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<ul class="summary-list"><li><keyword id="11915967" type="UNKNOWN" weightage="60" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword>'s former sidekick warned speculators they risk heavy losses in her <keyword id="13561258" type="UNKNOWN" weightage="60" keywordseo="annual-letter" source="Orion">annual letter</keyword>.</li><li><keyword id="13561257" type="UNKNOWN" weightage="60" keywordseo="kanbrick" source="Orion">Kanbrick</keyword> cofounder <keyword id="13561256" type="UNKNOWN" weightage="60" keywordseo="tracy-britt-cool" source="Orion">Tracy Britt Cool</keyword> compared the meme-stock boom to the Dutch tulip bubble.</li></ul>Warren Buffett's protégé echoed the billionaire investor's warnings about rampant greed, blind speculation, and predatory salespeople in her <a href="https://mcusercontent.com/64e1b84729b4195a49b750934/files/d432d3ac-e0b3-fa65-05f5-783b4ab1ca20/Kanbrick_Annual_Letter_2021_vFF.pdf">second annual letter</a>, published this week."Over the last year, we've seen a rise in speculation under the guise of investing, which is similar to having a friend who goes to the local riverboat casino to 'invest'," Tracy Britt Cool and her Kanbrick cofounder, Brian Humphrey, cautioned in the letter."While both speculating and gambling can produce great payoffs and a sea of endorphins, heartbreak is almost sure to eventually follow," the pair continued. "Memes and social media are modern inventions, yet our underlying human psychology hasn't evolved much since the Tulip mania of the 1630s.""The siren song of promoters has just become more sophisticated at separating investors from their wallets," they added.Buffett has struck a similar chord in letters and interviews over the years. The <keyword id="11915968" type="UNKNOWN" weightage="60" keywordseo="berkshire-hathaway" source="Orion">Berkshire Hathaway</keyword> CEO has urged investors not to treat the stock market like a gambling parlor, place bets with borrowed money, or fall for the promises of shameless promoters.Britt Cool joined Berkshire in 2009 as Buffett's financial assistant, and went on to chair the boards of several Berkshire subsidiaries and serve as the CEO of another one, Pampered Chef. She left the conglomerate to launch Kanbrick, a private equity firm that <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-tracy-britt-cool-kanbrick-business-program-2021-1-1029960778">supports and acquires</a> midsized businesses, and <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-former-lieutenant-berkshire-hathaway-thirty-one-gifts-2020-7-1029402341">struck her first deal</a> in 2020 with the purchase of Thirty-One Gifts.<h2>A mentor's impact</h2>Buffett's influence on Britt Cool pervades her latest letter. She trumpets America's bright outlook, underlines the power of compounding and the importance of a competitive moat, and emphasizes her goal of buying great businesses run by high-quality people.Like the Berkshire chief, Britt Cool compares her acquisition hunt to waiting for the right baseball pitch to come, strives to explain complex ideas in simple terms, and emphasizes her long-term approach."Just like in musical chairs, eventually the music stops and buyers disappear," Britt Cool and Humphrey write, underscoring the risk of purchasing an asset hoping someone else will pay more for it in the near future. "We prefer finding companies that offer some <keyword id="13561259" type="UNKNOWN" weightage="60" keywordseo="margin-of-safety" source="Orion">margin of safety</keyword> instead of hoping to find an empty seat."

Warren Buffett's protégé warns of dangerous speculation in markets — and compares the meme-stock boom to the Dutch tulip bubble

