<ul class="summary-list"><li>Legendary investor Warren Buffett praised <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> CEO <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> in an interview that aired Thursday.</li><li>"He's winning. That's America. You can't dream it up," Buffett said.</li></ul>You can count Warren Buffett as another of Elon Musk's admirers, it seems. Buffett had several positive comments about the Tesla and SpaceX CEO during an interview with television journalist Charlie Rose, who posted the interview on his <a href="https://charlierose.com/">website</a> Thursday. (Rose was fired from CBS in 2017 and has been accused by at least 27 women of <a href="https://www.businessinsider.com/27-more-women-accuse-charlie-rose-of-sexual-harassment-report-2018-5">sexual harassment</a>.)Rose asked Buffett about Musk, noting Tesla's <a href="https://www.businessinsider.com/elon-musk-tesla-became-most-valuable-car-company-stock-price-2020-7">market value compared to competitors</a>, and Buffett responded with the following: "That shows what America produces. I mean, Elon, didn't--he's taking on General Motors, Ford, Toyota, all these people who've got all the stuff, and he's got an idea. And he's winning. That's America. You can't dream it up. It's astounding," Buffett said. Buffett had previously been more circumspect about Musk, <a href="https://www.youtube.com/watch?v=J1pkOYUG7_k">criticizing him in 2018 for taking on large auto companies.</a>"People like his car and everything," he said in the 2018 interview. "He's trying something to improve a product… And I salute him for that, and the American public will decide whether it's a success. And it's not easy."In an interview that aired April 2020, Buffett <a href="https://www.youtube.com/watch?v=UyStA_FinfY">said</a> he would not invest in Tesla, even though he thought he has done some "remarkable things." In the interview with Rose, Buffett discussed a range of topics, from the possibility of World War III to how he structures his day. He said he usually wakes up a little before 7 am, watches the news, and then tells his CFO, Marc Hamburg, to conduct sometimes billions of dollars in trades each day. Musk is <a href="https://www.businessinsider.com/elon-musk-plan-b-if-twitter-rejects-buyout-offer-2022-4">currently attempting to acquire Twitter</a>, which could have a <a href="https://www.businessinsider.com/elon-musk-buying-twitter-could-cost-it-advertisers-2022-4">host of ramifications</a>.(Catch up on the Elon Musk and Twitter saga <a href="https://www.businessinsider.com/elon-musk-twitter-timeline-stock-purchase-board-seat-drama-2022-4">here</a>.)Tesla, the luxury electric car and clean energy company, was actually worth more than five of its top competitors in October 2021: Toyota, Volkswagen, Daimler, Ford, and General Motors, per <a href="https://www.reuters.com/business/autos-transportation/tesla-market-cap-eclipses-that-top-5-rival-carmakers-combined-2021-10-26/">Reuters</a>. This was Rose's first on-camera interview in more than four years, he said on his <a href="https://charlierose.com/">website</a>.In 2020, two of Rose's employees <a href="https://www.businessinsider.com/bloomberg-lawsuit-charlie-rose-misconduct-2020-6">sued Bloomberg</a> and said it was liable for Rose creating an environment where he could harass women. (Bloomberg provided studio space for Rose's long-running talk show that aired on PBS and Bloomberg TV.)In a deposition from court documents filed that same year, Rose <a href="https://www.nbcnews.com/news/us-news/charlie-rose-ex-cbs-anchor-admits-workplace-relationships-flirting-n1112176">said</a> he understood his relationships with women in the workplace were "inappropriate." Allegations against Rose emerged during the #metoo movement, and he <a href="https://www.businessinsider.com/cbs-news-settles-lawsuit-3-women-charlie-rose-sexual-harassment-claim-2018-12">settled with three women in 2018</a> for an undisclosed amount.Berkshire Hathaway, where Buffett is CEO, did not immediately respond to a request for comment.

Warren Buffett on Elon Musk: 'He's winning, that's America &mdash;you can't dream it up, it's astounding.'

