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Warren Buffett bought Microsoft stock after meeting Bill Gates and made a $37 billion acquisition thanks to a chance encounter. Here are his 10 best quotes from an interview in a new book.

Warren Buffett bought Microsoft stock after meeting Bill Gates and made a $37 billion acquisition thanks to a chance encounter. Here are his 10 best quotes from an interview in a new book.



Warren Buffett wearing a suit and tie: Warren Buffett, co-chair of the 10,000 Small Businesses Advisory Council, takes part in a panel discussion following a news conference announcing a $20 million partnership to bring Goldman Sachs' 10,000 Small Businesses initiative to the city of Detroit, Michigan, November 26, 2013. REUTERS/Rebecca Cook


© REUTERS/Rebecca Cook
Warren Buffett, co-chair of the 10,000 Small Businesses Advisory Council, takes part in a panel discussion following a news conference announcing a $20 million partnership to bring Goldman Sachs’ 10,000 Small Businesses initiative to the city of Detroit, Michigan, November 26, 2013. REUTERS/Rebecca Cook

  • Warren Buffett gave investing advice to Bob Woodward, purchased Microsoft stock after meeting Bill Gates, and struck a $37 billion deal thanks to a chance meeting, he told David Rubenstein in “How to Lead: Wisdom from the World’s Greatest CEOs, Founders, and Game Changers.”
  • The famed investor and Berkshire Hathaway CEO also touched on railroads, his annual shareholder letters, his retirement plans, and his company’s future in the interview with the co-executive chairman of The Carlyle Group.
  • Scroll down to read Buffett’s 10 best quotes from the discussion.
  • Visit Business Insider’s homepage for more stories.

Warren Buffett gave investing advice to investigative journalist Bob Woodward, bought 100 Microsoft shares after meeting Bill Gates, and made a $37 billion acquisition because of a chance encounter, he told David Rubenstein in an interview for “How to Lead: Wisdom from the World’s Greatest CEOs, Founders, and Game Changers.”

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Rubenstein, the cofounder and co-executive chairman of The Carlyle Group, published the book in September. He spoke to Buffett, a billionaire investor and the CEO of Berkshire Hathaway, in 2016.

Here are Buffett’s 10 best quotes from the interview:

1. “The railroad business had a bad century. They’re kind of like the Chicago Cubs. Everybody has a bad century now and then” — on Berkshire’s purchase of the Burlington Northern Santa Fe railroad in 2009.

2. “I bought 100 shares just to keep track of what this young kid was doing” — on his early relationship with Microsoft cofounder Bill Gates. Buffett likely spent less than

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Ally Financial Announces Date of 2021 Annual Meeting of Stockholders

Ally Financial Announces Date of 2021 Annual Meeting of Stockholders

Press release content from PR Newswire. The AP news staff was not involved in its creation.

DETROIT, Oct. 9, 2020 /PRNewswire/ — Ally Financial Inc. (NYSE: ALLY) today announced that it will conduct its 2021 annual meeting of stockholders on Tuesday, May 4, 2021. Additional details will be provided in the company’s proxy statement.

About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $184.1 billion in assets as of June 30, 2020. As a customer-centric company with passionate customer service and innovative financial solutions, we are relentlessly focused on “Doing It Right” and being a trusted financial-services provider to our consumer, commercial, and corporate customers. We are one of the largest full-service automotive-finance operations in the country and offer a wide range of financial services and insurance products to automotive dealerships and consumers. Our award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage lending, personal lending, and a variety of deposit and other banking products, including savings, money-market, and checking accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

Contacts:

Daniel Eller
Ally Investor Relations
704-444-5216
daniel.eller@ally.com

Jillian Palash
Ally Communications (Media)
704-644-6201
jillian.palash@ally.com

View original content: http://www.prnewswire.com/news-releases/ally-financial-announces-date-of-2021-annual-meeting-of-stockholders-301149425.html

SOURCE Ally Financial

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Fed officials fear lack of stimulus will stifle the US economic recovery, according to September meeting minutes

Fed officials fear lack of stimulus will stifle the US economic recovery, according to September meeting minutes



a man wearing a suit and tie: Getty Images / Tasos Katopodis


© Getty Images / Tasos Katopodis
Getty Images / Tasos Katopodis

  • Minutes from the Federal Open Market Committee’s September 15-16 meeting show Federal Reserve officials raising concerns that a lack of new fiscal support could hinder the US economic recovery.
  • FOMC participants “assumed the enactment of some additional policy support this year,” according to the minutes. Without such support, “the pace of the economic recovery would likely be slower,” they added.
  • The meeting came roughly three weeks before President Trump abruptly halted negotiations on a new bill, saying in a Tuesday tweet he would freeze stimulus talks until after the presidential election.
  • Some FOMC members fired back at the president’s action. Letting the economy move forward without congressional support is like “letting the forest fire just rage,” Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Wednesday.
  • Visit the Business Insider homepage for more stories.

Federal Reserve officials raised concerns about a lack of additional fiscal stimulus during their September meeting, roughly three weeks before President Donald Trump axed negotiations for new aid.

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Minutes of the Federal Open Market Committee’s September 15-16 meeting revealed policymakers “assumed the enactment of some additional fiscal policy support this year.” Without such support from Congress, “the pace of the economic recovery would likely be slower,” according to the minutes.

The absence of new stimulus would also “exacerbate economic hardships in minority and lower-income communities,” FOMC participants added. The two groups are among those hit hardest by the virus and its economic fallout.

“For the time being, the Fed is sending the message that they have, in fact, done a lot already,” Bob Miller, BlackRock’s head of fundamental fixed income in the Americas, said. “What is clearer, however, is the committee members’ revealed preference that fiscal policy is the optimal response

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World Economic Forum drops Davos as venue for 2021 meeting

World Economic Forum drops Davos as venue for 2021 meeting

The next Davos will not be in Davos. 

The World Economic Forum, whose base in the Swiss Alpine ski resort has become shorthand for its annual meetings each January, had already told the executives, environmentalists and world leaders who usually attend that Covid-19 had forced it to push back its next event to May 2021.

On Wednesday the organisation disclosed that it would also move its meetings to a lower altitude setting.

The WEF, founded by Klaus Schwab 50 years ago, has chosen two sites on opposite sides of Lake Lucerne, between which dignitaries willing to resume face-to-face networking will shuttle by boat and funicular railway. 

Big public meetings will take place at KKL Luzern, the Lucerne Culture and Congress Centre in the town. Smaller workshops will be at Bürgenstock Resort, a 383-room hotel and spa 500 metres above the lake which bills itself as “compact and secure” and was once frequented by movie stars such as Sophia Loren and Audrey Hepburn.

The WEF, which has a mission of “improving the state of the world”, decided to move venues because it expects less than a third of the 3,000-3,500 people who typically come to its annual meetings to attend May’s event, it said. 

Lucerne also offers a shorter, direct train connection to Zurich airport, the forum said.

The organisation last changed the venue for the annual meeting in January 2002, when WEF participants descended on New York in a show of support after the September 11 terrorist attacks on the US. 

The WEF’s annual meeting has become a test case of executives’ willingness to resume business travel during a pandemic. Corporate travel has remained at depressed levels even as leisure travel has begun to pick up, leaving airlines, hotel owners and conference organisers concerned about the outlook for their industries.

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