<ul><li><keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s protégée left <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword> to start her own company, <keyword id="9588456" type="UNKNOWN" weightage="60" keywordseo="kanbrick">Kanbrick</keyword>.</li><li><keyword id="2975976" type="PERSON" weightage="60" keywordseo="Tracy-Britt-Cool">Tracy Britt Cool</keyword> and her cofounder published their first annual letter this week.</li><li>They underscored their long-term view and warned easy money is distorting <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">See more stories on Insider's business page</a>.</li></ul>Warren Buffett's former deputy, who quit Berkshire Hathaway to build her own conglomerate last year, just published her <a href="https://mcusercontent.com/64e1b84729b4195a49b750934/files/469734a0-92b8-4d8d-985b-284fb0581a9c/Kanbrick_2020_Annual_Letter.pdf">first annual letter</a>.Tracy Britt Cool was hired as Buffett's financial assistant in 2009, went on to chair several Berkshire businesses, and served as CEO of another one, Pampered Chef. She partnered with her former CFO, <keyword id="2090573" type="PERSON" weightage="60" keywordseo="Brian-Humphrey">Brian Humphrey</keyword>, to found a long-term investment firm called Kanbrick last April.Kanbrick closed its first deal last summer, <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-former-lieutenant-berkshire-hathaway-thirty-one-gifts-2020-7-1029402341">securing a stake</a> in <keyword id="9588458" type="UNKNOWN" weightage="60" keywordseo="thirty-one-gifts">Thirty-One Gifts</keyword>. It recently <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-tracy-britt-cool-kanbrick-business-program-2021-1-1029960778">rolled out</a> "Build with Kanbrick," a <a href="https://www.businessinsider.com/tracy-britt-cool-mentorship-program-warren-buffett-protege-2021-2">three-month support program</a> for the bosses of mid-sized businesses.Britt Cool and Humphrey's letter echoes Buffett's yearly missives to his investors over the past six decades. They clearly share the Berkshire chief's long-term focus, passion for educating others, <a href="https://www.businessinsider.com/how-to-write-like-warren-buffett-berkshire-hathaway-shareholder-letter-2021-3">knack for entertaining readers</a>, and <a href="https://www.businessinsider.com/warren-buffett-warned-investors-stocks-speculation-annual-letter-lawrence-cunningham-2021-3">willingness to sound the alarm</a> when needed.<h2>Here are the 10 best quotes from the letter, lightly edited and condensed for clarity:</h2>1. "The name Kanbrick is a nod to our shared experience growing up in Kansas and our belief that great things are built 'brick by brick' - day by day, little by little, through hard work, discipline, and integrity. This is in our DNA, and we lived this every day growing up and working in our family businesses - farming for Tracy and cabinetry for Brian."2. "Great companies are not built in spreadsheets, and we create value through building enduring companies vs financial wizardry and loads of debt."3. "We stay away from macro predictions like foreign exchange or interest rates - our Magic 8 ball hasn't been helpful, and, despite years of searching, we have yet to find a crystal ball."4. "Based on our research and personal experience, we believe the combination of Purpose, People, and Performance drives results. This three-legged stool is rarer than a four-leaf clover - most companies only focus on one or two areas and few deliver on all three."5. "If setting out on a 100-mile road trip, then you'd want more than 100 miles' worth of gas (especially if you're traveling through western Kansas where gas stations are rarer than cows)." - describing how they apply a "margin of safety" to their annual plan.6. "The crucible of capitalism craves efficiency - customers always want better products faster and at lower prices - and the dust heap of history is littered with formerly iconic firms such as Polaroid and Blockbuster. COVID is another reminder that we can't predict the next crisis; however, we know dark clouds and stormy seas will appear again in the future."7. "While many investors look to run a three-year sprint, we are running a marathon and are comfortable leaving some gas in the tank (and giving up some short-term gains) to ensure we can finish mile 26 strong."8. "Moats and sources of competitive advantage evolve and erode over time. Newspapers used to have an enviable moat, but we all see how the water there has dried up."9. "The current low-rate, high-stimulus environment seems to have distorted incentives and market signals." - Kanbrick and Humphrey warned that the long-term impacts of government aid for ailing businesses are unclear, and cautioned that low interest rates are boosting asset prices and "numbing investors to potential risks."10. "Eventually each business' value must be anchored in the cash it produces."

Warren Buffett's former deputy just published her first annual letter since quitting to build her own Berkshire Hathaway. Here are the 10 best quotes.

