In an ideal world, there would be no school shooters and preventative measures in the form of laws would achieve this 100% of the time. But until then, hardening schools and other “soft” targets must be paramount.
Tag: science
Buffett’s Vice Chairman Dumps Over Half Of His Berkshire Shares
Buffett’s Vice Chairman Dumps Over Half Of His Berkshire Shares
One of Buffett’s top lieutenant, and Berkshire’s vice chair of insurance operations, Ajit Jain, has sold $139 million worth of his Class A shares – more than half of his holdings – in Warren Buffett’s conglomerate.
Jain disposed of 200 of the Class A Berkshire shares for about $695,418 each, according to a regulatory filing Wednesday. The disposal means the long-term executive is left with control of 166 such shares, 61 of which he directly owns.
The sale was the biggest drop in Jain’s holdings since he joined Berkshire in 1986. As CNBC notes, it’s unclear what motivated Jain’s sales, but he did take advantage of Berkshire’s recent high price. The conglomerate traded above $700,000 to hit a $1 trillion market capitalization at the end of August.
“This appears to be a signal that Ajit views Berkshire as being fully valued,” said David Kass, a finance professor at the University of Maryland’s Robert H. Smith School of Business.
The sale is also consistent with a significant slowdown in Berkshire’s share buyback activity as of late, as well as its record liquidation of stock holdings, most notably Apple and Bank of America. Omaha, Nebraska-based Berkshire repurchased just $345 million worth of its own stock in the second quarter, significantly lower than the $2 billion repurchased in each of the prior two quarters.
“I think at best it is a sign that the stock is not cheap,” said Bill Stone, CIO at Glenview Trust Co. and a Berkshire shareholder. “At over 1.6 times book value, it is probably around Buffett’s conservative estimate of intrinsic value. I don’t expect many, if any, stock repurchases from Berkshire around these levels.”
The India-born Jain joined Berkshire Hathaway in 1986 to work on the conglomerate’s insurance operations, which include car insurer GEICO. He facilitated a push into the reinsurance industry and more recently led a turnaround at Geico, Berkshire’s crown jewel auto insurance business. In 2018, Jain was named vice chairman of insurance operations and appointed to Berkshire’s board of directors.
Buffett has long praised Jain, saying in 2017 that he’s probably made more money for Berkshire than Buffett has: “Ajit has created tens of billions of value for Berkshire shareholders,” Buffett wrote in his annual letter in 2017. “If there were ever to be another Ajit and you could swap me for him, don’t hesitate. Make the trade!”
In 2018, Jain and Greg Abel were named vice chairmen of the firm, with Abel, who’s a decade younger than Jain, eventually being tapped as Buffett’s successor.
Investors have questioned whether Jain, 73, would stick around to help Abel run things once Buffett, now 94, leaves the firm. The answer appears to be no.
Tyler Durden
Thu, 09/12/2024 – 11:25
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Venezuela’s Plight By The Numbers…
Venezuela’s Plight By The Numbers…
Tensions remain high in Venezuela following a disputed presidential election on July 28.
According to Human Rights Watch, at least 24 people have been killed, including protesters and bystanders, as well as a member of the Bolivarian National Guard. The post-election turmoil hits hard in a country already suffering from a weak economy.
In recent years, Venezuela has faced runaway inflation, political upheavals and falling oil prices, creating an extremely difficult environment for businesses and workers. The Venezuelan economy has suffered a prolonged collapse, with triple-digit inflation and massive migration in search of better prospects.
“Venezuela has experienced a recession unprecedented for a Latin American country or globally for a country without war. The economic contraction between 2014 and 2021 exceeded 70 percent and reached its lowest point,” says Asdrúbal Oliveros, director of the consulting firm Ecoanalítica, in an interview with CNN.
The country has emerged from the hyperinflation period it experienced between 2018 and the end of 2019; however, as Statistas Anna Fleck shows in the chart below, it is still premature to consider it restored from the losses accumulated in the last decade.
You will find more infographics at Statista
Gross Domestic Product (GDP) at current prices is slowly recovering, with an estimated value of US$102.3 billion in 2024, but remains a fraction of pre-crisis levels.
The national public debt has risen to US$4.2 trillion in 2023, further exacerbating the economic situation. Although the unemployment rate is relatively low at 5.5 percent, this figure does not fully reflect the underemployment and informal work faced by many Venezuelans.
While Venezuelan inflation is no longer the highest in Latin America, with Argentina exceeding 200 percent, it remained above 50 percent in June 2024. This economic instability continues to affect Venezuelans’ standard of living. The minimum wage has remained frozen at 130 bolivars since March 2022, but its value has been devalued to approximately $3.50. However, in May 2024, President Nicolás Maduro announced an increase in state bonuses for the public sector, which include the minimum wage, a $40 food bonus and an “Economic War Bonus” that will increase from $60 to $90.
The deterioration of finances in recent years is evident too in everyday life, with over 80 percent of the population living in poverty and 53 percent facing extreme poverty.
