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Warren Buffett says that trimming his Apple stake was ‘probably a mistake’ – and Charlie Munger told him not to sell

Warren Buffett Getty Images Warren Buffett said that trimming his Apple stake was a misstep.The Berkshire Hathaway CEO revealed that Charlie Mu…

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  • Warren Buffett said that trimming his Apple stake was a misstep.
  • The Berkshire Hathaway CEO revealed that Charlie Munger warned him against selling.
  • Munger was also against Berkshire’s exit from Costco last year.
  • See more stories on Insider’s business page.

Warren Buffett said he was likely wrong to cash out some of his Apple shares last year.

“I sold some stock last year,” the famed investor said at Berkshire Hathaway’s annual meeting on Saturday. “That was probably a mistake.”

Apple is by far the biggest holding in Berkshire’s stock portfolio. Buffett’s company has roughly tripled its money on the iPhone maker since investing $35 billion between 2016 and 2018.

Berkshire sold about $11 billion worth of Apple stock in the fourth quarter. Its stake is still worth north of $100 billion today.

Buffett revealed that his right-hand man and Berkshire’s vice-chairman, Charlie Munger, told him not to sell Apple. Munger also advised him against exiting Costco, which has been his favorite company for years. Yet Berkshire sold its $1.3 billion stake in the big-box retailer in the third quarter of 2020.

The investor said that there are only so many things that Munger will let him get away with. “I used them up between Costco and Apple,” he said.

Munger was “very likely was right in both circumstances.” Buffett added.

The Berkshire CEO touched on many other topics during the meeting, including Berkshire’s sale of the “big four” airlines and several bank stocks last year.

roughly tripled its money

Source: https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-selling-apple-stock-mistake-charlie-munger-2021-5-1030373625

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NetDragon’s Huayu enters into strategic cooperation with Chinese Ministry of Education’s National Center for Educational Technology

HONG KONG, April 16, 2021 /PRNewswire/ — NetDragon Websoft Holdings Limited (‘NetDragon’ or the ‘Company’; Hong Kong Stock Code: 777), a global l…

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HONG KONG, April 16, 2021 /PRNewswire/ — NetDragon Websoft Holdings Limited (“NetDragon” or the “Company”; Hong Kong Stock Code: 777), a global leader in building internet communities, is pleased to announce that its education subsidiary Huayu has signed a strategic cooperation framework agreement with National Center for Educational Technology (“NCET”), a unit directly affiliated to the Chinese Ministry of Education (MOE). The two parties will work hand-in-hand to create a new model of smart education based on emerging technologies such as virtual reality (VR), artificial intelligence (AI) and big data, and explore the development of education informatization. The signing ceremony was attended by Deputy Party Chief and Secretary of the Discipline Inspection Commission of NCET Li Ping, Deputy Director of NCET Yang Fei, Founder and Chairman of the Board of NetDragon Liu Dejian, and Senior Vice President of NetDragon Yu Biao.

Logo (PRNewsfoto/NetDragon Websoft Holdings Limi)

Based on the agreement, Huayu and NCET will carry out strategic cooperation in virtual simulation technology, online learning, AI, gamified learning and other aspects to help develop education informatization at multiple levels. In the future, based on the new online learning model of “New Infrastructure of Education”, both parties will continue to cooperate in developing more innovative educational products and building online learning service systems with the characteristics of intelligence, autonomy, self-help and advancement. These will be introduced to potential regions across China, forming a new teaching model combining online and offline education in the country’s basic education.

At the signing ceremony, Yang Fei, Deputy Director of NCET, said that NCET and Huayu have conducted fruitful cooperation in virtual experiment teaching in primary and secondary schools, and have achieved positive pilot results. Following the signing of the strategic cooperation agreement, NCET will make use of the edge of its national education technology system to create a favourable ecosystem and provide continuous support for education informatization. It will work with Huayu to promote innovation in teaching methods and popularization of education informatization, and tackle the current issue of uneven development of education.

