Morning Brew - ☕ The world according to Buffett

The Oracle of Omaha dishes wisdom...
May 08, 2023 View Online | Sign Up | Shop 10% Off

Morning Brew

Babbel

Good morning. Happy Height Day to me and every other 5'8" person.

Neal Freyman

MARKETS: YEAR-TO-DATE

Nasdaq

12,235.41

S&P

4,136.25

Dow

33,674.38

10-Year

3.440%

Bitcoin

$28,810.39

Oil

$71.74

*Stock data as of market close, cryptocurrency data as of 2:00am ET. Here's what these numbers mean.

  • Markets: The S&P 500 and the Dow are coming off their worst weeks since March. And even with the Fed signaling the end of interest rate hikes, analysts don’t expect the market to perk up all of a sudden. Goldman Sachs, Bank of America, and Morgan Stanley predict the S&P will end the year lower than its current level. US oil prices, meanwhile, have fallen for three consecutive weeks over economic concerns.
 

NATION

8 killed while shopping in Texas

People watch as the construction of a wooden cross memorial is completed at the site of a fatal mass shooting a day earlier at Allen Premium Outlets A wooden cross memorial is constructed at the Allen Premium Outlets in Texas. Stewart F. House/Getty Images

On Saturday, a gunman fatally shot eight people, including children, at an outlet mall in the Dallas suburb of Allen before he was killed by a nearby police officer responding to an unrelated call. Authorities have identified the attacker as 33-year-old Mauricio Garcia.

The gunman used an AR-15-style rifle in the attack and was wearing tactical gear, President Biden said in a statement. What motivated Garcia to open fire on innocent people shopping on a Saturday afternoon isn’t yet known, but police are investigating his connections to white supremacist ideology. According to law enforcement, Garcia had consumed and posted white supremacist and neo-Nazi content online.

Social media’s role: Gruesome images of the victims were shared widely on Twitter following the shooting, renewing the debate over whether media companies should show Americans the visceral impacts of gun violence on human bodies. News publishers have typically avoided showing graphic images but have made exceptions in some cases (for example, by publishing the photo of a girl suffering from a napalm attack during the Vietnam War).

How politicians responded to another American tragedy:

  • Speaking on Fox News Sunday, Texas Gov. Greg Abbott cited mental health as the root cause of mass shootings. “People want a quick solution. The long-term solution here is to address the mental health issue,” he said. Critics pointed out Abbott cut $211 million of funding for the state agency that oversees mental health services last year.
  • Democrats bashed Republican inaction on gun reform, and President Biden called once again for a ban on assault-style weapons, which are used in many of the deadliest mass shootings, the WSJ reported.

Global perspective: In Serbia, where 17 people were killed in two mass shootings last week, the president called for an “almost complete disarmament” and offered one month of amnesty for gun owners to hand over their illegal weapons, according to the NYT. Serbia has the third-highest gun ownership rate in the world, with 39 firearms per 100 people. The US is No. 1 with 121 per 100 people.

Also in Texas this weekend: Eight people were killed at a bus stop in the border city of Brownsville after they were hit by a Land Rover. Police have taken the vehicle’s driver, identified as a Hispanic man, into custody, but they don’t know yet whether the act was intentional.

     

WORLD

Tour de headlines

Britain's Prince Louis and Princess Charlotte attend the Coronation of King Charles III and Queen Camilla Britain's Prince Louis and Princess Charlotte attend the Coronation of King Charles III and Queen Camilla. Yui Mok - WPA Pool/Getty Images

King Charles III was coronated. The new king was crowned on Saturday in an event that attempted to infuse a modern twist into centuries-old traditions. As anyone who’s been to a wedding knows, the young kids—Prince George, Princess Charlotte, and Prince Louis—drew much of the attention. And so did the marginal role played by Prince Harry, Charles’s younger son, who is not on great terms with the rest of his family. Harry ditched his royal duties in 2020 to get into the branding and media business with his wife, Meghan Markle.

