Rinehart needs a chat with Buffett (TheAge)
GINA Rinehart is Australia’s richest person and last week she took a pin out of the capitalist grenade and lobbed it firmly into Australia’s suburban backyards. In one fell swoop, she pitched her own talk show version of Who Wants To Be a Millionaire? Surprisingly, her advice didn’t include sitting with Eddie McGuire and answering 10 trivia questions. …What Rinehart needs is to chat with Warren Buffett. Buffett is one of the richest people in the world and the epitome of the American Dream. From selling chewing gum door-to-door as a kid to becoming the most successful investor of our time, Buffett turned his dimes into billions. An eloquent and engaging speaker, Buffett is regarded as one of the world’s influential thought leaders.
Orange Julius returns to Farmington (Daily-Times)
Orange Julius is joining Farmington’s two Dairy Queen franchises after the pairing of the brands proved successful in Aztec. Both fast-food brands are owned by Berkshire Hathaway Inc., Warren Buffett’s Omaha, Neb. firm. The parent company is offering Dairy Queen restaurants the option of adding the Orange Julius line, local franchisees Brad and Sonia Dahms said. The combined restaurants are being rolled out in locations around the world.
Warren Buffett’s successors inherit complex conglomerate (USAToday)
Warren Buffett’s birthday this week was good news for Berkshire Hathaway investors who could celebrate another year of the Oracle of Omaha’s leadership. But the milestone also reminded shareholders they need to think about who will run the evolving company after Buffett is gone. The more than 80 businesses that Buffett has assembled at Berkshire (BRK.B) are mostly humming along well, posting a profit of more than $3 billion in the most-recent quarter. Its Class A stock (BRK.A) closed at $126,559.90 a share on Friday — less than $2,500 away from its 52-week high set in early August and $27,608 above the 52-week low.
‘Pop’ goes the Berkshire chief (Omaha)
Longtime Berkshire Hathaway Inc. shareholder Michael Assael has been an admirer of Warren Buffett’s since the early 1990s, when Buffett stepped in to straighten out the Salomon Brothers Inc. investment bank. Assael, an attorney and CPA in New York City, was inspired to create some Andy Warhol-style “pop” art of his financial hero, using photocopies and watercolors to spiff up a photo of Buffett.
Mitt Romney’s tax avoidance weakens bonds of American society (Guardian)
Mitt Romney’s income taxes have become a major issue in the American presidential campaign. Is this just petty politics, or does it really matter? In fact, it does matter – and not just for Americans. …The billionaire investor Warren Buffett argues that he should pay only the taxes that he must, but that there is something fundamentally wrong with a system that taxes his income at a lower rate than his secretary is required to pay. He is right. Romney might be forgiven were he to take a similar position. Indeed, it might be a Nixon-in-China moment: a wealthy politician at the pinnacle of power advocating higher taxes for the rich could change the course of history.
A charity case (NYPost)
Tech titan Apple lat last donated something to charity worth talking about: $100 million. In a surprising break with tradition, CEO Tim Cook is determined to change the company’s stingy reputation — as one of the few major American corporations that before had barely donated before to charity, The Post has learned. The iconic Steve Jobs, Apple’s late leader and founder, had unique ideas on Apple’s societal benefits — and cash-giving was not one of them. …Warren Buffett’s Berkshire Hathaway is No. 1 by donation size, trailed by No. 2 Walmart and Exxon Mobil at No. 3. Buffett, one of the world’s most generous donors, handed over $1.5 billion last year. (Berkshire’s corporate donations were not publicly disclosed. Donations by Buffett were tallied for the company total.) In his lifetime, Jobs accumulated an estimated $8.3 billion fortune. There’s no public record of him donating any of this to charity.
The Silver-Collar Economy (CNBC)
Rosa Finnegan has plenty of similarities with other wage-earning Americans. She hitches rides in with a co-worker, likes to joke around with colleagues, and feels very grateful to have her job. At the end of the day, she’s ready to sink into a cushy chair at home. …To some degree, older workers are found in virtually every occupation. A graying grocery bagger or orange-aproned Home Depot associate has become a common sight. But think about this: Among Americans over 65 there are 101,000 active farmers and ranchers, a similar number who drive buses or taxis, 25,000 musicians, 17,000 crossing guards, and more than 80,000 chief executives. Warren Buffett, you are not alone.