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<ul><li><strong>Credited with the title ‘Oracle of Omaha’, <keyword id="8845306" type="UNKNOWN" weightage="20" keywordseo="warrant-buffet">Warrant Buffet</keyword> is an investing giant, business tycoon and also a philanthropist. <br /><br /></strong></li><li><strong>Bound for success in a very young age, <keyword id="30288" type="PERSON" weightage="20" keywordseo="Buffet">Buffet</keyword> bought his first stock when he was just 11 years and developed a wealth of over $53 from several businesses and investments.<br /><br /></strong></li><li><strong>Here are a few interesting facts about Buffet you had hardly known but will inspire you to consider him a role model. </strong></li></ul>Though he started very young to build up on his fortune successfully, Warrant Buffet’s story was not a smooth one. Like many other achievers in life, Warren Buffet also had to suffer several setbacks that would have crippled anyone. Harvard Business School rejected him and later his father-in-law would tell he was bound to fail. Admired for his incredible achievements, Buffet is one of the largest investors and entrepreneurs in the world today. Warrant Buffet’s fame ensues from his startling achievements as well as philanthropic activities.<br /><br /><strong>Warrant Buffet first investment</strong><br /><br />Buffet made the first investment of his life when he was just 11 years old. In 1942, he purchased the stocks of Cities Service opted for $38 per piece.<br /><br /><strong>Warrant Buffet first gains</strong><br /><br />Right from his young age, Buffet used his hard work and tactful intelligence to carve his success story. Born and brought up in Omaha, Nebraska, Buffet made $175 per month by delivering The Washington Post every morning when he was only 16 years old. This income was much more than what most teachers made during those times. A few side gigs like selling collector stamps and used golf balls and buffing cars also helped him build on his earnings. By the age of 16, Warren Buffet made a wealth of $53,000.<br /><br /><strong>Harvard Business School rejected him</strong><br /><br />When he applied to the Harvard Business School after passing out from the University of Nebraska, he was rejected. The school that would select him to join the university told Buffet, “Forget it. You’re not going to Harvard.” Later he funnily describes how he got an entry into the Columbia Business School. He wrote a letter to professors Benjamin Graham and David Dodd stating, “Dear Professor Dodd, I thought you guys were dead, but now that I found out that you're alive and teaching at Columbia, I would really like to come.” And, this letter fetched him an admission.<br /><br /><strong>Buffet stayed in the same house from 1958</strong><br /><br />In 1958, Warren Buffet bought a property in Omaha in a deal worth $31,500. He has ever since lived in this five-bedroom house instead of moving into mansions or vacation homes. He never invested in expensive cars even. <br /><br /><strong>His secret of staying young is eating like a 6-year kid</strong><br /><br />While talking to Fortune, Buffet said one quarter of his body is made of Coca-Cola. He added, "If I eat 2,700 calories a day, a quarter of that is Coca-Cola. I drink at least five 12-ounce servings. I do it every day." His breakfast on many days would consist of a can of Utz potato sticks accompanied by a soda. On some other days, he would start his early morning with a cup of ice cream. Narrating how he managed to remain healthy with such salty and sugary food choices, he would say, "I checked the actuarial tables, and the lowest death rate is among 6-year-olds. So I decided to eat like a 6-year-old."<br /><br /><strong>He is one of the greatest philanthropists of all times</strong><br /><br />Warrant Buffet is known to be one of the greatest philanthropists of all times as he dedicated a large sum of his wealth to support charitable works. Once he pledged 85 percent of his Berkshire Hathaway stocks to several charitable foundations. He gave away 99% of his wealth to support the activities of Bill &amp; Melinda Gates Foundation. Along with Bill Gates, Buffet founded ‘The Giving Pledge’ in 2009 which motivated billionaires to give away half of their fortunes to charities.<br /><br /><strong>He did not believe in passing on his wealth to his children</strong><br /><br />Buffet strongly believed that a good father would not pass on his entire wealth to his children, rather the role of a good father is to make his kids independent and confident. After donating a huge portion of his wealth to charities, he wrote, "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing" <br /><br /><br /><br />

Interesting facts about Warren Buffett, The most Inspiring investor and philanthropist of all times