CA reparations package moves forward. A California panel approved a reparations package this weekend that could result in the state paying out more than $500 billion to Black residents, economists estimate. California has been weighing how to make financial amends for the racist policies that have harmed its Black residents, such as redlining by banks that blocked them from getting a mortgage. Under this preliminary plan, which would need to be enacted by lawmakers, eligible Black residents could receive up to $148,099.

Mage won the Kentucky Derby. The 15-1 shot bested the 18-horse field at Churchill Downs in a Kentucky Derby overshadowed by deaths in the lead-up to the race: Two more horses died on Saturday before the prime-time race, bringing the total number of horses that died last week at Churchill Downs to seven. Among the owners celebrating Mage’s $1.86 million prize were 391 people who invested in the horse through Commonwealth, a sports investment app that lets you buy shares in pro athletes.

TOGETHER WITH BABBEL

No need to pack this travel essential

Babbel

As summer travel starts heating up, so too can your language skills. And with Babbel, you don’t need years of lessons to learn a language. Their method is scientifically proven to have you starting to speak a new language in just 3 weeks—with only 10 minutes of daily practice.

Take your globe-trotting adventures beyond the surface level. Use your newfound language skills to ask deeper questions, order delicious food, and get to know the locals you meet wherever your travels take you.

Whatever trip you have in store, Babbel can help you make it even more worthwhile.

For a limited time, get 55% off your Babbel subscription.

INVESTING

The world according to Buffett

Warren Buffett J. Kempin/Getty Images

Some people got up early on Saturday to watch King Charles III’s coronation. Others tuned in to another kind of royal ceremony: the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska.

Berkshire CEO Warren Buffett, 92, holds the annual “Woodstock for Capitalists” in his hometown every year to discuss his company’s performance and share his thoughts on timely economic issues with tens of thousands of fans in attendance.

Here are the highlights.

On the regional banking crisis: Buffett bashed leaders at the banks that failed this spring (First Republic, SVB, etc.), saying they “should suffer” and face “punishment.” But he also blamed the “totally crazy” bank regulations that incentivize bad behavior and “very poor” messaging around the debacle from politicians and the media. Buffett thinks the government was right to intervene to protect SVB depositors, claiming, “It would have been catastrophic” otherwise.

On the status of the dollar: “We are the reserve currency. I see no option for any other currency to be the reserve currency,” Buffett said. He called the notion of bitcoin or other tokens dethroning the dollar a “joke.”

On Berkshire’s investment in Apple: The value of Berkshire’s stake in Apple has ballooned to $151 billion, amounting to nearly half the value of its entire stock portfolio. “It just happens to be a better business than any we own,” Buffett said.

On living your best life: “You should write your obituary and then try to figure out how to live up to it,” Buffett said. “It’s not that complicated.”

     

CALENDAR

The week ahead

U.S. President Joe Biden and Speaker of the House Kevin McCarthy (R-CA) talk as they depart the U.S. Capitol Drew Angerer/Getty Images

Critical week for the economy: Tomorrow, President Biden, House Speaker Kevin McCarthy, and congressional leaders will meet to discuss raising the debt ceiling with a default perilously near. Treasury Secretary Janet Yellen warned yesterday of “economic chaos” if they don’t figure something out. Then, on Wednesday, the latest inflation data will be released. It’s expected to have slowed in April, but not by much.

Tense times at the border: Title 42, a pandemic-era policy that allowed US authorities to quickly expel migrants, will expire on Thursday, creating an “extremely challenging” situation along the US–Mexico border, Secretary of Homeland Security Alejandro Mayorkas said. The US sent 1,500 active-duty troops to the border to handle what’s expected to be an influx of migrants once Title 42 sunsets.

US ends Covid-19 public health emergency: Like Title 42, the US public health emergency for Covid-19 will end on Thursday. That may limit access to testing for millions of Americans, but it won’t affect the availability of treatments and vaccines.

Everything else…

  • The Pulitzer Prizes will be handed out today .
  • The Legend of Zelda: Tears of the Kingdom will be released for the Nintendo Switch on Friday.
  • Mother’s Day, the mother of all mail days, is on Sunday.

TOGETHER WITH THINK!

Think!