<ul class="summary-list"><li>Some members of <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> are mulling new tax reforms for the super wealthy, <a href="https://www.nytimes.com/2021/06/09/us/politics/propublica-taxes-jeff-bezos-elon-musk.html">NYT reports</a>. </li><li>A <a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax">ProPublica report</a> showed how some of richest Americans had legally slashed their income tax bills. </li><li>A GOP senator who oversaw a 2017 corporation <keyword id="6632836" type="UNKNOWN" weightage="60" keywordseo="tax-cut">tax cut</keyword> criticized the reported tax avoidance. </li></ul>A <a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax">ProPublica investigation</a> into the tax records of the richest people in the US, which showed that some avoided paying federal income tax even as their wealth grew, has renewed debate in Congress about tax reform, The New York Times reports. The nonprofit <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> site <keyword id="287807" type="ORGANIZATION" weightage="60" keywordseo="ProPublica">ProPublica</keyword> <a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax">published a</a><a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax"> report</a> on Tuesday showing how much the 25 richest Americans - including <a href="https://www.businessinsider.com/jeff-bezos-did-not-pay-income-taxes-2-years-report-2021-6">Jeff Bezos</a>, <a href="https://www.businessinsider.com/elon-musk-paid-little-in-taxes-2014-2018-propublica-report-2021-6">Elon Musk</a>, Warren Buffett, Bill Gates, and Mark Zuckerberg - paid in tax. The report highlighted how <a href="https://www.businessinsider.com/propublicas-billionaire-tax-data-america-close-step-up-charity-loopholes-2021-6">two key tax loopholes benefit billionaires</a>.Some billionaires had slashed their tax bill via deductions made possible by tax cuts passed during the Trump administration, the ProPublica report said.Republican Sen. Patrick J. Toomey, of Pennsylvania, told <a href="https://www.nytimes.com/2021/06/09/us/politics/propublica-taxes-jeff-bezos-elon-musk.html">The New York Times</a> that a 2017 corporation tax cut that he helped author was not intended to let the super-rich avoid paying <keyword id="6368033" type="UNKNOWN" weightage="100" keywordseo="taxes">taxes</keyword>."My intention as the author of the 2017 tax reform was not that multibillionaires ought to pay no taxes," Toomey told the NYT. "I believe dividends and capital gains should be taxed at a lower rate, but certainly not zero."Read more: <a href="https://www.businessinsider.com/propublicas-billionaire-tax-data-america-close-step-up-charity-loopholes-2021-6">ProPublica's billionaire tax data shows the importance of closing 2 key tax loopholes. Here's how.</a>ProPublica reported that <a href="https://www.businessinsider.com/elon-musk-paid-little-in-taxes-2014-2018-propublica-report-2021-6">Musk's wealth grew by $14 billion</a> from 2014 to 2018, but that he only paid $455 million in taxes. <a href="https://www.businessinsider.com/jeff-bezos-did-not-pay-income-taxes-2-years-report-2021-6">Bezos did not pay any income taxes</a> for at least two years between 2006 and 2018, the report said.Buffett paid minimal tax by holding Berkshire Hathaway stock and not paying a dividend, according to ProPublica's report. The <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-defends-propublica-tax-rate-berkshire-hathaway-stock-dvidends-2021-6-1030504042">investor defended himself</a> in a statement to the news outlet, saying his shareholders didn't want a dividend and that he gave nearly all of his money to good causes.A Republican-led Congress cut the <a href="https://markets.businessinsider.com/news/stocks/7-charts-showing-trump-tax-cuts-not-economic-rocket-fuel-2019-12-1028780773">corporation tax rate from 35% to 21%</a> in 2017 under former President Donald Trump, benefiting company shareholders. The 2017 <a href="https://www.investopedia.com/taxes/trumps-tax-reform-plan-explained/">Tax Cuts and Jobs Act</a> also reduced the tax rate for the top income bracket from 39.6% to 37%. Democratic Sen. Ron Wyden, chairman of the Senate finance committee, said he was <a href="https://www.propublica.org/article/propublicas-tax-revelations-lead-to-calls-for-reforms-and-investigation">considering new reforms</a> following the report, but did not share details. Democratic Sen. Elizabeth Warren has pushed for a <a href="https://www.businessinsider.com/wealth-tax-would-have-raised-114-billion-elizabeth-warren-2020-2021-3">wealth tax</a> - a 2% tax on a person's net worth between $50 million and $1 billion. In March, Warren introduced an <a href="https://www.warren.senate.gov/imo/media/doc/Wealth%20Tax%20Bill%20Text.pdf">Ultra-Millionaire Tax Act</a> with Rep. Pramila Jayapal of Washington and Rep. Brendan Boyle of Pennsylvania. "Raising multibillionaires' income taxes isn't enough when these guys don't grow their fortunes from income," Warren <a href="https://twitter.com/SenWarren/status/1402772111270240256">tweeted</a> Wednesday. "We need a Wealth Tax in American to help fix a tax system that's rigged for the rich and powerful."

