• Kimco Realty Releases 2019 Corporate Responsibility Report
    Business Wire

    Kimco Realty Releases 2019 Corporate Responsibility Report

    Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, announced today the release of its 2019 Corporate Responsibility Report. This seventh annual report provides a thorough account of Kimco’s quantitative and qualitative performance in the areas of the environment, social impact, and governance (ESG).

  • How He Made $2.8M Trading Stocks Part-Time At Home

    How He Made $2.8M Trading Stocks Part-Time At Home

    Kyle Dennis took a leap of faith and decided to invest his savings of $15K in the stock market — $2.8M later, he owes his success to these strategies

  • S&P 500 Up 44 Points: Buffett Fires Berkshire's Elephant Gun, Chipotle Hits All-Time High, Goldman Sachs Bearish on Economy
    Motley Fool

    S&P 500 Up 44 Points: Buffett Fires Berkshire's Elephant Gun, Chipotle Hits All-Time High, Goldman Sachs Bearish on Economy

    Berkshire Hathaway makes a long-awaited acquisition, Goldman Sachs stock is up on a bearish report, and Chipotle shares surge to an all-time high.

  • Dominion Energy Stock Falls 11.3% After the Atlantic Coast Pipeline Is Axed
    Motley Fool

    Dominion Energy Stock Falls 11.3% After the Atlantic Coast Pipeline Is Axed

    The energy giant also agreed to divest its natural gas transmission and storage assets to Berkshire Hathaway. The proceeds will not be used to fund the company's ambitious renewable energy portfolio.

  • Dominion Energy's Transformational Deal Makes It a Much Safer Retirement Stock
    Motley Fool

    Dominion Energy's Transformational Deal Makes It a Much Safer Retirement Stock

    Dominion Energy (NYSE: D) announced a series of moves over the weekend, highlighted by the sale of its gas transmission and storage assets to Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B). The transaction will transform the company by refocusing its efforts on expanding its core regulated electric and natural gas utility operations. This move, along with others Dominion Energy announced, will significantly enhance its financial profile while dramatically reducing its business model's risk.

  • 5 Reasons That Make Cigna (CI) an Attractive Stock to Own

    5 Reasons That Make Cigna (CI) an Attractive Stock to Own

    Acquisitions, business streamlining, strong balance sheet, high profitability, clear visibility of earnings growth make Cigna (CI) and attractive bet.

  • See Your New House Payment with Quicken Loans

    See Your New House Payment with Quicken Loans

    Mortgage rates have fallen. If you’re paying a mortgage - even if you’ve recently refinanced - you should be considering refinancing for a lower rate.

  • The Stock Market Is Soaring as Berkshire, Uber Make Big Buys
    Motley Fool

    The Stock Market Is Soaring as Berkshire, Uber Make Big Buys

    Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) has been on the prowl for good purchases for a long time, and it finally found one over the weekend. Meanwhile, Uber Technologies (NYSE: UBER) got the green light to move forward with an acquisition of its own that should help it boost its market share in a key industry niche. Berkshire Hathaway shares were up about 2% on news that Warren Buffett's insurance giant has found a target on which to deploy some of its vast cash hoard.