Just 4 weeks. It takes time to form a habit—and what habit is more important than committing to your mental and emotional strength? We linked up with think! to create a calendar full of ways that you can build your mental and emotional strength one day at a time. Day one starts today.

GRAB BAG

Key performance indicators

Ref blowing the whistle at the world cup FIFA via Giphy

Stat: Thinking about becoming a professional whistleblower. The Securities and Exchange Commission said it paid a whistleblower a record $279 million, more than double the previous largest payout of $114 million in 2020. The SEC didn’t give many details but did say that the whistleblower’s “multiple interviews and written submissions” were vital. Whistleblower awards can amount to 10%–30% of the money collected by the SEC when it imposes sanctions of over $1 million, according to Reuters.

Quote: “I wouldn’t like to devalue climate change…but I think this might end up being more urgent.”

The “godfather of AI,” Geoffrey Hinton, warned that the threat of artificial intelligence is a more pressing concern for humanity than climate change, in an interview with Reuters. Ever since Hinton decided to leave his job at Google last month, he’s been sounding the alarm that we’ve opened Pandora’s box with ChatGPT and other recent AI breakthroughs.

Watch: Snoop Dogg also pondered the breakthroughs in AI, but with a lot more f-bombs. (Twitter)

NEWS

What else is brewing

  • Guardians of the Galaxy Vol. 3 scored $114 million at the domestic box office in its opening weekend. That’s good for the second-best opening of the year.
  • Ukraine said that the US-supplied Patriot system downed a Russian hypersonic missile. It’s believed to be the first time a Patriot took out this type of weapon during the war.
  • Marissa Mayer, the former CEO of Yahoo, said she regretted buying Tumblr instead of Netflix or Hulu in an interview with Tech Brew.
  • Vietnam recorded its highest-ever temperature: more than 111 degrees Fahrenheit.
  • Bronny James, the five-star basketball recruit and LeBron James’s son, will play his college ball at USC.

RECS

Monday to-do list image

You watched the Miami Grand Prix. Now learn about the wild logistics of staging a Formula 1 race.

Credit card hacks: Here are 29 credit card perks you might not be using.

Pod rec: Kevin Kelly, the founding executive editor of Wired, shares advice from a book he just wrote about advice.

An AI writing partner: This app could help you cure writer’s block.

Stop scrolling, start learning: Imprint’s stunning visual lessons help you master complex topics in just a few minutes a day. Build a learning habit.*

Surgically advanced: Monogram’s sprucing up the surgery room with their futuristic tech. Learn about it in 60 seconds.*

*This is sponsored advertising content.

GAMES

The puzzle section

Turntable: Your task is to find the 33 words hidden in the letter jumble. Play it here.

King trivia

Fresh off of the coronation of King Charles III, let’s do some trivia on other kings. Each of the clues below can be answered by a name/phrase with the word “king” in it.

  1. A 2021 Will Smith film about the father of Serena and Venus Williams.
  2. Britain’s national anthem.
  3. The speaker of, “When we are born, we cry that we are come to this great stage of fools.”
  4. In the Old Testament, he reigned over Israel right before King Solomon.
  5. Dwayne Johnson had his first lead role in this 2002 film.

AROUND THE BREW

The Brief is this Thursday

The Brief is this Thursday

The Brief, our one-day marketing summit, is this week. Use code MB25 for a $250 last-minute ticket.

The Business Essentials Accelerator is back and better than ever. This one-month crash course in business fundamentals kicks off on June 5. Apply now.

🦾 You may be working alongside AI very soon, so start familiarizing yourself with the technology. Check out Tech Brew’s guide to AI in the workplace here.

SHARE THE BREW

Share Morning Brew with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag.

We’re saying we’ll give you free stuff and more friends if you share a link. One link.

Your referral count: 2

Click to Share

Or copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=303a04a9

ANSWER

  1. King Richard
  2. “God Save the King”
  3. King Lear (from Shakespeare’s King Lear)
  4. King David
  5. The Scorpion King

✤ A Note From Monogram

This is a paid advertisement for Monogram Orthopedics’ Regulation A+ offering. Learn more at invest.monogramorthopedics.com/disclaimers.