ProPublica's bombshell tax investigation reportedly has lawmakers eyeing policy changes. One senator who designed a key corporation tax cut says it wasn't supposed to let 'multibillionaires' avoid tax.

<ul class="summary-list"><li><keyword id="293271" type="PERSON" weightage="60" keywordseo="Charlie-Munger">Charlie Munger</keyword> said <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>'s development and rise has been "contrary to the interests of civilization."</li><li>He said the cryptocurrency is useful to "kidnappers and extortionists."</li><li>The criticism comes in a year where more companies have started accepting bitcoin as payment.</li></ul><keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword>'s Warren Buffett and his right-hand man, Charlie Munger, <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-charlie-munger-berkshire-hathaway-annual-meeting-live-updates-2021-5-1030373616?utm_source=markets&amp;utm_medium=ingestgest">are no fans of cryptocurrency,</a> but on Saturday Munger doubled down on his critique of bitcoin."Of course I hate the bitcoin success," Munger said in response to a question during <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-slams-spacs-robinhood-market-speculation-berkshire-hathaway-meeting-2021-5-1030373638">Berkshire's annual shareholders' event. </a>"I don't welcome a currency that's so useful to kidnappers and extortionists, nor do I like just shoveling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air.""I think I should say modestly that I think the whole damned development is disgusting and contrary to the interests of civilization," he added. Buffett, who has previously called <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>, "worthless," and "risky" was more evasive."We've probably got hundreds of thousands of people watching this that own bitcoin, and we've got two people short," Buffett said. "Angering the former group to make a couple of people happy wouldn't be worth it," he said.The pointed remarks come during a headline-grabbing year for cryptocurrencies. Bitcoin, the world's largest cryptocurrency, broke consecutive records above the $63,000-level before tumbling below $50,000 last month. It has regained some of its value as it struggles to define its utility from being a <a href="https://markets.businessinsider.com/currencies/news/elon-musk-tesla-bitcoin-holdings-sold-good-cash-alternative-personal-2021-4-1030350083?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">potential currency</a> to <a href="https://markets.businessinsider.com/currencies/news/bitcoin-vs-gold-experts-cryptocurrency-precious-metals-analysis-2021-2-1030103905?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">a store of value</a>, among others.Despite the volatility, <a href="https://www.businessinsider.com/more-companies-accepting-bitcoin-cryptocurrency-paypal-starbucks-2021-4">a number of companies and investors</a> jumped in on the action. In February, Elon Musk <a href="https://www.businessinsider.com/elon-musk-tweets-you-can-buy-a-tesla-with-bitcoin-2021-3">announced</a> that Tesla would accept bitcoin as a form of payment for all models of its cars in the US.Yum Brands, which operates KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill, also began accepting cryptocurrencies. So too did Xbox and PayPal. Meanwhile, Twitter's CEO and founder, Jack Dorsey, teamed up with Jay-Z for a <a href="https://www.businessinsider.com/twitter-ceo-dorsey-partners-with-jay-z-on-bitcoin-endowment-2021-2">bitcoin endowment</a> in India and Africa.Coinbase, the largest cryptocurrency exchange in the US, listed on the Nasdaq in April. After a <a href="https://markets.businessinsider.com/news/stocks/coinbase-stock-price-ipo-direct-listing-trading-debut-cryptocurrency-platform-2021-4-1030304997?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">volatile first trading day,</a> it boasted a valuation on a fully diluted basis of about $86 billion by the end of the day.But Munger and Buffett aren't alone in their hesitation about crypto. Peter Schiff, Euro Pacific Capital's chief economist and global strategist, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-critic-peter-schiff-blasts-cryptocurrency-federal-government-us-dollar-2021-4-1030365316">last week called bitcoin "worthless."</a>"I don't think these bitcoin collections are going to be worth anything when the music stops. People have told me that when the bubble burst in Beanie Babies, they were able to use them to insulate their homes," he said.He added: "They could shove them in between the walls, and they made good insulation. You can't do anything with a bitcoin. Once nobody wants your bitcoin, it's completely worthless."

