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Augustine’s personal effort read: “Roses are red, it’s long been our canticle, that many big banks, should hold at least 23% capital. Atlanta Fed did not tweet any love notes, and indeed delivered a downer: it slashed its GDP forecast for the fourth quarter to 1.5 percent, from 2.5 percent a week ago. But it got into the swing, changing its Twitter profile to sport a red heart. And the Richmond Fed? “Roses are red, violets are blue,” it tweeted, with a photo of its chief Tom Barkin. “Who’s our favorite FOMC policymaker? It’s you!”.
(Reuters) - Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc, on Thursday criticized active fund managers, bankers and even Elon Musk as he urged investors to court simplicity and temper expectations for future returns, Munger, 95, often provoked laughter mont blanc cufflinks as he fielded questions at the annual meeting of Daily Journal Corp, the Los Angeles newspaper publishing company he chairs, though he is better known for his four decades as a Berkshire vice chairman, Berkshire now owns more than 90 businesses in the insurance, energy, railroad and other sectors, along with dozens of stocks, Many critics have said its girth has made it tougher for the Omaha, Nebraska-based company and its stock to outperform..
Munger said that is also true in the stock market, where the average professional stock picker does not outperform lower-cost funds that track indexes such as the Standard & Poor’s 500. “For another considerable period, index investing is going to do better than active stock picking,” Munger said at the meeting, which was webcast by CNBC. Berkshire has performed better than average because “we’ve tried to do less,” Munger said, though he expects even its stocks holdings will not return a blowout performance.
“Warren thinks that Berkshire can do a little better than the S&P from this point, I don’t think many people can, but he may be right about himself and the team he has,” Munger said, alluding to portfolio managers Todd Combs and Ted Weschler, “It won’t be by huge margins, that I confidently predict.”, Munger offered repeated endorsements of investing in China, saying the country offers mont blanc cufflinks more opportunities than the United States, including BYD Co, a Berkshire investment he said will become “much more huge” in electric cars..
He also endorsed hedge fund manager Li Lu, the founder of Himalaya Capital Investors. Munger said he is the only outside manager he has given money to, calling him “the Chinese Warren Buffett” and that “he’s hit it out of the park.”. In criticizing banks, Munger said they still “present temptations to their managers to do dumb things,” and that stupidity can still creep into the industry. Munger did not single out individual banks for criticism. One of Berkshire’s largest investments is Wells Fargo & Co, which has faced many scandals over its treatment of customers.
Musk, the chief executive of electric car company Tesla Inc, became a target when Munger was asked about his own oft-stated preference to hire someone with a 130 IQ who thinks it is 120, instead of someone with a 150 IQ who thinks it is 170, “You must be thinking about Elon Musk,” Munger said, prompting raucous laughter, Tesla declined to comment, Munger also made many direct and oblique references to age, including when mont blanc cufflinks answering a question about investment performance in current markets..
(Reuters) - U.S. discount retailer Payless ShoeSource Inc plans to close all of its approximately 2,300 stores when it files for bankruptcy later this month for the second time in as many years, people familiar with the matter said on Thursday. The move would make Payless one of the most high-profile victims of the string of bankruptcies that have hit the brick-and-mortar retail sector as more shopping is done online. Toys “R” Us and The Bon-Ton Stores are among the retailers that shut their stores in liquidations in the last 12 months.
Payless had been trying unsuccessfully to find a buyer, After no such deal could be clinched, the Topeka, Kansas-based company has decided to initiate preparations to liquidate, the sources said, There is still a small chance a buyer could emerge after Payless files for bankruptcy, mont blanc cufflinks the sources said, In the meantime, the company is preparing to run going-out-of-business sales at its shops in the next week, one of the sources said, The sources asked not to be identified because the liquidation preparations are confidential, Payless declined to comment..