Tyler Durden
Thu, 09/12/2024 – 04:15
House Pushes Back On China’s Infiltration Of American Campuses With New Bill
House Pushes Back On China’s Infiltration Of American Campuses With New Bill
In a move aimed at curbing China’s growing influence on American soil, the House of Representatives passed a bill aimed squarely at slashing Chinese sway in U.S. universities. This legislative punch landed on the second day of “China Week,” a concerted effort by House Republican leadership to tackle China’s expanding footprint across multiple sectors.
On September 9th, the House passed 15 bills, all designed to ensure that the United States keeps its edge in tech and to combat China’s alleged subversive activities. Front and center was a bill introduced by Rep. August Pfluger (R-TX) that bars American schools, which are cozy with Confucius Institutes (CIs)—widely seen as CCP propaganda hubs—or are recipients of Chinese funds, from getting any grants from the Department of Homeland Security (DHS).
The Senate now holds the bill’s fate in its hands as it sits with the relevant committee. But for schools that cozy up to CIs, the writing’s on the wall—you’re either with the U.S. or you’re helping the Chinese Communist Party (CCP) undermine America’s institutions.
“You’re either going to take a step in support of the strength of the United States and push back on the CCP… or you’re going to be on the side of somebody else’s security,” Pfluger thundered on the House floor.
Confucius Institutes Under Fire
The Confucius Institutes are funded by the CCP, which not only picks and pays for the textbooks but also sends over Chinese nationals to teach. A 2018 report from the U.S.–China Economic and Security Review Commission even laid bare the “longstanding and formal ties” between CIs and the CCP’s United Front Work Department—a well-oiled machine for influence operations. And while many Confucius Institutes were forced to shut their doors in 2020 and 2021 after a State Department crackdown, the CCP has simply povited. Some of these so-called institutes just got a facelift, rebranding under different banners but maintaining the same mission.
As the Epoch Times notes further, A 2022 report revealed that although the institutes went through massive closure in the United States in 2020 and 2021 after the State Department designated the Confucius Institute U.S. Center (CIUS) as a Chinese foreign mission, a significant portion of them re-branded under similar programs.
Rep. Bennie Thompson (D-Miss.) and Rep. Seth Magaziner (D-R.I.) spoke against the bill, saying that the language was too broad to ban all types of DHS funding, including disaster relief, for all American colleges that receive money from China.
In a statement issued on Sept. 10, the White House supported the spirit of the bill but questioned the approach.
“The administration appreciates Congress’s efforts to ensure that DHS funding is made available only to partners that advance U.S. interests, homeland security, and democratic norms.
“However, there may be more appropriate ways to prevent DHS funding from being directed toward academic institutions that are vulnerable to the PRC’s increasing monetary influence.”
The bill passed later in the afternoon with a vote of 249–161, with most representatives voting on party lines. Thirty-six Democrats voted for the bill.
The amended version narrowed down the definition of Chinese entities of concern to those that assist the persecution of Uyghur Muslims, work against U.S.–Taiwan relations, or take part in the Thousand Talents Program, a Chinese initiative to attract talent with critical military technology.
Only the recipient of funding from these Chinese entities of concern will disqualify an American higher education institution from receiving DHS funding.
The amended version also requires the Secretary of Homeland Security to report to Congress any colleges among DHS grant recipients that work with a Confucius Institute or Chinese entity of concern.
After the passage of his bill, Pfluger wrote in an emailed statement to The Epoch Times that the CCP is using Confucius Institutes to “infiltrate American university campuses and engage in espionage, steal intellectual property, intimidate Chinese dissidents, promote communist propaganda, and funnel sensitive information back to the People’s Liberation Army.”
“This bill protects students and universities while ensuring that American dollars are not enabling foreign malign influence,” he said.
The bill passed shortly after a prominent American university cut ties with the CCP.
On Sept. 6, Georgia Tech announced that it would not continue its Shenzhen Institute (GTSI) in Shenzhen, China’s southern city bordering Hong Kong. Georgia Tech reached an agreement with Tianjin University, a public research university in China, in 2016 to establish the GTSI.
The university cited its “extensive role in national security” and the fact that the Commerce Department has blacklisted Tianjin University since December 2020 as reasons to pull the plug on the institute in China.
Current students can still graduate through the program.
Several months ago, Rep. John Moolenaar (R-Mich.), chair of the House China panel, launched an investigation into Georgia Tech’s Tianjin University partnership.
Moolenaar welcomed Georgia Tech’s decision.
“I appreciate Georgia Tech’s productive engagement with the committee’s investigation and look forward to continuing to work with Georgia Tech as they proceed with the termination.”
The congressman also called for other colleges with similar ties to consider the potential impact.
“It is my hope that other American institutions of higher learning who have similar arrangements with Chinese institutions will pay close attention here and likewise think hard about the impact their pursuits in China are having on America’s long-term national security.”
Tyler Durden
Wed, 09/11/2024 – 22:00
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