<ul class="summary-list"><li><strong>The billionaire bond investor Jeffrey <keyword id="3474885" type="PERSON" weightage="60" keywordseo="gundlach">Gundlach</keyword> said <keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s ditching his entire stakes in US airlines corroborates the "economic genie is not going back in the bottle" thesis. </strong></li><li><strong>In a tweet Sunday, Gundlach said the airline bail is "a big deal" and related it to Buffett's doubling down on bank <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> during the financial crisis.</strong></li><li><strong>A genie not going back into the bottle refers to the idea that once something has changed fundamentally it cannot change back.</strong></li><li><strong>Airlines have traditionally been seen as solid, reliable investments, but the coronavirus could change that forever.</strong></li><li><strong>At Berkshire Hathaway's annual general meeting on Saturday, <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-sold-airline-stocks-april-2020-5-1029156875">Buffett revealed that he had sold the "big four" airline stocks in April.</a></strong></li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>Famed investor Warren Buffett <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-sold-airline-stocks-april-2020-5-1029156875">sold all of his stocks in the "big four"</a> US airlines in April.</p><p>Following this, Jeffrey Gundlach on Sunday identified Buffett's move by <a href="https://twitter.com/TruthGundlach/status/1257085677054746624">linking</a> it to the "economic genie is not going back in the bottle" thesis.</p><p>Gundlach tweeted Sunday night saying:</p><p style="padding-left: 40px;">"Warren Buffet selling all of his airline stocks corroborates the "economic genie is not going back in the bottle" thesis. In late summer 2007 Warren doubled down on bank stocks (a bad call with hindsight benefit). So this airline bail now is a big deal."</p><p>While Gundlach did not expand on what he meant by the theory, it is possible that he referred to the problem of volatility that an "economic genie" represents.</p><p>A genie not going back into the bottle refers to the idea that once something has changed fundamentally it cannot change back.</p><p>In this case, the genie likely characterises pension funds and institutional investors who seek to protect the interests of millions of ordinary people, and therefore steer clear from investments that suddenly seem too risky.</p><p><div type="image" title="Warren Buffett" height="1250" width="2500" msid="75533334" hostid="261"></div></p><p>Airlines have traditionally been seen as solid investments, with steady dividends and good stock performance, but the coronavirus pandemic could change that forever, an argument furthered by Buffett's withdrawal from the stocks.</p><p>The genie could also be associated with hedge funds and insider traders who bet that particular stocks will be losers and welcome the volatility, knowing it increases opportunities for smart predation. </p><p>On <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-sold-airline-stocks-april-2020-5-1029156875">letting go of his airline stakes</a>, Buffett said the companies are well-managed and the CEOs "did a lot of things right but the airline business ... changed in a very major way."</p><p><em><strong>Read More: </strong></em><em><a href="https://www.businessinsider.com/stock-market-crash-history-since-1870-coronavirus-bear-rally-abnormal-2020-5">'Beware of the oddity': A Wall Street firm studied every market crash over the last 150 years to reveal how abnormal this one is — and concluded that stocks are doomed for another fall</a></em></p><p>Gundlach also said the airline bail "now is a big deal," while relating the scenario to Buffett's <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-financial-crisis-bailouts-us-government-airline-investor-2020-4-1029104038?utm_source=markets&amp;utm_medium=ingestgest">doubling down on bank stocks</a> during the financial crisis.</p><p>The Berkshire Hathaway boss handed billions in bailouts to Goldman Sachs and General Electric in 2008, and Bank of America in 2011, in return for warrants that allowed him to buy their shares at a fixed price in the future. Buffett exercised those warrants years later, raking in big profits.</p><p>At Berkshire's <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-2020-annual-meeting-highlights-2020-5-1029156864?utm_source=markets&amp;utm_medium=ingestgest">annual general meet on Saturday</a>, Buffett discouraged people from selling stocks purely because their prices change.</p><p>"If you owned the businesses you liked prior to the virus arriving, it changed prices, but nobody's forcing you to sell," he said at the meeting.</p><p><em><strong>Read More: </strong></em><em><a href="https://www.businessinsider.com/stock-picks-to-buy-high-dividend-yield-coronavirus-forces-cuts-2020-5">GOLDMAN SACHS: Buy these 13 stocks primed to keep delivering powerful dividends as their peers are forced to slash payouts</a></em></p>Read the original article on <a href="https://www.businessinsider.com/warren-buffett-dumping-airline-stocks-big-deal-jeff-gundlach-says-2020-5">Business Insider</a>

Bond king Jeff Gundlach says Warren Buffett's ditching of US airline stocks is a 'big deal' and means the 'genie is not going back in the bottle'

