since May, fears of a new national coronavirus lockdown reign. Particularly since Prime Minister Jean Castex warned of the possibility last week. As new daily infections reach 2,200, public health officials say young adults are among the worst hit.

Google Business NewsAug 08, 2020
Hong Kong hits back at 'shameless' U.S. sanctions on leader Carrie Lam - NBC News
Hong Kong hits back at 'shameless' U.S. sanctions on leader Carrie Lam  NBC NewsU.S. imposes sanctions on Hong Kong officials  ReutersU.S. sanctions Hong Kong leader Carrie Lam for carrying out Chinese 'policies of suppression'  CNBCNEC's Kudlow on Jobs Report, Stimulus Negotiations, Lam Sanctions  Bloomberg PoliticsUS sanctions Hong Kong chief executive Carrie Lam over democratic crackdowns  CNN

MarketWatchAug 08, 2020
Deep Dive: 20 stocks that investors hate but Wall Street loves as the S&P 500 nears a record high
The rally for U.S. stocks from the March bottom has been remarkable, but most S&P 500 stocks are down for 2020.

KiplingerAug 07, 2020
Drawing Down Retirement Savings in a Pandemic
As the coronavirus shut down the economy last spring, many consumers had their budgets cut by default. Trips and shows were canceled, nonessential medical procedures were postponed and restaurants closed.

SEE MORE 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus For retirees living on portfolios—or those forced into retirement unexpectedly due to the virus—the forced spending slowdown may have helped cushion the financial blow as they watched their investment account values plummet. Then, stocks lurched ahead and have since been volatile, leaving many retirees to wonder if they should adjust their game plan for retirement income as the economy opens up.

"The first quarter of this year represented the very definition of sequence risk," notes Patrick Nolan, a BlackRock portfolio strategist. "Early in retirement, it's the most challenging situation for a retiree who has begun to take cash flow from retirement accounts. You're selling assets, locking in losses and impairing the future value of the portfolio." 

To be sure, drawing down the right percentage amount from a portfolio each year is complex business. There are tax implications, so drawing from the right accounts at the right time matters. But knowing how much a retiree can spend each year without running out of savings in old age is even more important.

Plenty of tax and financial pros like to argue over the most tax-efficient ways of drawing down a portfolio once retirement has begun. Far fewer enjoy talking frankly about overall spending levels. Who wants to wade into the weeds of telling couples that trip to the Galapagos is off the table?

But let's go there, because the economic fallout from the pandemic is challenging old assumpt


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Forbes Social Media NewsAug 07, 2020
Dow Turns Positive After U.S. Economy Adds Nearly 1.8 Million Jobs In July
Ongoing stimulus talks ended in disappointment on Friday.

Yahoo BusinessAug 07, 2020
3 Stocks Flashing Signs of Strong Insider Buying
Confused by the current financial landscape? You're not alone. Unemployment is high, yet in the face of this bad news, stocks have been charging forward. Add to the mix a rapidly rising rate of new COVID-19 infections, and you get a sense of the market's clear disconnect. In times like these, traditional metrics alone might not tell the full story. You need other strategies to do the job.The activity of insiders can act as a more reliable trading signal. Watching the insiders - the corporate officers charged with running their companies for stockholders' benefit - is a common strategy for finding good buys. These officers are responsible for more than just their own profit - they have to justify themselves to their Boards and their shareholders, and they have to show results. So, when they start buying up blocks of stock in their own companies, it's a sign that investors should note.The TipRanks Insiders' Hot Stocks tool tracks these purchases, and makes the data available for investors' use. We've pulled up three stocks that have seen recent ‘informative buy' action from company officers, to find out what makes them, well, hot. Here are the details.Navient (NAVI)First up, Navient, is a financial company servicing student loans. Navient boasts over 10 million individual loans, with a total dollar value exceeding $300 billion, and is one of the largest student loan servicers in the US, with a 25% market share.The corona epidemic has been tough on the company; the economic shutdown and consequent high unemployment have made loan collectio

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FT.com - USAug 07, 2020
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