Berkshire Hathaway's Charlie Munger has doubled down on his criticism of 'disgusting' bitcoin

<ul class="summary-list"><li><keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> <a href="https://www.businessinsider.com/amazon-buys-whole-foods-changes">purchased</a> <keyword id="2424546" type="ORGANIZATION" weightage="60" keywordseo="Whole-Foods-market">Whole Foods Market</keyword> for an estimated $13.7 billion in 2017.</li><li>Founder and CEO <keyword id="610120" type="PERSON" weightage="60" keywordseo="John-Mackey">John Mackey</keyword> wrote about the merger in his new book "Conscious Leadership." </li><li>Mackey said that <keyword id="321410" type="COMPANY" weightage="60" keywordseo="Whole-Foods">Whole Foods</keyword> was looking for a buyer after hedge fund JANA Partners acquired 8.8% of the grocery chain's stock.</li><li>In the grocery chain CEO's mind, Amazon and Whole Foods experienced the business world's version of "love at first sight."</li><li>"We moved from dating to engagement to marriage in just a few short months," Mackey wrote.</li></ul>Locked in a battle for the soul of his grocery chain, Whole Foods Market founder and CEO John Mackey awoke one morning in 2017 with a single question on his mind: "What about Amazon?"In his new book "Conscious Leadership," Mackey described the "whirlwind courtship" that precipitated his company's estimated $13.7 billion sale to Amazon. With many Whole Foods Market employees and customers complaining about the <a href="https://www.businessinsider.com/whole-foods-employees-say-amazon-workers-cause-chaos-stores-2020-9">changes</a> brought about by the chain's e-commerce parent company, the grocery CEO's account provides more insight into the decision-making that went into the 2017 acquisition that shook the <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> world.Mackey wrote about when he first heard of New York-based JANA Partners' decision to buy 8.8% of the grocery chain's stock on March 29, 2017. The hedge fund, however, wanted "launch a campaign against Whole Foods."According to Mackey, when he discovered that JANA Partners intended to convince Whole Foods to push out its board of directors and sell the business to the highest bidder as a means of "maximizing short term profits," he felt as if "all the sunlight and bright possibility had been sucked out of my world." Mackey had long been disturbed by the fact that his company's "remarkable track record of growth wasn't enough for Wall Street."Mackey wrote that he felt his company was facing an "existential crisis." A takeover by activist investors, in Mackey's opinion, could mean sacrificing the grocer's unique corporate culture and values."I had some dark moments when I truly feared that so much of what we had built could be lost," Mackey wrote.A decision to take the grocery chain private after 25 years as a publicly-traded company could result in bankruptcy. Dragging Whole Foods into a media squabble with JANA Partners could fail and also become costly. Instead, Mackey said he and his team began wrestling with the idea of a preemptive sale: "If we were to be sold, is there a buyer that we'd particularly prefer?"Whole Foods heard from Warren Buffett that he wasn't interested in purchasing the company. Grocery giant Albertsons wasn't either.The idea of approaching Amazon founder and CEO <keyword id="191583" type="PERSON" weightage="60" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> came to Mackey that spring, after a "restless" night. The Whole Foods founder wrote that he found Bezos to be "brilliant and authentic" with an "entrepreneurial spirit." He thought that Amazon might even "help upgrade Whole Foods" with its e-commerce expertise.What happened next, Mackey described as the business world's version of "love at first sight."The Whole Foods CEO and his three top executives met with Bezos and his team at his Seattle boat house. The meeting — on April 30, 2017 — ended up lasting three hours, as the executives discussed "all the amazing things we could do together."Four days later, 10 Amazon executives descended on Whole Foods Market's headquarters in Austin to delve into the details of a potential acquisition. And that was just the start of what Mackey called a "whirlwind courtship.""We moved from dating to engagement to marriage in just a few short months," he wrote.The companies entered into a formal agreement on June 15, 2017. After getting the go-ahead from the government, the arrangement was finalized on August 28 of that year.Mackey wrote that while "with any marriage there are challenges," Amazon's purchase of Whole Foods has proven to be a "win-win-win solution" for the brand's customers, employees, and other stakeholders. He wrote that Amazon's Prime Now services are "revolutionizing our business" and the e-commerce giant is ensuring "richer and more seamless" shopping experience at the grocery chain.Meanwhile, the acquisition has also helped safeguard the "unique culture at Whole Foods" and shelter the brand from Wall Street expectations."I truly believe the Amazon merger was the best alternative for Whole Foods and the ideal win-win-win solution to the problems we faced with shareholder activists and new competitive challenges," Mackey wrote.