<ul class="summary-list"><li>As a <a target="_blank" href="https://www.businessinsider.com/going-on-cruise-things-to-know-from-frequent-traveler-2022-12">frequent cruiser</a>, I'm selective about how much I spend on onboard extras.</li><li>But some things, like comfort, cute coffees, and crafted cocktails, warrant a splurge.</li></ul><p><a target="_blank" href="https://www.businessinsider.com/best-cruise-lines-from-frequent-cruiser-disney-royal-caribbean-2024-5">Cruises are so back</a>, and they're only predicted to get more popular.</p><p>The <a target="_blank" href="https://www.forbes.com/sites/judykoutsky/2024/02/22/cruise-industry-continues-to-grow-strong-post-covid/">global cruise market</a>, valued at $7.25 billion in 2021, is expected to grow about 11% from 2022 to 2028, according to Forbes.</p><p>One huge perk of this travel style is that it's pretty all-inclusive. Things like Broadway-style shows, multicourse meals, buffets, pool access, and onboard activities are built into the price of a typical sailing.</p><p>But ships also upsell and charge extra add-ons, upgrades, and perks. As a frequent cruiser who's sailed alone over 50 times and with family more than 30, I've increasingly become less likely to pay for these upcharges.</p><p>Instead, I save my hard-earned money for the upgrades that are actually worth it. Here are upcharges my family thinks are worth the splurge.</p><h2 id="f3bb98fd-97cc-4cbf-bfa2-9643e0665e08"><strong>I tend to book a cheaper cabin category, but I'm willing to pay a premium to choose a quiet stateroom location</strong></h2><p>I rarely <a target="_blank" href="https://www.businessinsider.com/why-balcony-cabins-not-worth-it-on-cruise-opinion">pay extra for a balcony room</a> as I find that I don't use this feature enough to warrant the added cost. Instead, I opt for porthole-view rooms, which are generally less expensive.</p><p>But when selecting a room category during the booking process, I will pay more for a cabin located in an ideal spot on the ship.</p><p>Modern cruise vessels are huge, and I like a <a target="_blank" href="https://www.businessinsider.com/why-rooms-near-stairs-buffet-worth-it-frequent-cruiser-2024-6">room that's centrally located on the ship</a>, giving me easy access to everything I want to see and do. I'm also willing to pay a little more to select a cabin far away from elevators and loud entertainment venues.</p><p>After all, I need a good night's sleep to make the most of my days at sea.</p><h2 id="67aa1f38-23b2-4ed5-9dda-b11975df91b8"><strong>Room service offers a level of convenience that makes the delivery fee palatable</strong></h2><div type="image" title="Room service door hanger on cruise" height="1200" width="1600" msid="111119602" hostid="261" sizebytes="115460"></div><p>One of the best things about cruising is the food, and thankfully, most ships have tons of eateries onboard that don't cost extra. However, room service often comes with an additional fee.</p><p>Although I wish all cruise lines offered complimentary room service, it's so convenient I'm willing to pay extra for it — especially for an early breakfast or a snack after a long day of adventures.</p><h2 id="b0b15347-43df-4e24-b263-a4d56fd57857"><strong>I love bringing my son along, and paying for childcare allows me to make the most of my vacation</strong></h2><p><a target="_blank" href="https://www.businessinsider.com/recommend-disney-cruises-all-ages-pros-cons-from-frequent-traveler">Cruise-ship kids' clubs</a> are a great selling point for families, and access to them is almost always included in the cost of the trip.</p><p>However, the complimentary clubs are typically only open to potty-trained children. For younger kids, many cruise lines offer onboard nurseries for an added cost.</p><p>For my family, the nursery fees have proved well worth the investment. My son sailed on dozens of cruises as an infant and toddler, and these vacations produced some of my fondest travel memories.</p><p>By paying to use the onboard nursery, my husband and I were able to enjoy date nights and connect during our getaways.</p><h2 id="60daee3c-30e5-401a-9437-8cdc7ed74b31"><strong>I'm frugal when it comes to food, but I can't resist splurging on unique beverages</strong></h2><div type="image" title="Image of Goofy in latte" height="1200" width="1600" msid="111119605" hostid="261" sizebytes="87806"></div><p>I'm not a fan of <a target="_blank" href="https://www.businessinsider.com/why-cruise-drink-packages-are-not-worth-money-frequent-cruiser-opinion">overpriced "all-inclusive" cruise drink packages</a>, and I try to take advantage of included beverages like tea, juices, and enhanced water as much as possible.</p><p>Nonetheless, I'm happy to spend extra on premium cocktails, <a target="_blank" href="https://www.businessinsider.com/best-underrated-things-disney-world-for-tourists-from-frequent-visitor-2024-5">wine-tasting sessions</a> with the onboard sommelier, and other unique drink experiences.</p><p>I'm a sucker for a concoction mixed up by a robot at Royal Caribbean's Bionic Bar or a latte with my favorite cartoon pal etched on top as served in <a target="_blank" href="https://www.businessinsider.com/disney-magic-what-its-like-smallest-oldest-cruise-ship-2023-7">Disney Cruise Line</a>'s Cove Café, and these liquid indulgencies often show up on my onboard cruise tab.</p><h2 id="1d6bf09b-8547-4c21-aa12-4a1448575a50"><strong>Onboard spa treatments get pricey, but the lush thermal suites are worth the added cost</strong></h2><p>Spa treatments can be far pricier at sea, so I'm particular about what I book.</p><p>I save basic treatments like massages and facials for when I'm back on land, where prices are more favorable, but I do try to book at least one day pass to the onboard thermal suite per cruise.</p><p>On many ships, these blissful retreats — which can have everything from heated loungers to aromatherapy showers — are a worthy investment for those seeking a quiet atmosphere.</p><p>They're the ideal spot to soak up some "me time."