<ul><li><keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s protégée is launching a support program for medium-sized companies.</li><li><keyword id="2975976" type="PERSON" weightage="60" keywordseo="Tracy-Britt-Cool">Tracy Britt Cool</keyword> left Buffett's <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword> last year to cofound <keyword id="9588456" type="UNKNOWN" weightage="60" keywordseo="kanbrick">Kanbrick</keyword>, and the investment firm now plans to help a handful of executives boost their companies' long-term growth.</li><li>"Many businesses are facing challenges in the wake of this unprecedented year, and the 'Build with Kanbrick' program allows us to partner and build relationships with founders, owners, and CEOs," Britt Cool said in an emailed statement.</li><li>Britt Cool joined Berkshire in 2009 as Buffett's financial assistant, and went on to chair the boards of several Berkshire businesses and serve as CEO of another one, <keyword id="9588457" type="UNKNOWN" weightage="60" keywordseo="pampered-chef">Pampered Chef</keyword>.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell" target="_blank" rel="noopener noreferrer">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Warren Buffett's former lieutenant is rolling out a support program for mid-sized companies, offering a select few executives the chance to learn from someone who worked closely with the famed investor for a decade.Tracy Britt Cool left Buffett's Berkshire Hathaway conglomerate last year to launch Kanbrick, a long-term investment firm. "Build with Kanbrick" is a free, three-month program that will select up to five business owners and CEOs and help them to accelerate their companies' long-term growth.Read more: <a href="https://www.businessinsider.com/etfs-to-buy-picks-predictions-ark-bitcoin-cannabis-geraci-2021-2021-1" target="_blank" rel="noopener noreferrer">An ETF expert breaks down his top 5 predictions for the industry in 2021 - including 4 funds that are among the best to buy, and why ARK Invest won't be able to repeat its dominance</a>"Many businesses are facing challenges in the wake of this unprecedented year, and the 'Build with Kanbrick' program allows us to partner and build relationships with founders, owners, and CEOs," Britt Cool said in an emailed statement.The course was developed "based on our learnings building and growing great businesses at Berkshire Hathaway, Pampered Chef, and here at Kanbrick," she and her team say on the <a href="https://www.kanbrick.com/build">program's website</a>.Participants will receive an assessment of their companies' opportunities, one-on-one sessions with the Kanbrick team, group sessions with guest experts, access to tools and resources, and entry into an exclusive community to network with other executives.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-strongest-sales-growth-2021-goldman-sachs-2021-1" target="_blank" rel="noopener noreferrer">Goldman Sachs says to buy these 29 stocks poised to deliver the strongest sales growth through year-end</a>Kanbrick doesn't plan to invest in the chosen businesses, as its main goal is to boost their long-term value and build relationships with their bosses.However, the attributes it's seeking - a long-term focus, family- or founder-owned, based in North America, an enterprise value of up to $500 million, and between $10 million and $50 million of annual pre-tax income - suggest it may view the program as a pipeline for future acquisitions.Britt Cool joined Berkshire as Buffett's financial assistant in 2009. She went on to chair the boards of several Berkshire subsidiaries and serve as CEO of another one, Pampered Chef.She cofounded Kanbrick with ex-Pampered Chef CFO Brian Humphrey. The pair <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-former-lieutenant-berkshire-hathaway-thirty-one-gifts-2020-7-1029402341">closed their first deal</a> last July, taking a stake in Thirty-One Gifts.

Warren Buffett's former deputy is launching a support program for mid-sized businesses

<ul><li><keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s protégé recently left <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword> to build her own conglomerate.</li><li><keyword id="2975976" type="PERSON" weightage="60" keywordseo="Tracy-Britt-Cool">Tracy Britt Cool</keyword>'s <keyword id="9588456" type="UNKNOWN" weightage="60" keywordseo="kanbrick">Kanbrick</keyword> investment firm struck its first deal this week, taking a stake in <keyword id="9588458" type="UNKNOWN" weightage="60" keywordseo="thirty-one-gifts">Thirty-One Gifts</keyword>, <a href="https://www.bloomberg.com/news/articles/2020-07-15/buffett-s-ex-deputy-britt-cool-makes-first-deal-for-new-venture">Bloomberg reported</a>.</li><li>The former <keyword id="9588457" type="UNKNOWN" weightage="60" keywordseo="pampered-chef">Pampered Chef</keyword> CEO is sticking to what she knows by <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> in another company that provides products to independent sellers who throw parties to sell them.</li><li>"We created Kanbrick to provide business owners and founders a long-term home for their businesses," Britt Cool said in a statement emailed to Bloomberg.</li></ul>Warren Buffett's former lieutenant left Berkshire Hathaway to build her own conglomerate earlier this year. She just closed her first deal.Tracy Britt Cool joined the famed investor's company in 2009 as his financial assistant, and went on to become chairman of several Berkshire subsidiaries and CEO of another one, Pampered Chef.Kanbrick, the investment firm she now leads with cofounder and ex-Pampered Chef CFO Brian Humphrey, has taken a stake in Thirty-One Gifts, <a href="https://www.bloomberg.com/news/articles/2020-07-15/buffett-s-ex-deputy-britt-cool-makes-first-deal-for-new-venture">according to Bloomberg</a>.Read more: <a href="https://www.businessinsider.com/stock-market-crash-expert-warns-of-great-depression-era-valuations-2020-7" target="_blank" rel="noopener">'The outcome will be catastrophic': A renowned stock bear says current market valuations rival that of the Great Depression — and warns a return to normalcy will be accompanied by a 66% crash</a>Thirty-One Gifts didn't immediately respond to a request for comment from Business Insider.Britt Cool appears to be emulating Buffett by staying within her "circle of competence" — both Pampered Chef and Thirty-One Gifts provide products to independent sellers who throw parties where they sell them.Pampered Chef specializes in kitchen tools and appliances, while Thirty-One Gifts sells bags, accessories, and personalized gifts.Read More: <a href="https://www.businessinsider.com/stock-picking-strategy-how-to-find-big-winners-paul-andreola-2020-7" target="_blank" rel="noopener noreferrer">Paul Andreola has a long track record of finding tiny stocks that deliver 10-times returns. He lays out the 4 criteria he looks for when seeking the next explosive pick.</a>"We created Kanbrick to provide business owners and founders a long-term home for their businesses," Britt Cool said in a statement emailed to Business Insider.Her team plans to help Thirty-One Gifts' sellers to grow their businesses and harness technology to reach their customers, she said.Thirty-One Gifts has about 1,000 full-time employees, boasts a nationwide network of 70,000 independent sales consultants, and generates roughly $400 million in annual sales, <a href="https://www.timesfreepress.com/news/edge/story/2019/may/01/empowering-women-cindy-monroe-turns-direct-se/493093/">according to a profile</a> of cofounder and CEO Cindy Monroe in the Chattanooga Times Free Press last year.Read More: <a href="https://www.businessinsider.com/stock-market-rally-2020-tech-boom-dot-com-crash-morgan-stanley-2020" target="_blank" rel="noopener noreferrer">Morgan Stanley unpacks 4 reasons why the ongoing tech boom won't end like the 2000 dot-com crash — and shares how you can profit from future gains</a>