Inside Amazon's "whirlwind courtship" of Whole Foods, as told by the grocery chain's founder John Mackey

<ul><li>Mike Mayo, <keyword id="88858" type="CITY" weightage="60" keywordseo="Wells-Fargo">Wells Fargo</keyword> senior banking analyst, told CNBC <keyword id="74326" type="PERSON" weightage="60" keywordseo="Bank-stocks">bank stocks</keyword> could increase by 50% in the next 18 to 24 months.</li><li>He explained that banks are experiencing the highest buildup of reserves in history.</li><li>Mayo said that he thinks the foundations of the banks are strong, and earnings could be like a "coiled spring" if and when there's positive light on the economy or a vaccine for the coronavirus. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Mike Mayo, Wells Fargo senior banking analyst, <a href="https://www.cnbc.com/video/2020/08/05/analyst-says-the-bank-sector-has-more-room-to-grow.html">told CNBC on Wednesday</a> that bank <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> have the potential to increase by 50% in the next 18-24 months."I think it's under-appreciated how much heavy lifting the banks are doing and how they'll be able to pump their way through this," Mayo said. The analyst explained that banks are experiencing four "100-year events" at the same time: The decline in net interest margin, traditional banking revenues, and total revenues are each the worst in a century. And, the buildup in reserves has been the highest in history. "So we talk about heavy lifting, banks right now have a level of reserves for problem loans equal to half the level actually experienced in the global financial crisis," Mayo said. He said that he thinks the foundations of the banks are strong, and earnings could be like a "coiled spring" if and when there's positive light on the economy or a vaccine for the coronavirus. Read more:<a href="https://www.businessinsider.com/global-stock-picks-tips-from-top-fund-manager-tom-marsico-2020-8">Tom Marsico's growth fund has crushed its benchmark for 13 years — and returned 28 times its peers in 2020. Here's what he's been buying, and the beaten-down stocks he plans to grab after the pandemic.</a>The SPDR S&amp;P Bank ETF closed up 2.17% on Wednesday at $31.52. According to CNBC, Bank of America has been up 8.83% since Warren Buffet's recent Bank of America buying spree. Mayo said the billionaire investor has purchased shares in Bank of America for 13 days in the last three weeks. Buffett now has an 11.9% stake in the bank, worth $25.8 billion. Bank of America closed at $25.39 on Wednesday. Mayo said Buffet is a "serial buyer in <keyword id="54304" type="COMPANY" weightage="60" keywordseo="BOFA">BofA</keyword>" and he thinks the investor is on the right track. Mayo added that he thinks the largest banks, including Bank of America, JPMorgan, and Citigroup, are capturing more share in <keyword id="1460938" type="PERSON" weightage="60" keywordseo="Digital-Banking">digital banking</keyword> and they have more scale than smaller banks to control expenses. "Even while these <keyword id="45663" type="ORGANIZATION" weightage="60" keywordseo="Revenue">revenue</keyword> headwinds are once-in-a-hundred-year events, the ability to control expenses we think will distinguish this recession over others," he said. He added that his one word for banks would be "strength."

Why bank stocks could surge 50% in the next 18 months, according to a Wells Fargo analyst