Li Ping, Deputy Party Chief and Secretary of the Discipline Inspection Commission of NCET, expressed gratitude to Huayu for its support and also recognized Huayu’s development and achievements in the field of “Internet+Education”. She hopes this strategic cooperation is a starting point and both parties will go further to broaden the scope of cooperation, increase global influence, empower education with technology, create a bright future of cooperation, and contribute to the balanced development of education.

Liu Dejian, Founder and Chairman of the Board of NetDragon, said that NCET has played an indispensable leadership role in building a curriculum system and making it professional. Huayu, under the leadership of NCET, has utilized its technical edge to create industry-leading virtual experiment teaching products. It is believed that riding on this cooperation opportunity, Huayu will continue to integrate high-quality educational resources and enable the adoption of advanced technologies in the education segment. As such, virtual reality, artificial intelligence and other advanced technologies could be incorporated into the everyday teaching and learning routine, creating a new norm of “3E Education”, in which education can be more “efficient”, more “effective” and more “entertaining”.

In retrospect of the history of cooperation between Huayu and NCET, the joint work in the field of virtual experiment teaching has begun to bear fruit. In January 2020, Huayu and NCET officially signed a cooperation agreement to jointly push forward the development and promotion of a virtual experiment teaching system in primary and secondary schools. The two sides have made use of the national education resource public service platform to build a “Virtual Experiment Teaching Service System”. As the exclusive provider of research and development as well as technical support for the system, Huayu has provided a full suite of technology support and services for the launch and use of the system, supporting the improvement of the level of experiment teaching and laboratory construction of related subjects in primary and secondary schools nationwide. The virtual lab has already had over 3,000 sets of teaching materials and has launched pilot programs in 68 primary and secondary schools in six provinces across China. In the future, it will enter into the experiment classes of more primary and secondary schools.

Yu Biao, Senior Vice President of NetDragon, said that NCET’s virtual experiment program has achieved very positive pilot results across the country and the cooperation between Huayu and NCET has marked a new milestone. The two sides will continue to develop high-quality educational tools, so that virtual experiments can be incorporated into the everyday teaching in primary and secondary schools and create a new norm of intelligent education.

In 2019, “New Infrastructure” was written into the State Council government work report. In recent years, NetDragon’s Huayu has capitalized on the “New Infrastructure of Education” to apply VR, AI, 5G and other emerging information technologies to educational products and create the “future classroom” in the era of digital education. Looking into the future, NetDragon will make an across-the-board effort in promoting innovation in education and teaching methods, introduce education informatization to more areas, and strive to promote equitable and quality education.

About NetDragon Websoft Holdings Limited

NetDragon Websoft Holdings Limited (HKSE: 0777) is a global leader in building internet communities with a long track record of developing and scaling multiple internet and mobile platforms that impact hundreds of millions of users, including previous establishments of China’s first online gaming portal, 17173.com, and China’s most influential smartphone app store platform, 91 Wireless.

Established in 1999, NetDragon is one of the most reputable and well-known online game developers in China with a history of successful game titles including Eudemons Online, Heroes Evolved and Conquer Online. In recent years, NetDragon has also started to scale its online education business on the back of management’s vision to create the largest global online learning community, and to bring the “classroom of the future” to every school around the world.

For investor enquiries, please contact:

NetDragon Websoft Holdings Limited
Ms. Maggie Zhou
Senior Director of Investor Relations
Tel.: +852 2850 7266 / +86 591 8390 2825
Email: maggiezhou@nd.com.cn
Website: ir.nd.com.cn

SOURCE NetDragon Websoft Holdings Limited

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

Liu Dejian, Founder and Chairman of the Board of NetDragon, said that NCET has played an indispensable leadership role in building a curriculum system and making it professional. Huayu, under the leadership of NCET, has utilized its technical edge to create industry-leading virtual experiment teaching products. It is believed that riding on this cooperation opportunity, Huayu will continue to integrate high-quality educational resources and enable the adoption of advanced technologies in the education segment. As such, virtual reality, artificial intelligence and other advanced technologies could be incorporated into the everyday teaching and learning routine, creating a new norm of “3E Education”, in which education can be more “efficient”, more “effective” and more “entertaining”.

