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Updated: 1 hour 35 min ago

Australia's Finance Minister to Step Down at Year-End

2 hours 35 min ago

Jul.05 -- Australia’s Finance Minister Mathias Cormann says he will step down at the end of the year. Paul Allen reports on "Bloomberg Daybreak: Australia."


Buffett’s Berkshire Ends Deal Drought With Dominion Bet

2 hours 55 min ago

(Bloomberg) -- Warren Buffett finally found his next crisis-era deal.His Berkshire Hathaway Inc., which has stayed relatively quiet during the tumult of the coronavirus pandemic, broke its silence at the end of a holiday weekend with its biggest acquisition in more than four years. The agreement for Dominion Energy Inc.’s natural gas pipeline and storage assets signaled to the market that Buffett is willing to pounce despite his cautious tone in May about the pandemic, according to David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business.“He’s willing to make investments now, of a fairly sizable amount,” Kass said. “It’s very positive that he’s sending a signal for the right deal at the right price, $10 billion or more, ‘We’re ready to go, we’re ready to invest.’”Buffett, who has crafted Berkshire into a conglomerate valued at $434 billion, built his reputation as an investor able to swoop in during volatile markets to strike unique and complicated deals in past crises. After being stymied on the acquisition front during the recent bull market for stocks, Buffett still wasn’t striking any deals during the initial stages of the pandemic and even dumped his stakes in the major U.S. airlines.His inability to make a major acquisition recently has drawn scrutiny from his critics who have argued that Buffett has lost his ability to pull off the game-changing transactions that helped vault Berkshire into the ranks of the most valuable U.S. public companies. Now, the deal to buy substantially all of Dominion Energy’s natural gas transmission and storage assets for $4 billion, along with the assumption of $5.7 billion in debt, shows that Buffett is willing to put his money to work, Kass said.“We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business,” Buffett, who is chief executive officer and chairman of Omaha, Nebraska-based Berkshire Hathaway, said in a statement Sunday.“I’m inspired to see that, given that he’s bearish, he’s still willing to make acquisitions where he thinks it makes sense and where it meets Berkshire’s hurdle points,” said Darren Pollock, a portfolio manager at Cheviot Value Management, which invests in Berkshire shares.Buffett has considered its energy business one of the “lead dogs” of Berkshire’s non-insurance operations alongside its railroad. Berkshire’s purchase expands its hold in the sector, adding more infrastructure to handle natural gas to its already sprawling energy operations across states such as Nevada and Iowa. Berkshire also struck the deal at a low point in the market. Natural gas futures in the U.S. dropped last month to their lowest point in 25 years and have recovered just slightly since then.“This looks like confirmation that commodities like energy are undervalued,” Bill Smead, chief investment officer at Smead Capital Management, which owns Berkshire shares, said in an emailed comment. “At the bottom, assets move from weak hands to strong hands.”Berkshire is digging deeper into a business that’s been facing increasing scrutiny amid the push for energy companies to shift away from fossil fuels. In its own statement on Sunday, Dominion Energy cited its target to reach net-zero emissions by 2050.The deal also highlights the work of one of Buffett’s key deputies, Greg Abel, who led the energy business for years and is now chairman of Berkshire Hathaway Energy alongside his role as Berkshire’s vice chairman for all non-insurance businesses. Abel has gained a reputation as a key dealmaker for Berkshire with the 2013 purchase of NV Energy and even the battle to buy Oncor Electric Delivery Co., which didn’t ultimately come together. Abel is viewed as a potential successor to Buffett, 89.The Dominion deal is set to be Berkshire’s largest acquisition ranked by enterprise value since its purchase of Precision Castparts Corp. in 2016. Still, Buffett ended the first quarter with a record $137 billion on hand and has been hankering for an “elephant-sized acquisition” to put a chunk of his cash pile to work. The Dominion agreement’s total enterprise value would account for about 7% of that total.“It’s not something that’s going to move the needle from a balance sheet standpoint, but it’ll produce several hundred million dollars a year in net income to Berkshire,” said Cheviot’s Pollock. “That’s no paltry sum. That adds up over time.”(Updates with shareholder comment in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Israel at the Height of a New Virus Offensive: Netanyahu

3 hours 30 min ago

Jul.05 -- Israeli Prime Minister Benjamin Netanyahu says the country is "at the height" of a new coronavirus offensive. There are currently 29,366 confirmed cases in Israel, including 330 fatalities, with as many as 1,100 new cases reported daily in the past week. He spoke at a press briefing Sunday in Jerusalem. (Translated excerpt)


Stock market news live updates: Stock futures rise even as coronavirus cases set records in FL, TX

4 hours 1 min ago

Stock futures opened slightly higher Sunday evening, even as coronavirus cases continued to march higher globally and domestically.


Warren Buffett's Berkshire Hathaway adds to energy portfolio, buys Dominion Energy gas lines in $9.7B deal

4 hours 36 min ago

Dominion has more than 7 million energy customers across 20 states in the U.S. Berkshire Hathaway provides service to 12 million worldwide customers.


Nordic American Tankers Ltd (NAT): Are Hedge Funds Right About This Stock?

4 hours 42 min ago

We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]


Opinion: Hits and Misses of the Week

4 hours 55 min ago

Journal Editorial Report: The week's best and worst from Jillian Melchior, Jason Willick, Mary O'Grady and Dan Henninger. Images: Getty Images Composite: Mark Kelly


Opinion: Russia, the Taliban and President Trump

5 hours 3 min ago

Journal Editorial Report: Paul Gigot interviews General Jack Keane. Image: Thomas Watkins/AFP via Getty Images


Opinion: The Surge in Coronavirus Cases

5 hours 10 min ago

Journal Editorial Report: Getting past it without relocking the economy. Image: Justin Sullivan/Getty Images


Hedge Funds Are Ditching W&T Offshore, Inc. (WTI)

5 hours 28 min ago

At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]


Graf Industrial Corp. (GRAF): Hedge Funds Cutting Exposure

5 hours 28 min ago

We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]


Should You Avoid The Bank of Nova Scotia (BNS)?

6 hours 19 min ago

We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]


MPLX LP (MPLX): Are Hedge Funds Right About This Stock?

6 hours 40 min ago

How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]


Hedge Funds Have Never Been This Bullish On Ameresco Inc (AMRC)

6 hours 54 min ago

How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]


Here is What Hedge Funds Think About OptiNose, Inc. (OPTN)

7 hours 19 min ago

We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]


Should You Avoid Paratek Pharmaceuticals Inc (PRTK)?

7 hours 19 min ago

How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]


Did Hedge Funds Drop The Ball On Baozun Inc (BZUN)?

7 hours 29 min ago

At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]


Hedge Funds Are Selling Western Midstream Partners, LP (WES)

7 hours 45 min ago

At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]


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