  • Buffett Sticks to Comfort Zones With His Dominion Energy Deal

    Buffett Sticks to Comfort Zones With His Dominion Energy Deal

    (Bloomberg) -- As Warren Buffett moves off the sidelines for the first time since the global pandemic struck, he’s sticking to the areas he knows best.Berkshire Hathaway Inc. announced an agreement Sunday to purchase Dominion Energy Inc.’s natural gas pipeline and storage assets for an enterprise value of $9.7 billion, expanding its energy empire even further. While the deal wasn’t the splashy “elephant-sized” acquisition that Buffett has sought for his $137 billion cash pile, the move shows he’s carefully opening Berkshire to acquisitions, according to Cathy Seifert, an analyst at CFRA Research.“It represents a little bit of an opening of a valve. I don’t necessarily think it’s a light switch that flipped from off to on,” Seifert said. The deal is a “prudent move and one that can be strategically justified and also tucked into the existing business model.”Buffett has stayed relatively quiet as the Covid-19 outbreak ripped through the U.S., raising questions about whether he would find attractive deals or financing opportunities similar to the moves he pulled off in the 2008 credit crisis. In some ways, the Federal Reserve beat him to the punch, taking steps that helped swiftly unlock markets earlier this year. That meant that the opportunities Berkshire had been looking at dried up, Buffett told investors in May at his annual meeting.The deal with Dominion Energy hints that opportunities might start cropping up for his conglomerate. It also shows Buffett is willing to put some of his funds to work, despite expressing caution in May that his cash pile wasn’t unreasonably high when considering worst-case possibilities for the pandemic.“He’s willing to make investments now, of a fairly sizable amount,” said David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. “It’s very positive that he’s sending a signal for the right deal at the right price, $10 billion or more -- ‘We’re ready to go, we’re ready to invest.’”Buffett, who has crafted Berkshire into a conglomerate valued at nearly $443 billion, built his reputation as an investor able to swoop in during volatile markets to strike unique and complicated deals in past crises. After being stymied on the acquisition front during the recent bull market for stocks, Buffett still wasn’t finding any deals during the initial stages of the pandemic and even dumped his stakes in the major U.S. airlines.His inability to make a major acquisition recently has drawn scrutiny from his critics, who argued that Buffett lost his ability to pull off the game-changing transactions that helped vault Berkshire into the ranks of the most valuable U.S. public companies. Now, the deal to buy substantially all of Dominion Energy’s natural gas transmission and storage assets for $4 billion, along with the assumption of $5.7 billion in debt, ranks as its biggest acquisition in more than four years.“We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business,” Buffett, who is chief executive officer and chairman of Omaha, Nebraska-based Berkshire Hathaway, said in a statement Sunday.Berkshire’s Class A shares, which are down almost 20% this year, gained 2.1% to $273,254 at 10:30 a.m. in New York. Dominion Energy dropped 6.7% to $77.18.“I’m inspired to see that, given that he’s bearish, he’s still willing to make acquisitions where he thinks it makes sense and where it meets Berkshire’s hurdle points,” said Darren Pollock, a portfolio manager at Cheviot Value Management, which invests in Berkshire shares.Buffett has considered its energy business one of the “lead dogs” of Berkshire’s non-insurance operations alongside its railroad. The purchase expands its hold in the sector, adding more infrastructure to handle natural gas to its already sprawling energy operations across states such as Nevada and Iowa. Berkshire also struck the deal at a low point in the market. Natural gas futures in the U.S. dropped last month to their lowest point in 25 years and have recovered just slightly since then.“This looks like confirmation that commodities like energy are undervalued,” Bill Smead, chief investment officer at Smead Capital Management, which owns Berkshire shares, said in an emailed comment. “At the bottom, assets move from weak hands to strong hands.”What Bloomberg Intelligence Says“Berkshire Hathaway’s $9.7 billion acquisition of Dominion’s gas-line assets and debt further solidifies its position in natural gas and is opportunistic, given the movement in energy prices this year and the desire of some participants to move to cleaner fuel sources.”\--Matthew Palazola, senior industry analyst, and Derek Han, associate analystBerkshire is digging deeper into a business that’s been facing increasing scrutiny amid the push for energy companies to shift away from fossil fuels. In its own statement on Sunday, Dominion Energy cited its target to reach net-zero emissions by 2050.The deal also highlights the work of one of Buffett’s key deputies, Greg Abel, who led the energy business for years and is now chairman of Berkshire Hathaway Energy alongside his role as Berkshire’s vice chairman for all non-insurance businesses. Abel gained a reputation as a key dealmaker for Berkshire with the 2013 purchase of NV Energy and even the battle to buy Oncor Electric Delivery Co., which didn’t ultimately come together. Abel is viewed as a potential successor to Buffett, 89.The Dominion deal is set to be Berkshire’s largest acquisition ranked by enterprise value since its purchase of Precision Castparts Corp. in 2016. Still, Buffett ended the first quarter with a record $137 billion on hand and has been hankering for a major acquisition to put a chunk of cash to work. The Dominion agreement’s total enterprise value would account for about 7% of that total.“It’s not something that’s going to move the needle from a balance-sheet standpoint, but it’ll produce several hundred million dollars a year in net income to Berkshire,” said Cheviot’s Pollock. “That’s no paltry sum. That adds up over time.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Utility Giant Kills Gas Pipeline, Sells Assets to Berkshire