Source: https://markets.businessinsider.com/news/stocks/netdragon-s-huayu-enters-into-strategic-cooperation-with-chinese-ministry-of-education-s-national-center-for-educational-technology-1030311630

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Allergy & Asthma Network Launches First Nationwide Asthma Awareness Month Virtual Fitness Challenge

VIENNA, Va., April 12, 2021 /PRNewswire/ — This May, Allergy & Asthma Network will celebrate Asthma Awareness Month with its first-ever Virtual F…

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VIENNA, Va., April 12, 2021 /PRNewswire/ — This May, Allergy & Asthma Network will celebrate Asthma Awareness Month with its first-ever Virtual Fitness Challenge. The month-long initiative encourages people to get active and live healthier while supporting Allergy & Asthma Network. All proceeds will go to the Network’s outreach, education, advocacy and research programs.

Allergy & Asthma Network is teaming up with Virginia-based certified personal trainer Shannon Simpson to develop the online fitness program. It is designed to take a whole-body approach to lung health and overall wellness.

Every day during May, Virtual Fitness Challenge participants access the online fitness program and take part in physical activity that strengthens core and balance, with a focus on arms and legs. The program also includes yoga sessions to help calm the mind and body.

The Virtual Fitness Challenge kicks off Saturday, May 1 with a walk/run at your own pace and distance.

Research shows regular exercise is linked to improved asthma control and quality of life. Health benefits include:

  • improved lung function
  • greater endurance and stamina
  • improved immune system reducing the risk of respiratory infections
  • stronger muscles that promote blood flow to the lungs and heart
  • healthy body weight
  • stress reduction

Registration for the Virtual Fitness Challenge is $20.00. After registering, you will receive a link to the exercise program webpage (live on April 30). There you will find workout videos developed by Coach Shannon and a downloadable workout calendar to track your progress.

At the end of May, email your completed calendar to Allergy & Asthma Network to receive a certificate of completion and a chance to win a Fitbit-4 and workout equipment.

If you have asthma that is triggered by exercise, or you have other serious health conditions, consult with your doctor before engaging in exercise. If you are allergic to spring pollens or mold, exercise indoors instead.

For more information and to register, go to AllergyAsthmaNetwork.org/fitnesschallenge.

About Allergy & Asthma Network

Allergy & Asthma Network is the leading national nonprofit organization dedicated to ending needless death and suffering due to asthma, allergies and related conditions. The Network specializes in sharing practical, patient-friendly, medically reviewed information through its AllergyAsthmaNetwork.org website, E-newsletter and numerous community outreach programs.

Contact: Gary Fitzgerald
Allergy & Asthma Network
703-641-9595
gfitzgerald@allergyasthmanetwork.org

Cision View original content:https://www.prnewswire.com/news-releases/allergy–asthma-network-launches-first-nationwide-asthma-awareness-month-virtual-fitness-challenge-301266943.html

SOURCE Allergy & Asthma Network

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

Source: https://markets.businessinsider.com/news/stocks/allergy-asthma-network-launches-first-nationwide-asthma-awareness-month-virtual-fitness-challenge-1030295068

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Deutsche Bank teamed up with 6 firms led by women, people of color, and veterans on a $750 billion bond sale as Wall Street looks to elevate minority shops

Deutsche Bank headquarters in Frankfurt. Ralph Orlowski/Reuters Deutsche Bank's $750 million bond was led by six firms led by women, peopl…

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Deutsche Bank headqaurtersDeutsche Bank headquarters in Frankfurt.