</p><h2 id="eff3069c-6940-4bd6-9d2c-fdafaa05549a"><strong>As thrifty as I am, I never feel guilty blowing my budget on experiences in the cruise ports of call</strong></h2><div type="image" title="View of castle-like building " height="1074" width="1080" msid="111119603" hostid="261" sizebytes="205566"></div><p>By <a target="_blank" href="https://www.businessinsider.com/best-ways-save-money-on-cruise-from-frequent-traveler-2023-8">saving money at sea</a> and not paying for unneeded extras, I can better allocate my vacation budget where it truly counts — in the cruise ports of call.</p><p>There's no shortage of memorable adventures to be found back on land: hiking in the Norwegian fjords, helicoptering to a glacier in Alaska, <a target="_blank" href="https://www.businessinsider.com/ancient-ruins-things-to-never-do-guatemala-according-to-local-2022-8">exploring Mayan ruins</a>, and strolling through cobblestone streets in Italy</p><p>For my family, savoring authentic land-based experiences is our main priority, and I'm not afraid to spend a lot on these excursions.</p>

My family's been on over 30 cruises. I hate upcharges, but these 6 things are actually worth paying extra for. 

<p><em><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div></em><em>"<a href="http://www.amazon.com/gp/product/B00VH7BLOO/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=B00VH7BLOO&amp;linkCode=as2&amp;tag=thebusiinsi-20&amp;linkId=HTZ4DXQFPAYEMO53">Dustoff 7-3</a>" by Chief Warrant Officer <a href="http://www.eriksabiston.com/">Erik Sabiston</a><em><em> details one crew's heroic medical evacuation missions during the US's military operation in Afghanistan.</em></em></em></p><p><em><em>In this excerpt, Sabiston </em>describes the scene just after </em><em>the rescue helicopter crew Dustoff 7-3 successfully extracted the body of a soldier killed in action.</em></p><p><em>David Capps, who is in charge of maneuvering the body inside the aircraft, quickly realizes they are in a compromised position that could lead to a crash.</em> </p><p>Capps was desperately struggling with the hoist cable as it raced towards our tail rotor propelled by our forward airspeed and the wind effect on the limp bodybag.</p><p>He was sitting on the cabin floor with his legs dangling outside, hanging onto the hoist boom with one hand and struggling to control the cable with the other. He had no hands unoccupied that would allow him to key the ICS and let us know about the jeopardy.</p><p>Julia Bringloe, another soldier on board, quickly understood Capps had a problem and jumped across the cabin to give him a hand.</p><p>"Talk to me, guys …" But they were too busy in the back while Kenny and I just kept accelerating and clawing for altitude.</p><p>As Bringloe got to the cabin door, she could see Capps was in trouble. He was halfway out of the aircraft being buffeted hard by the wind and struggling desperately to get a firm grip on the hoist cable which was now sailing up toward our tail rotor with the empty bodybag inflated like a big, black parachute.</p><p><strong>If that bag or the steel cable contacted the tail rotor, we would promptly spin out of control and crash.</strong></p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>While she tried to get a grip on Capps with one hand she keyed her ICS with the other. "Stop, stop … HOLD HOVER!"</p><p>There was no questioning that. Something was seriously wrong back behind the cockpit.</p><p>I pulled the cyclic into my gut and dumped the collective to the floor to stop the Blackhawk's forward progress and set up a hover.</p><p>We were at 300 feet off the trees, and this was no time or place to be hanging around with enemy shooters on the ground.</p><p>Bringloe was not the kind of soldier to get rattled unless it was something serious, so I made the adjustments to hold hover and waited for her to tell me what kind of trouble we had.</p><p>"The bag is heading for the tail rotor!" she said finally. "We're trying to recover it!" </p><p>There was nothing Kenny or I could do from the cockpit except hope and pray they got control of the hoist cable in a hurry. I pulled the nose up another ten degrees hoping that might help. It was the wrong move.</p><p>The tail boom lowered and nearly met the offending cable halfway as Capps mashed the hoist control pendant's reel in button with one hand and wrestled the steel cable with the other. </p><p>He was fighting what looked like a losing battle. <span style="line-height: 1.5em;">As the aircraft decelerated to hover, the cable swung closer to the tail boom.</span></p><p>The excess cable and the body bag snagged briefly on the stabilator wing, just under the tail rotor.<span style="line-height: 1.5em;">He tried for more tension on the cable and watched the bag slip from under the stabilator towards the spinning blades.</span></p><p>A couple more feet and it would get caught in the tail rotor, destroying it instantly. <span style="line-height: 1.5em;">Capps dropped the pendant and kicked out with his legs trying to get one hooked over the cable. </span></p><p>His monkey-strap was all that was holding him to the bucking aircraft. He kicked and missed and then kicked again, inching ever farther outside the helicopter.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div></p><p>He saw the bodybag whipping in the wind, nearly free of the stabilator wing and made one last desperate effort to hook the cablewith his legs.</p><p>That one worked. He jerked back with his legs and got some slack in the cable that allowed him to get his hands on it.