    Utility Giant Kills Gas Pipeline, Sells Assets to Berkshire

    (Bloomberg) -- One of the largest utilities in America is starting to turn its back on natural gas.Dominion Energy Inc., the second-biggest U.S. power company by market value, on Sunday said it’s selling substantially all of its gas pipeline and storage assets to Berkshire Hathaway Inc. for $4 billion. It’s the largest deal announced this year to buy U.S. energy assets, according to Bloomberg data.In a separate statement, Dominion and its partner Duke Energy Corp. said they’re killing the controversial Atlantic Coast gas pipeline along the U.S. East Coast, citing ongoing delays and “cost uncertainty.”The moves come as utilities face increasing pressure from local governments, investors and environmentalists to quit fossil fuels. While long heralded as a cleaner alternative to coal and heating oil, gas is drawing stiff oppositions from left-leaning state lawmakers, making it increasingly difficult to build pipelines and other infrastructure.“Until these issues are resolved, the ability to satisfy the country’s energy needs will be significantly challenged,” Dominion Chief Executive Officer Thomas Farrell said on a call with analysts. “This trend, so deeply concerning for our country’s economic growth and energy security, is a new reality.”Read More: Demise of Gas Project Shows U.S. Pipelines Becoming UnbuildableShares of Dominion, which also announced it’s cutting its dividend, fell as much as 7.6% Monday, the most in more than three months.The push away from gas positions Dominion as more of a pure-play state-regulated utility at a time when oil and pipeline operators have lagged the broader market. In the last year, an index of pipeline companies has fallen 36%, while the S&P 500 Index has gained 4.7%.“Given the bend towards decarbonization efforts in the country, the move away from natural gas, and investor demand for more simplified utility structures, we believe this is absolutely the correct move for Dominion to make,” Guggenheim analysts led by Shahriar Pourreza said in a research note.Read More: Wall Street Falls Out of Love With Once-Coveted Fossil FuelTo be clear, Richmond, Virginia-based Dominion, which provides power and gas to seven million customers in 20 states, isn’t walking away from the fossil fuel altogether. It will still sell gas to customers for heating and cooking. It’s retaining an interest in its Cove Point liquefied natural gas export terminal in Maryland. And 40% of the electricity the company generates comes from plants fueled by gas, coal and oil, according to its website.“They’ll still be burning lots of gas for decades ahead in the core utility business,” Bloomberg Intelligence analyst Kit Konolige said in an email.But pressure is mounting. Virginia enacted a law in April requiring Dominion’s utility in the state to be to be carbon-free by 2045.What Bloomberg Intelligence Says“Dominion’s unsurprising shutdown of the troubled Atlantic Coast Pipeline project and $4 billion sale of midstream properties take pressure off the strained balance sheet. In combination with a dividend cut, the steps shift Dominion to an almost all-utility growth story.”\-- Kit Konolige, senior utility analystRead the full report here.Atlantic Coast is the third U.S. gas pipeline project to scrapped or shelved this year. Williams Cos. opted not to reapply for a permit in May for a $1 billion pipeline extension after regulators in New York blocked it. And in February the Oklahoma-based company canceled plans for a pipeline that would have run from Appalachia to New York.While the Atlantic Coast pipeline project won a key victory last month when the U.S. Supreme Court sided against environmentalists and upheld a crucial permit, the project still faced formidable opposition and costs. “That would indicate that that wasn’t a strategic decision as much it was as a practical decision,” said Paul Patterson, an analyst at Glenrock Associates LLC.Read More: Duke to Book Charge of Up to $2.5 Billion From Canceled PipelineDeal with BerkshireDominion’s deal with Berkshire calls for the giant conglomerate to assume $5.7 billion in debt. The utility will use $3 billion of the proceeds to buy back shares. Dominion cut its projected 2021 dividend payment to around $2.50 a share, reflecting the assets being divested and a new payout ratio that aligns it better with industry peers.The transaction is expected to close during the fourth quarter. It will require the approval of federal agencies including the U.S. Department of Energy.Read More: Buffett Sticks to Comfort Zones With His Dominion Energy DealBerkshire is amassing more than 7,700 miles (12,400 kilometers) of natural gas storage and transmission pipelines and about 900 billion cubic feet of gas storage in the deal with Dominion. Warren Buffett’s conglomerate will also acquire 25% of Cove Point.With this transaction, Buffett has ended his period of relative silence on the acquisition front since the pandemic.The Dominion deal is set to be Berkshire’s largest acquisition ranked by enterprise value since its purchase of Precision Castparts Corp. in 2016. It will expand the company’s already sprawling empire of energy operations, which currently has operations in states including Nevada and Iowa.(Adds CEO quote in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Monthly Market Commentary | June 2020