Warren Buffett's former lieutenant quit to build her own Berkshire Hathaway — and she just closed her first deal

<ul class="summary-list"><li>Warren Buffet protégé Tracy Britt Cool famously got her job with Buffet by asking for one in a letter in 2009.</li><li>She said on CNBC Make It that the risk of doing so is pretty low, "so why not try?"</li></ul>Tracy Britt Cool famously got her job at Warren Buffet's company, Berkshire Hathaway, after writing him a letter in 2009. She says doing so was a no-brainer."The risk is pretty low — it's that someone is going to say 'no.' So why not try?" she <a href="https://www.cnbc.com/2023/08/06/warren-buffetts-protg-was-hired-after-sending-him-a-letter.html" target="_blank" rel="noopener">told CNBC Make It in a report published Sunday</a>. It is not immediately clear when the interview took place.Her letter to Buffet earned her a meeting with the Oracle of Omaha, to which she brought corn and tomatoes from her farm as an homage to their shared Midwestern upbringing, <a href="https://www.nytimes.com/2022/07/16/business/warren-buffett-tracy-britt-cool.html">the New York Times reported</a> in July 2022.<a href="https://www.businessinsider.com/tracy-britt-cool-warren-buffett-2014-1" target="_blank" rel="noopener">And the letter paid off</a>, with her landing a job as a financial assistant to Buffet, before rising quickly through the ranks to become one of Buffet's top lieutenants, <a href="https://www.bloomberg.com/news/articles/2014-01-21/buffett-leans-on-29-year-old-cool-to-oversee-problems" target="_blank" rel="noopener">according to a Bloomberg profile of her</a>.While her letter to Buffet helped land her the job, Britt Cool told CNBC that she also wrote letters to executives she admired while still a student. These letters resulted in meetings with the CEOs of Morgan Stanley and Bear Stearns."I wasn't doing it because I wanted a job. That's not why I reached out to people. I was doing it because I wanted to become more thoughtful," she told CNBC, per the report.Comparing the reachouts to her college scholarship applications, she said this persistence "requires the discipline and the time and the energy to do it. And to invest in that."Britt Cool spent a decade working at Berkshire Hathaway before striking out on her own in 2019, <a href="https://www.wsj.com/articles/warren-buffett-protege-to-leave-berkshire-start-own-firm-11568833200">the Wall Street Journal reported</a>. In her decade-long stint at Berkshire, she <a href="https://fortune.com/ranking/40-under-40/2013/tracy-britt-cool/">chaired four of the company's subsidiaries</a> and was <a href="https://www.nytimes.com/2022/07/16/business/warren-buffett-tracy-britt-cool.html">one of its few senior female executives</a>.Her work even earned her the moniker of "the fireman" from Buffet, who told the Journal that <a href="https://www.wsj.com/articles/warren-buffett-protege-to-leave-berkshire-start-own-firm-11568833200">"anything I've assigned her she's done a first-class job on."</a>After leaving Berkshire, she started her private equity firm Kanbrick in 2020. In her company's annual letter published in April, <a href="https://markets.businessinsider.com/news/stocks/buffett-britt-cool-kanbrick-crypto-meme-stocks-ai-chatgpt-economy-2023-4">she took a jab at "meme stocks" and touted the "iPhone moment" that artificial intelligence was experiencing</a>.Britt Cool isn't alone in her proactive approach to career building. Similar audacious letters <a href="https://faroutmagazine.co.uk/revisit-the-handwritten-letter-pre-fame-madonna-sent-to-an-erotic-filmmaker/" target="_blank" rel="noopener">landed Madonna her first film gig</a> but <a href="https://www.esquire.com/entertainment/news/a46792/gonzo-ballsiest-cover-letter-ever/" target="_blank" rel="noopener">got Hunter S. Thompson rejected from the Vancouver Sun</a>.Britt Cool did not immediately respond to a request for comment from Insider sent outside regular business hours.

