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Happy Monday! Let’s have a great week:
👉 Berkshire’s annual meeting
👉 Federal Reserve needs better communication
👉Jack Dorsey leaves Bluesky
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BERKSHIRE: Unloads Some Apple
At Berkshire Hathaway's annual meeting in Omaha, Warren Buffett praised Apple despite selling around 13% of its shares. Their holdings dropped from $174.3 billion to $135.4 billion by the end of the first quarter. Buffett still sees Apple as a top investment, even saying it was better than American Express and Coca-Cola.
Source: CNBC
He hinted that taxes influenced the decision to sell shares. Despite Apple's challenges, Berkshire's cash pile hit a record $189 billion, and it is expected to grow to $200 billion this quarter. Buffett mentioned that Berkshire sold its shares in Paramount Global at a loss. He said he made the decision to invest in it. Berkshire's diverse businesses earned $11.2 billion in operating earnings, showing a strong start to the US economy this year.
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FED: Better Communication
Austan Goolsbee, President of the Federal Reserve Bank of Chicago, suggested that policymakers need to improve how they talk about the economy and interest rates. He said that the dot plot, which shows policymakers' rate projections, doesn't mean much without a clear connection to economic conditions.
Source: Reuters
Goolsbee talked about the Fed's Summary of Economic Projections, which forecasts growth, inflation, unemployment, and interest rates. He proposed that policymakers should link their forecasts to show how economic changes could affect policy decisions. New York Fed President John Williams also spoke at the event. He stressed the Fed's commitment to hitting its inflation target and said inflation is likely to go down.
DORSEY: Leaves Bluesky
Jack Dorsey, Twitter's co-founder, has left the board of Bluesky, a social media platform he helped create and fund in 2019 while he was CEO of Twitter. Bluesky confirmed his departure on May 5 and thanked him for his support. Dorsey himself confirmed he's no longer on the board. Neither he nor Bluesky gave reasons for his leaving.
Source: The Week
Meanwhile, Dorsey has been active on social media, promoting grants and referring to Elon Musk's social network as "freedom technology." He also drastically reduced the number of people he follows on social media, leaving only a few, including Musk. Dorsey first announced Bluesky in 2019 as a project to develop a decentralized standard for social media.
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