    Monthly Market Commentary | June 2020

    E*TRADE pros discuss market happenings.

  • Bulls Stampede to Start Another Week

    Bulls Stampede to Start Another Week

    We'll be checking the animal spirits currently guiding this bull market as the week progresses; it seems there's not much to slow the stampede from this vista.

  • First Republic Bank Declares Dividend on Series J Perpetual Preferred Stock for Third Quarter 2020
    Business Wire

    First Republic Bank Declares Dividend on Series J Perpetual Preferred Stock for Third Quarter 2020

    First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared a cash dividend of $11.75 per share on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.293750 per depositary share, each representing 1/40th interest in a share of Series J Preferred Stock, which is traded on the NYSE under the symbol "FRCPrJ." The Series J Preferred Stock dividend is payable on July 30, 2020 to shareholders of record as of July 16, 2020.

  • Biggest Transfer of Wealth in US History Has Begun

    Biggest Transfer of Wealth in US History Has Begun

    A Maryland multimillionaire says the biggest legal transfer of wealth in American history has just gotten underway—here’s #1 step you must take.

  • WPX Energy to Host July 30 Webcast
    Business Wire

    WPX Energy to Host July 30 Webcast

    WPX Energy (NYSE:WPX) plans to discuss its 2Q 2020 results during a webcast on Thursday, July 30, 2020, beginning at 10 a.m. Eastern.

  • Avoid Wells Fargo (WFC), Buy These 3 Bank Stocks Instead

    Avoid Wells Fargo (WFC), Buy These 3 Bank Stocks Instead

    Investing in growth-oriented stocks at the right time makes Wells Fargo (WFC) unattractive for investors, right now.

  • Top Ranked Growth Stocks to Buy for July 6th

    Top Ranked Growth Stocks to Buy for July 6th

    Top Ranked Growth Stocks to Buy for July 6th

  • The Cannabis Bull Market Is Back

    The Cannabis Bull Market Is Back

    With the global cannabis market valued at just over $15 billion today, the path to $194 billion gives companies and their investors room to run.

  • Coronavirus: UK government to 'cut stamp duty for six months'
    Yahoo Finance UK

    Coronavirus: UK government to 'cut stamp duty for six months'

    The government could announce a stamp duty holiday for home buyers in a bid to boost economic recovery from the coronavirus, according to reports.

  • Chronic Migraine Treatment Options

    Chronic Migraine Treatment Options

    Suffering From Severe Migraine Headache? Research Chronic Migraine Treatment Options.

  • Investing.com

    Euro Buoyed by German Data, Recovery Plan

    Additionally, the AUD/USD pair gained 0.6% to 0.6979, helped by rising prices for copper and other export commodities. The Reserve Bank of Australia will meet on Tuesday for its policy meeting and is expected to keep its key rate at 0.25%.

  • Europe’s Failure to Tame Google’s Dominance Is a Lesson for U.S.

    Europe’s Failure to Tame Google’s Dominance Is a Lesson for U.S.