<ul><li>Warren Buffett revealed over the weekend that Berkshire Hathaway had liquidated its entire stake in the airline <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword>, saying, "Our <keyword id="44023" type="ORGANIZATION" weightage="60" keywordseo="airlines">airlines</keyword> position was a mistake."</li><li>Investors are betting against Warren Buffett, as evidenced by a 1,600% increase in fund flows into the US Global Jets exchange-traded fund.</li><li>The move comes as the airline <keyword id="6357062" type="DEFINITION" weightage="60" keywordseo="ETF">ETF</keyword> JETS has experienced a 60% decline in value since the coronavirus outbreak reduced air traffic travel by more than 90%.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>As Warren Buffett was selling <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway's</a> airline positions, investors were buying them, taking the opposite side of Buffett's bet <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-sold-airline-stocks-april-2020-5-1029156875?utm_source=markets&amp;utm_medium=ingestgest">that he revealed</a> at Berkshire Hathaway's annual meeting on Saturday. "Our airlines position was a mistake," Buffett said. But where Buffett sees a mistake, many investors are eyeing an opportunity. The <a href="https://markets.businessinsider.com/etfs/us-global-jets-etf">US Global JETS exchange-traded fund</a> has seen a surge in assets under management ever since the coronavirus pandemic caused a massive sell-off in airline stocks.JETS saw its assets increase to as high as $615.8 million on April 30, from $34.6 million on March 3, representing an increase of more than 1,600%, according to data from YCharts.The surge in assets represents a windfall of more than $3.5 million in annual revenue for the ETF's issuer, US Global Investors, based on the ETF's 0.60% expense ratio and assuming the ETF maintains assets of at least $600 million.For a perspective of just how massive the fund flows into the JETS ETF are, here is a visualization of one-year fund flows for the ETF.Read more: <a href="https://www.businessinsider.com/stock-picks-acquisition-targets-for-private-equity-coronavirus-crisis-btig-2020-5?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlcampaign=bodyurl" target="_blank" rel="noopener">These 22 well-known companies have a rare opportunity to soon get acquired due to the coronavirus crisis, BTIG says</a><div type="image" title="JETS Fund Flows.JPG" height="499" width="1105" msid="75586010" hostid="261"></div>Over the past year, prior to the coronavirus outbreak, JETS had seen only one day of net inflows.One. Day.The top four holdings in JETS are <a href="https://markets.businessinsider.com/stocks/luv-stock">Southwest Airlines</a>, <a href="https://markets.businessinsider.com/stocks/aal-stock">American Airlines</a>, <a href="https://markets.businessinsider.com/stocks/dal-stock">Delta Air Lines</a>, and <a href="https://markets.businessinsider.com/stocks/ual-stock">United Airlines</a>, each representing 11.4%, 11.0%, 9.4%, and 9.1% of the ETF, respectively.What separates the explosion in fund flows into the JETS ETF from other ETF themes that have experienced similar assets grabs in the past is the direction the ETF price is moving.Popular theme ETFs, like <a href="https://markets.businessinsider.com/etfs/etfmg-prime-cyber-security-etf">cyber security ETF HACK</a> and <a href="https://markets.businessinsider.com/etfs/robo-global-robotics-and-automation-index-etf">robotic and automation ETF ROBO</a>, usually see their spike in asset flows occur when the underlying securities of the ETF are rising in price and investors want to participate in the rally.JETS bucks that trend. The ETF is down 60% since its assets have increased more than 17-fold, an indication that investors are betting on a recovery in the airline industry.Additionally, JETS is seeing higher and more intense fund flows than many previous theme ETFs that were at the right place at the right time and experienced a surge in assets under management.Bloomberg senior ETF analyst Eric Balchunas <a href="https://twitter.com/EricBalchunas/status/1258013858586857478?s=20">said in a tweet</a> on Wednesday, "I went back and compared the intensity and amount of inflows of $JETS to $HACK, $ROBO and $MJ, three theme ETFs that caught fire back in day and none of them put down numbers like $JETS, even during their best runs."The fund flow into JETS is consistent with data from Robintrack, a service that tracks the number of Robinhood accounts that own a particular stock or ETF.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-buffett-inspired-coronavirus-investing-strategy-2020-4?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Experts at Boyar Research lay out the Warren Buffett-inspired investing approach that's helped them crush the market over 7 years - and offer 4 stock picks for a coronavirus-battered market</a>For the JETS ETF, there was a surge in ownership among Robinhood accounts. <div type="image" title="Robintrack JETS.JPG" height="702" width="1845" msid="75586014" hostid="261"></div>On March 3, just 386 Robinhood accounts owned JETS. Today, more than 20,000 do, representing an increase of more than 5,000%. This investor behavior is similar to what's been observed in the ETF USO, which also <a href="https://markets.businessinsider.com/commodities/news/oil-etf-price-plunged-single-digits-retail-investors-rushed-buy-2020-4-1029127108">saw an increase in Robinhood account ownership as its price plummeted</a>.It remains to be seen whether Warren Buffett selling his airlines position or the investors piling into airline stocks will be right, but some are already taking sides.Balchunas finished <a href="https://twitter.com/EricBalchunas/status/1258012764158734337?s=20">his tweet thread</a> by saying, "Many mocked the RH crowd yesterday (as usual) for being bag holders, but it ain't over. tbh, while I love Buffett, I'm rooting for them to get the win here."The JETS ETF was down as much as 3.7% to $12.62 in Wednesday afternoon trading.Read the original article on <a href="https://www.businessinsider.com/airline-stocks-etf-investors-bet-against-warren-buffett-assets-surge-2020-5">Business Insider</a>