Warren Buffett's former deputy who snagged her job with a daring letter says the risk of doing so is 'pretty low' &mdash; so why not try

<ul class="summary-list"><li>Warren Buffett's ex-deputy blasts meme stocks and cryptos and welcomes a more sensible market.</li><li>Tracy Britt Cool advises investors to be careful and touts ChatGPT as groundbreaking.</li></ul>Warren Buffett's former deputy has welcomed the return of sanity to financial markets — and warned a mixture of large debts, rising interest rates, and pressure on asset prices could spell trouble for commercial real estate and other parts of the US economy.Tracy Britt Cool and her Kanbrick cofounder, Brian Humphrey, also jabbed at meme stocks and cryptocurrencies, and hailed artificial intelligence as a game-changing technology. They made the comments in their <a href="https://mcusercontent.com/64e1b84729b4195a49b750934/files/a57a0b44-ef6f-d67d-9c38-385bc3c77942/Kanbrick_Annual_Letter_2022_vF.pdf" target="_blank" rel="noopener">annual letter</a>, published on Wednesday.Britt Cool worked closely with Buffett as his financial assistant for more than a decade, chaired the boards of several <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a> subsidiaries, and served as CEO of Pampered Chef. She left the famed investor's company in 2020 to launch Kanbrick, a long-term investment partnership that <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-tracy-britt-cool-kanbrick-business-program-2021-1-1029960778?utm_medium=ingest&amp;utm_source=markets" rel="">supports and acquires</a> midsized businesses.<h2>Here are the 6 best quotes from Kanbrick's annual letter:</h2>1. "As we exit an 'easy money' era of low interest rates, unicorns as common as corn, and the attendant hoopla, we've had a recurring thought: It is supposed to be hard. <a href="https://markets.businessinsider.com/news/currencies/charlie-munger-crypto-ban-bitcoin-regulation-gambling-buffett-berkshire-china-2023-2">Charlie Munger</a> put this more bluntly: 'It's not supposed to be easy. Anyone who finds it easy is stupid.'"2. "The last year has seen a reversal of the boom times of costless capital, SPACateers hawking their wares, and a cacophony of promoters fleecing Main Street investors with tokens and meme stocks. We felt out of place in this <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-tracy-britt-cool-kanbrick-meme-stocks-tulip-bubble-2022-4">world of digital tulips</a> and welcome a return to more sensible valuations and less focus on leverage and financial engineering."3. "Too often risk management is either attempting to perfectly forecast the future (good luck!) or assiduously mapping out all the previous lighting strikes and avoiding those places. We prefer the more prudent approach of staying inside during a thunderstorm, even if it means missing out on the latest bandwagon."4. "Mixing high leverage with increasing rates and the accompanying decline in asset prices is a dangerous brew waiting for a catalyst." (Britt Cool and Humphrey singled out <a href="https://www.businessinsider.com/wall-street-bank-crisis-commercial-real-estate-financial-failure-mortgage-2023-4">commercial real estate</a>, heavily indebted companies with floating-rate loans, and the <a href="https://markets.businessinsider.com/news/stocks/us-economy-outlook-inflation-recession-treasury-banking-crisis-fed-gromen-2023-4">mushrooming federal debt</a> as areas of concern.)"5. "Auctions work great for cattle, but our goal is to partner with 1-2 special owners and families each year who view their companies as family versus a commodity."6. "In 20 years, we expect to look back at the last year as AI's iPhone moment. The experience of <a href="https://markets.businessinsider.com/news/stocks/chatgpt-fed-statements-fedspeak-predict-stocks-studies-artificial-intelligence-markets-2023-4">ChatGPT</a> is magical, and we believe we are in the very early innings of AI's takeoff."

Warren Buffett's former deputy slams crypto and meme stocks, heralds AI's 'iPhone moment,' and flags big risks to commercial real estate. Here are the 6 best quotes from her annual letter.