Ralph Orlowski/Reuters

  • Deutsche Bank’s $750 million bond was led by six firms led by women, people of color, and veterans.
  • As joint lead managers, these firms built investor orders for the deal and pocketed greater fees.
  • More companies are appointing minority-led firms to promote equity on Wall Street.
  • See more stories on Insider’s business page.

When markets opened Tuesday and Deutsche Bank announced a $750 million bond sale, dealmakers would have been forgiven for thinking it was just another regular investment grade transaction.

But for the first time, Deutsche appointed financial institutions that are service-disabled and veteran-owned, or operated by women or people from communities of color, to not just participate in the deal, but lead the effort alongside the German bank’s own syndicate desk.

Typically, firms opt for the usual suspects, from large, money-center banks such as Citi or Bank of America to household investment banking names like Morgan Stanley and Goldman Sachs conduct their bond sales. But Deutsche’s move comes as companies increasingly turn to minority-owned investment banks to coordinate bond sales to attract new investors into transactions and to highlight their own commitment to diversity and inclusion initiatives on Wall Street.

And importantly, Deutsche’s decision to mandate Academy Securities, CastleOak Securities, Loop Capital Markets, Mischler Financial Group, R Seelaus, and Siebert Williams Shank as joint lead managers was a signal that these smaller firms can not just participate in these transactions, but lead bond deals for the capital markets’ biggest borrowers.

As joint lead managers, the minority-led investment banks picked up extra responsibilities throughout the bond sale and, crucially, earned greater fees for their work than they typically would in a lower-tier role such as co-manager or arranger.

“We wanted to make them a full partner in this process. Their conversations with top-tier investors puts them in a different place compared to a typical co-manager role,” Jeanmarie Genirs, Deutsche Bank’s head of US investment grade syndicate, told Insider. “It’s elevated their stature on this specific transaction and overall in their relationships with bond issuers.”

In addition to the six joint lead managers, AmeriVet Securities, Bancroft Capital, Capital Institutional Services Multi-Bank Securities, and Roberts & Ryan Investments were named co-managers on the deal, Deutsche said.

The full group of minority, women, and service-disabled veteran firms will receive roughly 60%, or $1.1 million, in fees. This compares to an approximate average of 20% in fees for minority-led firms that have worked in lower tier roles, Genirs said.

The $750 million transaction was offered at a rate of 1.45% and will mature in March 2025.

This deal is ‘much more than a mere icon on a prospectus cover for our pitch books.’

Through mid-March, the top 10 firms led by minorities had participated in roughly $136 billion worth of US investment grade bond sales, approximately 43% of the year’s deal flow, up from 33%, or $95 billion, during the same time period last year, according to Refinitiv data. For 2020, minority-led firms helped arrange about 29%, roughly $814 billion, of US investment grade deals.

“This transaction represented much more than a mere icon on a prospectus cover for our pitch books,” said Ronald Quigley, a managing director who runs the fixed income syndicate at Mischler Financial Group. “We’ve earned the right as a joint lead manager to get into the weeds on such a transaction.”

Indeed, investor orders peaked at $1.8 billion for Deutsche Bank’s new deal with over 100 investors expressing interest in the transaction, according to Deutsche’s Genirs, underscoring these smaller firms’ ability to mix with the biggest banks on landmark transactions.

Each joint lead manager will earn 7% of the underwriting fees apiece.

Deutsche joins other blue-chip companies including Citi, General Motors, Verizon, and PepsiCo in appointing diverse underwriting groups to their recent bond deals. As more transactions get done amid receptive investor audiences, the hope is that more firms will look to these smaller, experienced sections of Wall Street for their future bond deals.

“There are people at these firms with outstanding expertise and our engagement with them this week was testament to that,” said Genirs. “And with additional opportunities, maybe this can propel their firms even further.”

  • More companies are appointing minority-led firms to promote equity on Wall Street.
  • Source: https://markets.businessinsider.com/news/stocks/deutsche-bank-bond-minority-owned-investment-banks-fees-women-bipoc-2021-4-1030272088

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