</p><p>He had a modicum of control now and managed to pull the bodybag away from the tail rotor.</p><p>Holding on to his purchase with all his strength, he fought to get his body back inside 9-4-4, where he'd have better leverage to pull.</p><p>Bringloe wrapped her arms around him and fell backward pulling him inside.</p><p>While she helped him wrestle the cable, Capps activated the reel-in button on the hoist for highest speed recovery. </p><p>The crisis was past as they sat panting near the door and watched the cable spool back into the reel.</p><p>When the flapping black bodybag that had nearly wrecked their ride was snagged on the cabin door handle, Capps just shook his head and leaned back outside to get it.</p><p>Specialist David Capps had saved our lives.</p><p>"We're clear. Go!" Bringloe ordered in a nearly breathless croak. It was a while before we got a full report from her and Capps on what had happened and what they did to save us all.</p><p>As they related the details, vastly understating David's heroic efforts, Kenny and I just listened, steering Dustoff 7-3 toward the next pick-up site and wondering how we got lucky enough to have soldiers like David Capps and Julia Bringloe on our crew.</p><p> </p><h3><a href="http://www.feedyourneedtoread.com/feature/welcome-to-dustoff/">Read more stories from Chief Warrant Officer Erik Sabiston &gt;</a> </h3><p> </p><p><em>Republished with permission from "<a href="http://www.amazon.com/gp/product/B00VH7BLOO/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=B00VH7BLOO&amp;linkCode=as2&amp;tag=thebusiinsi-20&amp;linkId=HTZ4DXQFPAYEMO53">Dustoff 7-3</a>" by Erik Sabiston. </em></p>

The incredible story of how a group of US soldiers saved their helicopter from crashing in Afghanistan

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Carlos Barria</span></p></div><p></p></div></div>Warren Buffett doesn't think climate change is a major worry for Berkshire Hathaway shareholders.</p><p>In his latest letter to holders, Buffet addressed the topic of climate change as there is a proxy proposal for Berkshire to discuss how climate change could affect its insurance business at its upcoming meeting.</p><p>Buffett writes that he is not denying the <keyword id="41551" type="ENTERTAINMENT" weightage="60" keywordseo="science">science</keyword> showing that climate change will likely be a problem.</p><p>But he's just not 100% certain that it will be.</p><p>From the letter (emphasis ours):</p><p style="padding-left: 60px;"><strong>It seems highly likely to me that climate change poses a major problem for the planet. I say "highly likely" rather than "certain" because I have no scientific aptitude and remember well the dire predictions of most "experts" about Y2K.</strong> It would be foolish, however, for me or anyone to demand 100% proof of huge forthcoming damage to the world if that outcome seemed at all possible and if prompt action had even a small chance of thwarting the danger.</p><p style="padding-left: 60px;">This issue bears a similarity to Pascal's Wager on the Existence of God. Pascal, it may be recalled, argued that if there were only a tiny probability that God truly existed, it made sense to behave as if He did because the rewards could be infinite whereas the lack of belief risked eternal misery. Likewise,<strong> if there is only a 1% chance the planet is heading toward a truly major disaster and delay means passing a point of no return, inaction now is foolhardy</strong>. Call this Noah's Law: If an ark may be essential for survival, begin building it today, no matter how cloudless the skies appear.</p><p style="padding-left: 60px;">It's understandable that the sponsor of the proxy proposal believes Berkshire is especially threatened by climate change because we are a huge insurer, covering all sorts of risks. The sponsor may worry that property losses will skyrocket because of weather changes. And such worries might, in fact, be warranted if we wrote ten- or twenty-year policies at fixed prices. But insurance policies are customarily written for one year and repriced annually to reflect changing exposures. Increased possibilities of loss translate promptly into increased premiums.</p><p>Buffett adds that Berkshire Hathaway's insurance business stands to <em>benefit</em> from an increase in property damage caused by the effects of climate change.</p><p>Insurance policies, Buffett writes, are typically written for one year and repriced each year to account for shifting risks. And so, if risks - from climate change or otherwise - go up, so will premiums. (And, if existing policies are rigorously underwritten, any losses on a climate-change-related catastrophe will not be crippling.)</p><p>Buffett added that inflation alone has increased the costs of repairing cars, fixing houses, and other things that insurance covers. But this is good.</p><p>Buffett again:</p><p style="padding-left: 60px;">Think back to 1951 when I first became enthused about GEICO. The company's average loss-per-policy was then about $30 annually. Imagine your reaction if I had predicted then that in 2015 the loss costs would increase to about $1,000 per policy. Wouldn't such skyrocketing losses prove disastrous, you might ask? Well, no.