Happy Friday eve. Wall Street's fear-gauge is on the move, and today we're breaking down exactly what that means, and how investors are reacting to hawkish signals from policymakers.Let's get started. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/fed-must-inflict-losses-in-stock-market-end-inflation-dudley-2022-4"></a>1. The Fed needs to hurt investors if it wants to beat inflation. That's according to former Fed President Bill Dudley, who wrote in an op-ed that the central bank needs to <a href="https://markets.businessinsider.com/news/stocks/fed-must-inflict-losses-in-stock-market-end-inflation-dudley-2022-4">"inflict more losses" </a>if it wants to rein in soaring prices.Dudley believes the Fed must <a href="https://markets.businessinsider.com/news/stocks/fed-must-inflict-losses-in-stock-market-end-inflation-dudley-2022-4">tighten financial conditions</a>, and the only way to do so effectively is to aggressively hike interest rates. Investors already likely feel whiplashed by the Fed's moves, given that last year's expectations for interest rate hikes was at zero. That expectation has <a href="https://www.businessinsider.com/federal-reserve-hikes-interest-rates-inflation-higher-costs-loans-mortgages-2022-3?utm_medium=ingest&amp;utm_source=markets">ballooned</a> to 8 rate hikes by 2023. Wednesday's release of Fed minutes revealed more anxiety about inflation, as well as policymakers' plans to shrink bond holdings more aggressively, by $95 billion a month beginning likely in May. <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> were already <a href="https://markets.businessinsider.com/news/stocks/fed-must-inflict-losses-in-stock-market-end-inflation-dudley-2022-4">pricing in</a> expectations for a 50 basis-point hike and Fed officials have signaled more than one of that size may be warranted.The Cboe volatility index — also known as <a href="https://markets.businessinsider.com/news/stocks/stock-market-fear-gauge-vix-fed-rate-hikes-nasdaq-hawks-2022-4">the stock market's fear gauge</a> — soared 17% to its highest level since March 21. The renewed nervousness followed hawkish remarks from Fed Governor Lael Brainard and Fed President Mary Daly, who are both typically dovish voices. "The [Federal Open Market] Committee is prepared to take stronger action if indicators of inflation and inflation expectations indicate that such action is warranted," <a href="https://markets.businessinsider.com/news/stocks/stock-market-fear-gauge-vix-fed-rate-hikes-nasdaq-hawks-2022-4">Brainard</a> said Tuesday.<a href="https://markets.businessinsider.com/news/commodities/putin-ally-china-oil-deals-russia-ukraine-sanctions-sinopec-cnooc-2022-4"></a><div type="image" title="Vladimir Putin Xi Jinping Russia China victory day" height="1000" width="2000" msid="90707578" hostid="261"></div>In other news:2. US futures have recouped some of Wednesday's losses. But the specter of an aggressive Fed is looming large over the markets, keeping the dollar buoyant and investors nervous. <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-futures-fed-inflation-hawkish-rates-2022-4">Take a look at what's going on here.</a>3. On the docket: Atai Life Sciences, Air China Limited, and Expensify, <a href="https://markets.businessinsider.com/earnings-calendar">all reporting</a>.4. The top-ranked fund manager is using a mix of timely market calls and high-earning stocks to stay ahead of his competitors. James Abate's fund has been the best in the world over the last year, and <a href="https://www.businessinsider.com/stock-picks-stagflation-inflation-investment-ideas-top-ranked-fund-manager-2022-4">he told Insider four keys to beating the market today and any day. </a>5. Putin ally China rejected new Russian oil deals despite steep discounts. Reuters reported that state refiners in China will honor existing Russian oil contracts, but won't move to sign any more. <a href="https://markets.businessinsider.com/news/commodities/putin-ally-china-oil-deals-russia-ukraine-sanctions-sinopec-cnooc-2022-4">Here's what you want to know. </a>6. Deutsche Bank forecasted that the US will tumble into a recession in 2023. The Fed interest rate hikes will hit the economy hard, but it's necessary to tame inflation, analysts said. <a href="https://markets.businessinsider.com/news/bonds/us-recession-2023-fed-interest-rate-hikes-deutsche-bank-prediction-2022-4">The bank also broke down why the inverted bond yield curve means there's trouble ahead.</a>7. Warren Buffett's protégé echoed the billionaire investor's warnings about rampant greed and blind speculation in her second annual letter. "While both speculating and gambling can produce great payoffs and a sea of endorphins, heartbreak is almost sure to eventually follow," wrote Kanbrick cofounder Tracy Britt Cool. <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-tracy-britt-cool-kanbrick-meme-stocks-tulip-bubble-2022-4">Her mentor's impact is on full display in the letter.</a>8. UBS laid out the three hurdles the economy must clear in order to avoid recession. Plus, the world's largest wealth manager explained why fears of a housing bubble are overblown. <a href="https://www.businessinsider.com/recession-watch-housing-crash-fears-are-wrong-3-metrics-to-monitor-ubs-2022-4">In any case, UBS recommended these six things you should invest in amid the uncertainty. </a>9. The co-founder of a crypto trading platform that lets users copy the trades of top investors explained his outlook. Abdul Gadit thinks bitcoin could reach another all-time high in the coming months — <a href="https://www.businessinsider.com/altcoins-to-buy-token-picks-btc-upward-move-technical-analysis-2022-4">then broke down which four altcoins he's betting strongly on.</a><a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-stock-buying-retail-traders-board-tech-twtr-2022-4"></a><div type="image" title="A VandaTrack chart shows Twitter's price swings on some of Elon Musk's tweets." height="688" width="1018" msid="90707579" hostid="261"></div>10. Elon Musk's Twitter moves drove the biggest two-day push by retail traders into the social media platform ever, according to a research firm. The Tesla chief's stock splash this week had everyday investors piling into Twitter. <a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-stock-buying-retail-traders-board-tech-twtr-2022-4">Tesla's stock price also often moves in reaction to Musk's Twitter activity.</a>Keep up with the latest markets news throughout your day by checking out<a href="https://www.insider.com/therefresh"> The Refresh from Insider,</a> a dynamic audio news brief from the Insider newsroom. <a href="https://www.insider.com/therefresh">Listen here.</a>Event invite: Join us on April 12 at 12 p.m. ET for <a href="https://www.businessinsider.com/free-virtual-event-experts-discuss-the-net-zero-transition-2022-3">'Accelerate the Net-Zero Transition,'</a> in partnership with Bank of America. Sustainable finance experts will discuss how the net-zero transition is being financed. <a href="https://events.insider.com/financing-a-sustainable-future">Register here.</a>Curated by Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.)