Investors bet against Warren Buffett as airline ETF sees 1600% surge in fund flows

<div class="image-container float_right" style="width:393px"><div class="image"><img src="http://static4.businessinsider.com/image/50bcdfc9ecad042919000002-800-611/warren-buffett-gates-ludacris.jpg?maxX=393&amp;maxY=300" border="0" alt="warren buffett usa basketball game bill gates ludacris" width="393" height="300" /></div>AP</div>This weekend <keyword id="146359" type="CITY" weightage="60" keywordseo="Omaha">Omaha</keyword>, Nebraska will be flooded with people for what is locally known as <a href="http://omaha.net/berkshire-hathaway-shareholders-meeting">"Berkshire Weekend</a>," when <keyword id="6358963" type="PERSON" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword> hosts his <keyword id="6362665" type="COMPANY" weightage="60" keywordseo="Berkshire-Hathaway">Berkshire Hathaway</keyword> shareholders at the company's headquarters.
Since Buffett is "The Oracle of Omaha" this party is a blowout — We're talking country fair, smorgasbord, extravaganza with a value investing twist. To attend, you must be a Berkshire shareholder (or a journalist). They come in droves, filling the massive <a href="http://www.centurylinkcenter.com/">CenturyLink Center Arena</a> to hear Buffett's wisdom, suck on Dilly bars, play bridge, and eat steak.
Business Insider reached out to some people who have attended the meeting in years past to get an idea of what it's like, and more importantly, to get a sense of who makes the pilgrimage out to this mid-western Mecca.
A 2011 Shareholder Meeting attendee broke it down for us. He said there are three kinds of people that go to Warren Buffett's Americana extravaganza, we dug up a fourth.
<ul>
<li>Your decades long/local shareholders: These are people that have invested in Berkshire for generations. Some are locals, others are from all over the world but consider Berkshire and Buffett a part of their family. This conference too is a part of tradition. They'll bring their kids, they'll clap along to live music, they'll smile and talk to everyone, they dress like they're at a picnic.</li>
<li>Your Wall Street finance guys and the journalists that love them: Perhaps they run a family office and are attending for a set of super rich too busy for Omaha. Maybe they're institutional or value investors. Either way, these people are going to church. They are wearing suits, they are asking deep financial (theological) questions about things Berkshire and Buffett did perhaps decades ago, and their phones are constantly buzzing with communication back and forth between Omaha and the mothership back in NYC or London. According to Business Insider's source, some of these people learn to embrace the love and become quasi-finance guy civilians, some just don't.</li>
<li>Your gawkers: These people are along for the ride. Most likely they have friends that have been shareholders for a long time and want to share the experience. You'll find them clutching their visitor's guides, walking around rubber necking, and drinking... a lot. Our source was one of these people, and he had a blast.</li>
<li>Your investing nerds: These folks tend to be on the younger side, and many aspire to be portfolio managers themselves. They're often currently students (often from abroad) and they've read every single Warren Buffett annual letter, probably multiple times. They ask questions about capital structure theory, and whether Warren Bufett would ever consider a pair trade (long one stock, while shorting another). They're probably the last people you want to party with while there.</li>
</ul>
You can check out the list of activities <a href="http://www.berkshirehathaway.com/meet01/2013meetinginfo.pdf">here</a>, but the event goes far beyond what's on this document. Attendees and locals often use the Berkshire Hathaway Shareholder Meeting as an opportunity to throw events all over town — book signings, cocktails parties etc.
Jealous yet?

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