</p><p style="padding-left: 60px;">Over the years, inflation has caused a huge increase in the cost of repairing both the cars and the humans involved in accidents. But these increased costs have been promptly matched by increased premiums. So, paradoxically, the upward march in loss costs has made insurance companies far more valuable. <strong>If costs had remained unchanged, Berkshire would now own an auto insurer doing $600 million of business annually rather than one doing $23 billion</strong></p><p style="padding-left: 60px;">Up to now, climate change has not produced more frequent nor more costly hurricanes nor other weather-related events covered by insurance. As a consequence, U.S. super-cat rates have fallen steadily in recent years, which is why we have backed away from that business. <strong>If super-cats become costlier and more frequent, the likely - though far from certain - effect on Berkshire's insurance business would be to make it larger and more profitable</strong>.</p><p style="padding-left: 60px;">As a citizen, you may understandably find climate change keeping you up nights. As a homeowner in a low-lying area, you may wish to consider moving. <strong>But when you are thinking only as a shareholder of a major insurer, climate change should not be on your list of worries.</strong></p><p><em><strong><a href="http://www.berkshirehathaway.com/letters/2015ltr.pdf">Read Buffett's full letter here »</a></strong></em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/pluto-and-charon-moon-love-story-2016-2">Pluto and its moon Charon have something that doesn't exist anywhere else in the solar system</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dpN2ZudzrH_ry0UkEnNf2WpZYP4qtqEk" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Warren Buffett says it's 'highly likely' climate change poses a major problem for the planet

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Peter Macdiarmid/Getty Images</span></p><p class="caption">British Prime Minister David Cameron.</p></div><p></p></div></div>A highly respected cryptographer and security expert is warning that David Cameron's proposed ban on strong encryption threatens to "destroy the internet."</p><p>Last week, <a href="http://uk.businessinsider.com/david-cameron-encryption-back-doors-iphone-whatsapp-2015-7">the British Prime Minister told Parliament that he wants to</a> "ensure that terrorists do not have a safe space in which to communicate." </p><p>Strong encryption refers to the act of scrambling data in such a way that it cannot be understood by anyone without the correct key or password - even law enforcement with a warrant, or the software manufacturer itself. It's used in some of the most popular tech products in the world, including the iPhone, WhatsApp messenger, and Facebook. </p><p>But amid heightened terror fears, Cameron says "we must look at all the new media being produced and ensure that, in every case, we are able, in extremis and on the signature of a warrant, to get to the bottom of what is going on."</p><p>The Prime Minister <a href="http://uk.businessinsider.com/david-cameron-encryption-apple-pgp-2015-1">first indicated that he would try and clamp down on secure communications</a> that could not be decrypted by law enforcement even with a warrant back in January, in the aftermath of the Charlie Hebdo shootings in Paris. His comments sparked <a href="http://uk.businessinsider.com/britains-proposed-encryption-ban-is-totally-unworkable-2015-1">an immediate flurry of condemnation from privacy and security activists,</a> but his recent statements show he's not backing down. (Number 10 has not responded to requests for clarification about Cameron's comments.) </p><p class="p1">Bruce Schneier is a widely respected crypography and security expert and fellow at the Berkman Centre for Internet and Society at Harvard Law School. He serves on the board of digital liberties pressure group the Electronic Frontier Foundation, and writes frequently on encryption and security. Business Insider reached out to Schneier to discuss the feasibility of Cameron' proposed ban on "safe spaces" online. He didn't hold back. </p><p><strong>BUSINESS INSIDER: What was your immediate reaction to Cameron's proposals?</strong></p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Rama/Wikimedia Commons (CC-BY-SA 2.0)</span></p><p class="caption">Bruce Schneier.</p></div><p></p></div></div>Bruce Schneier:</strong> My immediate reaction was disbelief, followed by confusion and despair. When I first read about Cameron's remarks, I was convinced he had no idea what he was really proposing. The idea is so preposterous that it was hard to imagine it being seriously suggested. But while Cameron might not understand what he's saying, surely he has advisers that do. Maybe he didn't listen to them. Maybe they aren't capable of telling him that what he's saying doesn't make sense. I don't understand <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> <keyword id="6358883" type="PERSON" weightage="60" keywordseo="Politics">politics</keyword> sufficiently well to know what was going on in the background. I don't know anything about Cameron's tech background. But the only possibly explanation is that he didn't realize the full extent of what he was saying.</p><p>Then I wondered why he would even wish for such a thing? Does he realize that this is the sort of thing that only authoritarian governments do? Again, my knowledge of the UK is limited, but I assume they are a free country that champions liberty.</p><p><strong>BI: Do you think they are even possible? </strong></p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Sean Gallup/Getty Images</span></p><p class="caption">David Cameron shakes hands with Chinese President Xi Jinping.