10 things before the opening bell

<div class="KonaFilter image-container float_right"><div class="image on-image">Paul Morigi/Getty Images</div></div>At Harvard Business School, Tracy Britt Cool <a href="http://www.bloomberg.com/news/2014-01-21/buffett-leans-on-29-year-old-cool-to-oversee-problems.html">wrote an essay</a> about her career hopes: "My goal is to work with a great investor, who even more importantly is a wonderful teacher and mentor."
She got her wish.
The 29-year-old has risen through the ranks at Berkshire Hathaway and is now one of Warren Buffett's top lieutenants,<a href="http://www.bloomberg.com/news/2014-01-21/buffett-leans-on-29-year-old-cool-to-oversee-problems.html"> according to a new profile</a> by Bloomberg's Noah Buhayar and Laura Colby.
Some interesting nuggets <a href="http://www.bloomberg.com/news/2014-01-21/buffett-leans-on-29-year-old-cool-to-oversee-problems.html">from the story</a>:
<ul>
<li>She oversees subsidiaries with combined sales over $4 billion and more than 10,000 employees.</li>
<li>Cool grew up working on her family's farm in Kansas before attending Harvard.</li>
<li>She interned at Lehman and BofA and worked at Fidelity.</li>
<li>Buffett walked her down the aisle at her wedding in September (Cool's father passed away).</li>
<li>Cool has a "low-key manner" like Buffett, but her role is basically to manage "problem" companies and make them successful.</li>
<li>"Tracy can be of particular value, I think, to my successor," Buffett told Bloomberg.</li>
</ul>
This isn't the first press for Cool. This summer, the Wall Street Journal <a href="http://www.businessinsider.com/the-28-year-old-buffet-is-readying-2013-6">called her</a> a "rising star."
<a href="http://www.bloomberg.com/news/2014-01-21/buffett-leans-on-29-year-old-cool-to-oversee-problems.html">Read the full report at Bloomberg »</a>

How Warren Buffett's 29 Year-Old Lieutenant Made The Legendary Investor Her Mentor

<div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image">Courtesy of Goldman SachsDarren Dixon.</div></div></div>Forbes' latest <a href="http://www.forbes.com/30-under-30-2016/finance/">30 Under 30 finance list</a> just dropped, and a handful of people from Goldman Sachs made the cut.The 30 Under 30 list is chosen by a panel of judges consisting of Anthony Scaramucci, the founder of hedge fund SkyBridge Capital; Robert Smith, the founder of private equity firm Vista Equity; and Tracy Britt Cool, the CEO of Pampered Chef and a financial assistant to Warren Buffett.Readers can <a href="http://www.forbes.com/sites/carolinehoward/2015/05/29/how-to-nominate-a-30-under-30-for-the-class-of-2016/">nominate impressive young people</a> for the list, and the judges make their selections from those nominations.The list is meant to represent the "game changers under 30 transforming the world," <a href="http://www.forbes.com/30-under-30-nominations/">according to Forbes</a>.This year, the finance list included Darren Dixon, 29, Moritz Baier, 29, and Seda Arca, 28 - all of Goldman Sachs.Dixon holds the impressive title of youngest American managing director at Goldman Sachs, according to Forbes.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Courtesy of Goldman SachsMoritz Baier.</div></div></div>He is a structured credit trader, focusing on Latin America. Before Goldman Sachs, he studied at The College of William &amp; Mary in Virginia.Baier is an associate in Goldman's tech, media, and telecom banking division and worked on Dell's takeover of EMC last year, according to Forbes. He is Stanford MBA graduate and a citizen of Germany.Baier is a marathon runner, according to his LinkedIn profile. He also served as a strategic advisor to the White House's "US Digital Service" wing, consulting on information technology.Arca is a vice president at Goldman Sachs and a corporate bond trader who focuses on healthcare, tobacco, and retail, according to Forbes.A Princeton alumna, she spent five years at Deutsche Bank before moving to Goldman Sachs.Last year, three different Goldman Sachs employees made the cut. They were Moran Baldar, then 27 and a vice president; Harry Greene, then 29 and also a vice president; and Jonah Van Bourg, then 29 and an executive director.<a href="http://www.forbes.com/30-under-30-2016/finance/">Click here for the Full Forbes 30 Under 30 list.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/turing-pharmaceuticals-ceo-martin-shkreli-daraprim-hedge-arrested-2015-12">The infamous pharmaceuticals CEO Martin Shkreli has been arrested</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5jMW9reTr5qxe5Vl3v3TW7Gkcs2u-7as" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Meet the Goldman Sachs 'game changers' that made Forbes' 30 Under 30 list this year

