Editor’s Note: Related tickers: Berkshire Hathaway Inc. (NYSE:BRK.A), Amazon.com, Inc. (NASDAQ:AMZN), Media General, Inc. (NYSE:MEG)
Warren Buffett has publicly referred to Charlie Munger as his partner at Berkshire Hathaway Inc. (NYSE:BRK.A). Like Buffett, Munger is busy giving away much of his fortune to help various institutions and organizations do the work they do. In a recent discussion with the local newspaper here in Omaha, Munger said something incredibly profound. In fact, his comment is right in line with a principle we find throughout the Bible. In reference to all the money he is giving away, this 89-year-old man stated, “I won’t need it where I’m going.” Those 7 words speak volumes not only for Charlie, but for each of us. Munger and Buffett often share tidbits of financial knowledge, but this one was especially insightful and direct.
Paula Deen’s Biggest Failure: Not Heeding Warren Buffett’s Advice (DailyFinance)
You probably don’t know Ken Lowe. Why should you? He’s the CEO of Scripps Network Interactive , a five-year-old entertainment holding company that tends to keep clear of controversy. Or at least it used to. Warren Buffett has seen all this before, having helped rebuild Salomon Brothers after a management scandal tarnished the broker. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently,” Buffett has said. Deen would have done well to remember that. Although, interestingly, Amazon.com, Inc. (NASDAQ:AMZN) already ranks her forthcoming book — “Paula Deen’s New Testament: 250 Recipes, All Lightened Up” — as its No. 1 best seller. At least someone is profiting from this mess.
Call a spade a spade (TheHinduBusinessLine)
Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) had recently indicated that it is winding up its online insurance operation in India that was started in 2011. The bad news is that the experiment probably didn’t produce the desired results, but the good news is that the company took the bold decision to pull the plug and move on — at least for now. Obviously, the decision need not imply that the company would not try again. It might try, probably at a later time, using a different entry strategy or business model. A few years back, Geico, an auto insurance major in the US and another subsidiary of Berkshire Hathaway Inc. (NYSE:BRK.A), tasted terrible results from a different experiment.
Warren Middle School Graduates Go For the Gold (TheAlternativePress)
The Class of 2013 graduated from Warren Middle School on a sweltering June 24. High Honors recipient Karthik Irakam delivered the Greetings from the Class. He said in part, “Every single person in this room today will one day leave his or her mark on the world that they live in. Warren Buffett once said, “Someone is sitting in the shade today because someone planted a tree a long time ago.” The world is ours to change for the better. Let’s go for the gold and do something great and worthwhile with our lives.” …Parents, friends and family members cheered the graduates and many followed Irakam’s advice. He said, “We can’t forget our parents who make so many sacrifices for us. Give them a hug today, especially if they are planning on paying for college.”
How Money Actually Buys Happiness (HBR)
Warren Buffett’s advice about money has been scrutinized — and implemented — by savvy investors all over the world. But while most people know they can benefit from expert help to make money, they think they already know how to spend money to reap the most happiness. As a result, they follow their intuitions, using their money to buy things they think will make them happy, from televisions to cars to houses to second houses and beyond. The problem with this approach is that a decade of research — conducted by us and our colleagues — demonstrates that our intuitions about how to turn money into happiness are misguided at best and dead-wrong at worst.
Buffett Bolsters His Arsenal with Smaller Players (NBCNews)
Warren Buffett loves to bag “elephants,” but Berkshire Hathaway Inc. (NYSE:BRK.A) has also become quite successful with smaller, bolt-on acquisitions. In this segment of The Motley Fool’s everything-financials show Where the Money Is, banking analysts Matt Koppenheffer and David Hanson discuss two of Berkshire Hathaway Inc. (NYSE:BRK.A)’s newest additions. Help us improve and get a free gift! Take a short survey about the following video, and we’ll give you access to our special free report “The One Remarkable Stock to Own Now.” Just follow this link to take the survey and claim your copy of the report.
Warren Buffett makes another big bet on newspapers, buying 63 from Media General (InlandPress)
Just three years ago, billionaire Warren Buffett told stockholders at his Berkshire Hathaway Inc. (NYSE:BRK.A) annual meeting that newspapers were doomed to be money-losing propositions. “For most newspapers in the United States, we would not buy them at any price,” he said at the time. But last November he paid $200 million to buy his hometown daily, the Omaha World-Herald. And on May 17, he announced he was buying 63 dailies and weeklies from Media General, Inc. (NYSE:MEG) for $142 million in cash. The deal includes such notable titles as the Richmond Times-Dispatch and the Winston-Salem Journal, but not its biggest property, the Tampa Tribune. Media General, Inc. (NYSE:MEG) said it was in discussions with other perspective buyers for the Tribune.