    (Bloomberg) -- As U.S. authorities ready the biggest antitrust case of the new century, there are lessons to be learned from Europe’s attempt to inject more competition into search, one of the most lucrative digital markets.Two years after a record fine and an order to give Europeans more choice, Alphabet Inc.’s Google retains a vice-like grip on this business. In May 2018, just before the European Commission acted, Google had 97% of the mobile search market in the region, according to StatCounter. Its share for May this year was even higher.“We don’t want them to copy the current EU model because it’s fundamentally flawed,” said Gabriel Weinberg, chief executive officer of rival search service DuckDuckGo, referring to the Justice Department and state regulators. The firm spoke recently with those authorities about Google’s dominance.How U.S. regulators proceed, and whether they learn from Europe’s experience, will help determine the fate of what is likely to be the most important antitrust case since the DOJ sued Microsoft Corp. more than two decades ago. With more than $100 billion in cash, and quarterly profit exceeding $6 billion, big fines have little impact on Google. So regulators are increasingly looking to remedies that may change the company’s behavior and offer consumers more choice. The DOJ reached out to at least one European company, Ecosia, to discuss versions of Google’s remedy in the EU case, the German search engine has said.In 2018, Europe’s antitrust authorities focused on the subtle but important factors that solidified Google’s grip on the region’s mobile search market. Getting a service pre-installed on smartphones often leads to big user gains, as does appearing on the home screens of handsets. Google has used deals tied to its popular Android mobile operating system to ensure its search engine gets such prized placements, leaving little room for rivals.The EU ordered Google to stop bundling its search and browser apps with Android. Google reacted by charging phone manufacturers to license Android. It also opted to appease regulators by offering choice to users -- but only on new Android phones from March 1 and only via a “choice screen” of three alternative search apps shown once when people switch on the handsets for the first time.There’s a precedent for approaches like this working. In 2017, Russia’s antitrust watchdog ordered Google to let competing search engines and other apps be pre-installed on Android smartphones in the country. The company also had to create a “choice window” for devices already in the market, so users could choose their default search engine when they next updated the software on their devices. Since that ruling, Russia’s Yandex NV has grown its search market share in the country by 20 percentage points to 58%, according to Bernstein Research estimates.Europe’s choice screen has failed to produce similar results so far. In March and April, rivals DuckDuckGo, Givero and Seznam.cz AS won slots to appear but got no new downloads for their search apps. DuckDuckGo was offered to customers across Europe while Givero bid to appear only in Denmark and Seznam in the Czech Republic and Slovakia.In May, Seznam said it got fewer than 1,000 downloads. Two other search providers said the choice screen has brought them no new customers. They asked not to be identified, citing a non-disclosure agreement with Google. Another search app, PrivacyWall, saw “no major market share shifts,” according to CEO Jonathan Wu. Microsoft’s Bing, a well-financed and capable challenger to Google, has barely appeared on the choice screen, winning just one slot in the U.K. from May to June. Microsoft and other search companies declined to comment.Bernstein analysts have already concluded that the choice screen is “unlikely to be a major disrupter to Google in its current form,” according to a June 18 research note.Google declined to give details on how many times the choice screen has been shown to European consumers. Android “provides people with unprecedented choice in deciding which applications they install, use and set as default on their devices,” the company said. “In developing the Choice Screen for Europe, we carefully balanced providing users with yet more choice while ensuring that we can continue to invest in developing and maintaining the open-source Android platform for the long-term.”The internet giant may be maintaining its lead in Europe because consumers think it has the best search engine. Google invests billions of dollars a year to provide quick, accurate answers to queries. Wall Street analysts often say users would switch back to Google after using alternatives, and they’ve been right before. However, the case of Yandex suggests otherwise. Many Android phone owners in Russia have been using Yandex’s search engine for at least a year and the market share data indicate there’s been no big switch back to Google.It isn’t the European Commission’s job to force Google to be smaller or less dominant. Instead, the antitrust authority tries to set up mechanisms to trigger more choice and remove roadblocks. That means even if the choice screen is seen billions of times by consumers in the region, Google’s market share could remain at 97%.