</p></div><p></p></div></div>BS:</strong> Of course not. No one does. Sure, he can keep law-abiding non-technical people from using strong encryption. He can ensure that UK businesses are vulnerable to attack. But he cannot hope to prevent bad actors from using encryption to hide themselves from the police.</p><p>It's simply not possible to ban strong encryption within a country and software that uses strong encryption from crossing its borders. It's simply not possible to prevent people from installing the software they want on the computing devices they own. Countries like Iran, Syria, Pakistan, Russia, Kazakhstan, and Belarus have tried it and failed. China has tried before and is <a href="http://www.ecnmag.com/news/2015/07/new-chinese-law-reinforces-government-control-cyberspace?et_cid=4652848&amp;et_rid=60862799&amp;type=cta">trying again</a>. I wonder if Cameron is aware of the kind of company he is associating himself with.</p><p><strong>BI: Let's say the UK government was determined to try and implement an encryption ban - how would it go about trying to do this? </strong></p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Steve Kovach/Business Insider</span></p><p class="caption">The iPhone would require a major redesign under Cameron's proposals.</p></div><p></p></div></div>BS:</strong> It gets draconian <a href="http://boingboing.net/2015/01/13/what-david-cameron-just-propos.html">pretty fast</a>. UK citizens would be banned from using secure software, and UK companies be banned from producing secure software. The government would have to enforce Internet censorship: people couldn't download secure software, search engines couldn't answer queries about secure software, and every packet would be inspected to ensure it isn't being encrypted with secure systems. Closed computing systems like iPhone would ban their users from installing secure software, and open computing systems like Microsoft Windows would be redesigned to prohibit users from installing secure software. Free software would be banned. Anyone entering the UK with a phone or computer would have them conform to UK standards, and border control would seize any devices that fail to do so. UK researchers would be prohibited from researching secure systems.</p><p>Pretty horrible and totally infeasible. And even if Cameron turned the UK into the police state required to even attempt this sort of thing, he still wouldn't get what he claims he wants. That's the worst of it: it wouldn't work, and trying would destroy the Internet.</p><p><strong>BI: What sort of effect would this have on the UK economy and businesses?</strong></p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Oli Scarff/Getty Images</span></p><p class="caption">British businesses would be aversely affected by any encryption ban, Schneier says.</p></div><p></p></div></div>BS:</strong> My guess is that it would be a disaster. When the US tried to ban strong cryptography in the 1990s, hundreds of foreign companies sprang up to fill the gap in what the market demanded. And that was before so much of our day-to-day lives relied on the Internet. Today, security is vitally important in everything we do online, and this law would put UK businesses and citizens under an enormous disadvantage. UK citizens would be screwed, of course, and most wouldn't be able to do anything about it. But foreign customers would avoid UK products if possible, and foreign users would avoid entrusting their data and communications to UK systems.</p><p>This isn't entirely speculative. Already security companies are moving out of the UK to avoid draconian surveillance laws, and more are talking about it. (<a href="http://www.theguardian.com/technology/2014/mar/20/theresa-may-yahoo-dublin-security-worry">Yahoo</a> is the big company that comes to mind.) Cameron's proposal would only make things worse.</p><p><strong>BI: Are American and other foreign businesses likely to comply with such a ban, if it were enforced?</strong></p><p><strong>BS:</strong> If the UK government starts throwing people who violate the ban in jail, businesses will either 1) comply, or 2) put themselves in a position where the UK government cannot throw their people in jail. I expect some of each would occur. Certainly many companies would pull out of the UK market rather than compromise the security of their global customers and users.</p><p><strong>BI: Is there really no way to keep users' data secure while providing backdoors to law enforcement?</strong></p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Luke MacGregor</span></p><p class="caption">There's no such thing as a "back door" only police can access.</p></div><p></p></div></div>BS:</strong> Yes, there really is no way.</p><p>Think of it like this. Technically, there is no such thing as a "backdoor to law enforcement." Backdoor access is a technical requirement, and limiting access to law enforcement is a policy requirement. As an engineer, I cannot design a system that works differently in the presence of a particular badge or a signed piece of paper. I have two options. I can design a secure system that has no backdoor access, meaning neither criminals nor foreign intelligence agencies nor domestic police can get at the data. Or I can design a system that has backdoor access, meaning they all can. Once I have designed this less-secure system with backdoor access, I have to install some sort of policy overlay to try to ensure that only the police can get at the backdoor and only when they are authorized. I can design and build procedures and other measures intended to prevent those bad guys from getting access, but anyone who has followed all of the high-profile hacking over the past few years knows how futile that would be.