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Dave Weaver/AP ImagesBerkshire Hathaway's Warren Buffett orders lunch in an Omaha Dairy Queen.</div></div></div>Warren Buffett's company is making over Dairy Queen with new menu items including sandwiches - and Subway allegedly isn't happy about it.A Subway insider recently told the <a href="http://nypost.com/2015/07/27/buffetts-dairy-queen-is-ripping-off-subway-sandwiches/">New York Post</a> that Dairy Queen is "ripping off" the chain with its newest line of oven-baked sandwiches.Dairy Queen is owned by Warren Buffett's Berkshire Hathaway.The billionaire reportedly visited Subway's headquarters in Connecticut last year, as he had "expressed a passing interest in buying the nation's biggest sandwich chain," according to the Post.While at the HQ, Buffett and a top Berkshire Hathaway exec, Tracy Britt Cool, "got a good look behind the counter," sources told the Post.While it's not uncommon for top figures like Buffett to make such visits, many are questioning the timing of the release of Dairy Queen's new specialized sandwich line, which closely aligns with particular menu items from Subway.Its newly launched menu, "DQ Bakes!," includes three new artisan-style sandwiches, which started appearing in restaurants last month."This is a game changer for our system. The DQ system has introduced ovens into our locations - DQ Bakes! ovens. DQBakes! are hot, delicious, made-to-order sandwiches, snacks and desserts, available any time of day, " said Barry Westrum, executive vice president of marketing for Dairy Queen, in a <a href="http://www.businesswire.com/news/home/20150622005891/en/Dairy-Queen-System-Launches-DQ-Bakes!-Menu#.VbjZhFlVhHw">press release</a> at the time of the launch.The <a href="http://www.dairyqueen.com/us-en/Menu/Food/">new oven-baked DQ Bakes! sandwiches</a> include the chicken-bacon ranch sandwich, the chicken-mozzarella sandwich, and the turkey BLT.<div class="KonaFilter image-container display-table"><div><div class="image"><a href="http://www.dairyqueen.com/us-en/Menu/Food/Chicken-Bacon-Ranch/">Dairy Queen</a>Dairy Queen's new chicken-bacon ranch sandwich.</div></div></div>Subway has identical hot menu items, including its chicken-bacon ranch melt and its turkey-bacon-avocado sandwich.<div class="KonaFilter image-container display-table"><div><div class="image"><a href="https://www.youtube.com/watch?v=C45ushohLkI">YouTube/RuffnSmooth05</a>Subway's chicken-bacon ranch melt.</div></div></div>"They copied us. They went to our vendors," a Subway insider told the Post.While these are popular sandwich combinations that appear in many different chains nationwide, Dairy Queen also allegedly uses similar equipment to Subway when it prepares sandwiches."Dairy Queen's franchisees are being given a choice of buying ovens from one of two manufacturers that are also used by many Subway franchisees," according to the Post.A Dairy Queen rep was quick to shoot down the narrative."The ovens we are using are readily available within the quick-service restaurant industry and coffee houses, and are available from multiple suppliers," he told the Post.We reached out to Dairy Queen and Subway for comment and will update if we hear back. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/subway-mistakes-jared-fogle-business-healthy-2015-7">Subway made 2 mistakes that are destroying its business</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="d0djEzdjrxk5pKuVnk9gyn8uwlsSJSG7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "Tracy Britt Cool" and got 10 results

Warren Buffett's protégé warns of dangerous speculation in markets — and compares the meme-stock boom to the Dutch tulip bubble

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Warren Buffett's former deputy just published her first annual letter since quitting to build her own Berkshire Hathaway. Here are the 10 best quotes.

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Warren Buffett's former deputy is launching a support program for mid-sized businesses

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Warren Buffett's former lieutenant quit to build her own Berkshire Hathaway — and she just closed her first deal

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Warren Buffett's former deputy who snagged her job with a daring letter says the risk of doing so is 'pretty low' so why not try

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Warren Buffett's former deputy slams crypto and meme stocks, heralds AI's 'iPhone moment,' and flags big risks to commercial real estate. Here are the 6 best quotes from her annual letter.

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Warren Buffett is being accused of copying Subway

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