“The European Union probably did the best job they could with the rules that they had,” said Aitor Ortiz, an analyst with Bloomberg Intelligence. “The problem is maybe the rules were not fit for the purpose.”The real reason the European choice screen has flopped so far is that the remedy was designed poorly, according to Google rivals in the region.While Russia ordered Google to show consumers search alternatives on Android phones, the EU merely asked Google to choose how it could remedy alleged bad behavior and a lack of competition. Google mimicked a pop-up menu first used in 2009 by Microsoft to resolve an EU antitrust probe into web browsers. Showing users other browser options even helped Google’s Chrome gain ground against Microsoft’s Internet Explorer.Microsoft didn’t charge rivals to appear in this browser choice screen and showed as many as 12 rivals. In contrast, Google is using a paid auction to pick rival apps for each country. The highest bidders appear in three slots on the Android choice screen alongside Google. The company only gets paid when another app is downloaded, but it also gets valuable data on rivals’ business strategies.The approach “lets the fox watch the hens,” said Brian Schildt Laursen, owner of Denmark-based Givero. Apps “have to tell Google what markets are important to us, and what we are willing to pay to get into these markets.”“A general misunderstanding was that EU citizens from March 1 had a free choice of search engine on Android,” he added. “This was not the case.”Successful bidders are supposed to get monthly invoices from Google showing how many of their apps have been downloaded. That data should help rivals tweak their bidding strategies. But DuckDuckGo’s Weinberg said these reports have been pretty useless so far. “We’ve gotten two that are just flat zero,” he said. “We have not seen any real activations or any evidence that any real user has seen the preference menu.”DuckDuckGo has proposed changes that include scrapping the auction and replacing it with a non-pay-to-play model that includes far more than four search options for consumers.Weinberg and Schildt Laursen also blame another part of the process for delaying new Android phones that come with the choice screen. Unlike the Russian order, which applied to existing handsets, the EU remedy gives consumers a one-time prompt that will only pop up on new phones.Android phone manufacturers must update their software and get Google to sign off on the new versions before shipping the latest devices. This means few smartphones even have the choice screen yet. The Covid-19 pandemic has also curbed purchases of new handsets and disrupted some production, adding to delays.Schildt Laursen said no new Android phones with the choice screen have come out in Denmark. DuckDuckGo and PrivacyWall said the only phone that has been approved and shipped to Europe recently is the Xiaomi Mi 10, which is relatively pricey and not widely available.The problems with the Android auction echo another EU antitrust order for Google’s shopping search that critics say enriches Google without delivering much real traffic to competing product search firms. While the EU hasn’t weighed in on whether these remedies are effective, it is preparing a legal pathway that would let it demand fast changes to anticompetitive behavior instead of big fines.Margrethe Vestager, the EU’s top antitrust official, has voiced frustration about her inability to increase competition in tech markets. During a recent webinar, she blamed the pandemic for the initial poor results of the choice screen remedy, saying “very few Android phones have been shipped due to the Covid crisis.”More phones and more time may give a clearer picture on whether users will pick another search app when they are given the choice, she argued.For DuckDuckGo’s Weinberg, though, there’s already one clear lesson for the U.S.: Do it differently.A choice screen done right “could actually work,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Berkshire Hathaway Is Buying Dominion Energy's Gas Transmission Business for $9.7 Billion
    Motley Fool

    Berkshire Hathaway Is Buying Dominion Energy's Gas Transmission Business for $9.7 Billion

    Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) has agreed to acquire the natural gas transmission and storage assets of Dominion Energy (NYSE: D). Berkshire Hathaway will acquire more than 7,700 miles of natural gas pipelines from Dominion, including its 100% interest in Dominion Energy Transmission, the Questar Pipeline, and Carolina Gas Transmission, as well as its 50% stake in the Iroquois Gas Transmission System.

  • 2 Stocks to Watch in July
    Motley Fool

    2 Stocks to Watch in July

    The stock market has rallied sharply since the March lows, and the tech-heavy Nasdaq has never been higher. With that in mind, here's why Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) and Simon Property Group (NYSE: SPG) should be on the radar of patient investors who are willing to ride out the short-term ups and downs. It's not like Berkshire Hathaway to underperform the market during tough times.

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