         

Written by Neal Freyman

Was this email forwarded to you? Sign up here.

Take The Brew to work

Get smarter in just 5 minutes

Business education without the BS

Interested in podcasts?

  • Check out ours here
ADVERTISE // CAREERS // SHOP 10% OFF // FAQ

Update your email preferences or unsubscribe here.
View our privacy policy here.

Copyright © 2023 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011

Older messages

☕ Best in show

Sunday, May 7, 2023

What can be done about the debt ceiling? Together with Wander May 07, 2023 | View Online | Sign Up | Shop 10% Off A driver competes in a drifting competition in Basra, Iraq. Hussein Faleh/AFP via Getty

☕ New record

Saturday, May 6, 2023

This year's Derby drama isn't about the winner... May 06, 2023 View Online | Sign Up | Shop 10% Off Morning Brew SPONSORED BY Remi Good morning. Thought experiment: You have this weekend

☕ Hot stuff

Friday, May 5, 2023

Lyst's hottest brands and products index. May 05, 2023 Retail Brew Happy Friday! If you have museum plans over the weekend, might we suggest you do so after a hearty meal. After all, you don't

☕ Pivot

Friday, May 5, 2023

TikTok creators rethink posting strategies. May 05, 2023 Marketing Brew TOGETHER WITH Intuit Mailchimp Happy Friday. And happy Cinco de Mayo to all who celebrate! Never forget when Hellmann's tried

FW: 🤯 Last 25 tickets for only $250!

Friday, May 5, 2023

Get one before they're gone. Hi there, Happy Friday! Our amazing community of marketers purchased the last 25 tickets in record time! In response to this incredible demand, we've worked our

You Might Also Like

☕ Great chains

Wednesday, January 15, 2025

Prologis looks to improve supply chain operations. January 15, 2025 View Online | Sign Up Retail Brew Presented By Bloomreach It's Wednesday, and we've been walking for miles inside the Javits

Pete Hegseth's confirmation hearing.

Wednesday, January 15, 2025

Hegseth's hearing had some fireworks, but he looks headed toward confirmation. Pete Hegseth's confirmation hearing. Hegseth's hearing had some fireworks, but he looks headed toward

Honourable Roulette

Wednesday, January 15, 2025

The Honourable Parts // The Story Of Russian Roulette Honourable Roulette By Kaamya Sharma • 15 Jan 2025 View in browser View in browser The Honourable Parts Spencer Wright | Scope Of Work | 6th

📬 No. 62 | What I learned about newsletters in 2024

Wednesday, January 15, 2025

“I love that I get the chance to ask questions and keep learning. Here are a few big takeaways.” ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌

⚡️ ‘Skeleton Crew’ Answers Its Biggest Mystery

Wednesday, January 15, 2025

Plus: There's no good way to adapt any more Neil Gaiman stories. Inverse Daily The twist in this Star Wars show was, that there was no twist. Lucasfilm TV Shows 'Skeleton Crew' Finally

I Tried All The New Eye-Shadow Sticks

Wednesday, January 15, 2025

And a couple classics. The Strategist Beauty Brief January 15, 2025 Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate commission

How To Stop Worrying And Learn To Love Lynn's National IQ Estimates

Wednesday, January 15, 2025

... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

☕ Olympic recycling

Wednesday, January 15, 2025

Reusing wi-fi equipment from the Paris games. January 15, 2025 View Online | Sign Up Tech Brew It's Wednesday. After the medals are awarded and the athletes go home, what happens to all the stuff

Ozempic has entered the chat

Wednesday, January 15, 2025

Plus: Hegseth's hearing, a huge religious rite, and confidence. January 15, 2025 View in browser Jolie Myers is the managing editor of the Vox Media Podcast Network. Her work often focuses on

How a major bank cheated its customers out of $2 billion, according to a new federal lawsuit

Wednesday, January 15, 2025

An explosive new lawsuit filed by the Consumer Financial Protection Bureau (CFPB) alleges that Capital One bank cheated its customers out of $2 billion. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