</p><p>There is an important principle here: we have one world and one Internet. Protecting communications means protecting them from everybody. Making communications vulnerable to one group means making them vulnerable to all. There just isn't any way around that.</p><p><strong>BI: Won't the proliferation of encryption help terrorists?</strong></p><p><strong>BS:</strong> No. It's the exact opposite: encryption is one of the things that protects us from terrorists, criminals, foreign intelligence, and every other threat on the Internet, and against our data and communications. Encryption protects our trade secrets, our financial transactions, our medical records, and our conversations. In a world where cyberattacks are becoming more common and more catastrophic, encryption is one of our most important defenses.</p><p>In 2010, the US Deputy Secretary of Defense William Lynn <a href="https://www.foreignaffairs.com/articles/united-states/2010-09-01/defending-new-domain">wrote</a>: "Although the threat to intellectual property is less dramatic than the threat to critical national infrastructure, it may be the most significant cyberthreat that the United States will face over the long term." Encryption protects against intellectual property theft, and it also protects critical national infrastructure.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP</span></p><p class="caption">ISIS might use encryption, but that's okay.</p></div><p></p></div></div>What you're asking is much more narrow: won't terrorists be able to use encryption to protect <em>their</em> secrets? Of course they will. Like so many other aspects of our society, the benefits of encryption are general and can be enjoyed by both the good guys and the bad guys. Automobiles benefit both long-distance travelers and bank robbers. Telephones benefit both distant relatives and kidnappers. Late-night all-you-can-eat buffets benefit both hungry students and terrorists plotting their next moves.</p><p>This is simply reality. And there are two reasons it's okay. One, good people far outnumber bad people in society, so we manage to thrive nonetheless. And two, the bad guys trip themselves up in so many other ways that allowing them access to automobiles, telephones, late-night restaurants, and encryption isn't enough to make them successful.</p><p>Most of the time we recognize that harming the overwhelming number of honest people in society to try to harm the few bad people is a dumb trade-off. Consider an analogy: Cameron is unlikely to demand that cars redesign their engines so as to limit their speeds to 60 kph so bank robbers can't get away so fast. But he doesn't understand the comparable trade-offs in his proposed legislation.</p><p><strong>BI: Are there any less obvious ways in which encryption helps people on a day-to-day basis?</strong></p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Encryption powers eBay - and every other major ecommerce website.</p></div><p></p></div></div>BS:</strong> Encryption secures everything we do on the Internet. It secures our commerce. It secures our communications. It secures our critical infrastructure. It secures our persons from criminal attack, and it secures our countries from nation-state attack. In many countries, it helps journalists, dissidents, and human rights workers stay alive. In a world of pretty bad computer security, it is the one thing that works well.</p><p><strong>BI: What encryption products would you recommend our readers to protect their communications online? </strong></p><p><strong>BS:</strong> I am a fan of <a href="http://www.cypherpunks.ca/otr/">Off-the-Record</a> for encrypting IM conversations on your computer, and <a href="https://whispersystems.org/#page-top">Signal</a> for encrypting both text and voice conversations on your smart phone. The encryption built in to the iPhone for both iMessage and FaceTime is also very good.</p><p>I strongly recommend turning disk encryption on wherever you can: on your computer, on your smart phone, everywhere. When you browse the Internet, use TLS on the web whenever you can. Download the plug-in <a href="https://www.eff.org/https-everywhere">HTTPS Everywhere</a>. <a href="http://www.gnupg.org/">GPG</a> is the best e-mail encryption program, but my advice is to stick to text and voice.</p><p><em> <a href="https://www.schneier.com">Bruce Schneier</a> is a security technologist, and CTO of <a href="https://www.resilientsystems.com/">Resilient Systems</a>, Inc. His latest New York Times best-seller is <a href="https://www.schneier.com/book-dg.html">"Data and Goliath: The Hidden Battles to Collect Your Data and Control Your World."</a> He <a href="https://www.schneier.com">blogs</a>, and tweets at @schneierblog.</em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/jerusalem-israel-police-surveillance-balloons-2014-11">These Surveillance Balloons Are The Hot New Way To Spy On People</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pycTl4cTp5qwJ58ZCPdAB893z0V9eyP6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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