What you need to know on Wall Street today
Warren Buffett's Berkshire Hathaway purchased a stake in Pilot Travel Centers, which owns the Pilot Flying J chain of truck stops. The billionaire investor's conglomerate said it will acquire 38.6% of Pilot Flying J, and plans to become its biggest shareholder over six years.
The stake adds to Berkshire Hathaway's bet on the US economy. Buffett already owns stakes in US airlines and Burlington Northern Santa Fe Corp., one of America's largest railroads, which would also benefit from an increase in trade and economic activity.
"Whenever I hear people talk pessimistically about this country, I think they're out of their mind," Buffett said at an event last month.
BDT & Company advised Pilot Flying J on the deal with its in-house finance arm, BDT Capital Partners, exiting its minority investment in the company. Not heard of BDT & Company? That's by design. Here's everything you need to know about Warren Buffett's favorite banker.
In Wall Street news, Goldman Sachs has made a big hire in electronic trading, and is flirting with bitcoin trading. Elizabeth Warren told Wells Fargo's CEO: "You should be fired." And Congress slammed the ex-CEO of Equifax during his testimony.
Wall Street is unprepared for the magnitude of Europe's looming regulatory overhaul, according to UBS. And the COO at BlackRock told us why the $5.7 trillion investment giant is a "growth technology company."
In fintech news, the CEO of "email killer" Symphony told employees to "buckle up" and apologized for driving colleagues "crazy." Bond trading startup Algomi says business is back on track after losses. And a popular stock picking game has launched a platform for users to buy real stocks.
In markets news, oil could be hit hard by three major geopolitical risks that may be "coming to a head in October." Traders are making record bets against AMD. Stocks are flashing a major sell signal.
We talked to a UBS behavioral finance specialist about how emotions get the best of even the most experienced investors.
Tesla Model 3 deliveries could be worse than expected in 2018. The company is struggling to be two different car companies at the same time, according to Business Insider's Matt DeBord. Traders betting against Tesla are finally making millions.
Lastly, take a look inside The Grill, the luxurious, revamped version of the NYC restaurant that invented the power lunch.