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Gabelli started buying Buffett’s Berkshire on the cheap in 1986. His stake is now worth $83 million

Value investor Mario Gabelli told CNBC on Monday that he first started buying shares of Warren Buffett’s Berkshire Hathaway back in 1986. Decades later, he’s made more than 60 times his money, illustrating the power of buy-and-hold investing.In an interview on “Squawk Box,” the Gamco Investors CEO said the purchases were for two of his mutual funds: Gabelli Equity Trust and Gabelli Asset Fund. The funds began investment operations a few months apart in 1986.Combined, the funds own 220 shares of Berkshire Hathaway’s Class A stock, which was trading around $377,000 apiece Monday afternoon. Gabelli said his cost basis — the average price paid …

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Why this rate-driven sell-off is hitting tech stocks hardest

A Model X is on display at a Tesla showroom on February 13, 2021 in Beijing, China.VCG | Visual China Group | Getty ImagesWhat’s behind the drop in tech stocks? A model Wall Street uses to value stocks is flashing caution.Tech stocks are in a correction. The Nasdaq 100, the largest 100 nonfinancial stocks in the Nasdaq, is 10% off the historic high it hit just three weeks ago, but many big names are down close to 20%.Tech in correction(% from 52-week high)Xilinx 23%PayPal 22%AMD 21%Nvidia 19%Apple 17%What’s going on? The market is worried interest rates will be shooting up and the Federal Reserve …

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U.S. oil production won’t return to pre-pandemic levels, says Occidental CEO

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas.Angus Mordant | ReutersOccidental CEO Vicki Hollub said Thursday that she doesn’t envision U.S. oil production returning to pre-pandemic highs.”I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”She believes companies will focus on optimizing …

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Op-ed: Families should plan to negotiate with colleges for more financial aid due to pandemic

recep-bg | E+ | Getty ImagesSpring typically represents a new beginning, a fresh start and a bright outlook for the future. This also indicates that the time is approaching for hundreds of thousands of high school seniors to decide on what college they will be attending.As a wealth advisor and parent of one of those upcoming high school graduates, this is on my list personally and something we have been planning for a long time. These plans have been complicated by the pandemic and all its impact. However, at the same time, they may present a unique opportunity for the class …

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How to get it right when naming an executor and filling other key roles in your estate plan

Tetra Images | Tetra images | Getty ImagesIt would be normal to want to spend a minimal amount of time planning for your own death.Yet there’s a key aspect of creating an estate plan that experts say you shouldn’t gloss over. For instance, choosing who would carry out the wishes outlined in your will and make important decisions on your behalf if you are incapacitated at any point before you die.”These designations are important and should be considered very carefully, no matter the size of the estate,” said Samantha Weyrauch Davis, an estate planning attorney and director with the law …

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Chamath Palihapitiya sells remaining personal stake in Virgin Galactic, worth about $213 million

Virgin Galactic leaders in front of the New York Stock Exchange, from left: CEO George Whitesides, founder Richard Branson and Chairman Chamath Palihapitiya.Virgin GalacticBillionaire investor Chamath Palihapitiya, the chairman of Virgin Galactic who took the company public through a SPAC deal in 2019, sold his remaining personal stake this week, a securities filing disclosed.Palihapitiya sold about 6.2 million Virgin Galactic shares on Tuesday and Wednesday, worth about $213 million at the average selling prices.He still indirectly owns about 15.8 million shares through Social Capital Hedosophia Holdings — the special purpose acquisition company that he formed with investor Ian Osborne.Virgin Galactic and …

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New rules for self-employed and gig workers applying for PPP loans are out. Here’s what you need to know

chee gin tan | E+ | Getty ImagesThe Small Business Administration on Wednesday released a new application and loan calculation formula for Paycheck Protection Program loans for self-employed and gig workers.For these small businesses, it will mean larger forgivable loan amounts going forward.In addition, the SBA released updated guidelines for lenders on calculating loan amounts for Schedule C filers and new eligibility rules for borrowers, including those who had struggled with student loan debt, had non-fraud felony convictions or were non-citizen business owners.Claudia Radu, a sole proprietor who runs Vinyl Creations by CR in Woodstock, Georgia, hopes that the …

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If you got a voucher for canceled plans, now is the time to use it

Amid the coronavirus pandemic, many flights are canceled at Orlando International Airport in Florida on March 24, 2020.Stephen M. Dowell | Orlando Sentinel | Getty ImagesOne year ago, I booked round-trip tickets on Frontier Airlines for a vacation in Florida. When the coronavirus outbreak grounded our plans, I was issued a voucher — good for three months.Like me, an overwhelming majority of Americans shortened, postponed or canceled their plans in 2020. Most were also issued vouchers or credits good for a future date. Twelve months later, those credits are likely expired — or are about to.More from Personal Finance:38% of Americans would give up …

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Protectionism around natural resources is surging, and could spell danger for commodities

Kolwezi, DRC – The sun sets on one of the open pit copper mines at Mutanda Mining Sarl on July 6, 2016 in Kolwezi, DRC.Per-Anders Pettersson/Getty ImagesCountries rich in natural resources have become increasingly protectionist over the past year as Covid-19 threatened their economies, a new study has shown.A report published Thursday by risk consultancy Verisk Maplecroft indicated that over the course of 2020, 34 countries had seen a “significant increase” in resource nationalism, with the pandemic exacerbating an existing trend toward government intervention.Verisk Maplecroft determined that 18 of the 34 countries are dependent on the minerals or hydrocarbons they export, and …

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At the current rate, corporate boards won’t hit gender parity until 2032, new report warns

Amid headlines about women losing ground in the workplace throughout the pandemic, Equilar is releasing new data on women’s progress towards equity on corporate boards. Equilar’s new Gender Diversity Index, just released today, finds that 23.5% of all board seats on the Russell 3000, which tracks the performance of the 3,000 largest public U.S. companies, are held by women, as of the fourth quarter of 2020. That’s up from 21.5% in the fourth quarter of 2019, from 18.5% at the end of 2018, and from 15% at the end of 2016.But while the percentage continues to inch up, 6% of those Russell 3000 boards have no women on them at …

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