Hints and tips:
...Over the next 16 years, he spearheaded a string of deals, buying brokerage EF Hutton, investment bank Lehman Brothers, insurance firm Fireman’s Fund and other businesses that turned the charge-card company...
...Nubank began life as a zero-fee credit card managed by a mobile app and through rapid growth has expanded into a full-service banking offering, with everything from current accounts to investments and insurance...
...Berkshire Hathaway’s cash pile surged to a record $157bn in a quarter in which chief executive Warren Buffett continued to sell stakes in publicly traded companies, as the so-called Oracle of Omaha found...
...The failure of one of Drexel’s biggest clients, the Executive Life Insurance Company, destroyed the retirement incomes of thousands of Americans....
...Other stuff I liked this week Here’s a great BBC podcast on an incredibly strange suburban life coaching company called Lighthouse that required followers to hand over thousands of pounds and sit on long...
...“Of course it is emotional. Family life and professional life were mixed together, which meant we shared so much. That’s what I miss the most.”...
...For Buffett, Munger’s most important architectural feat is the design of today’s Berkshire, the industrials-to-insurance behemoth....
...“Not a single one of the clients who are in these funds would pay these rates for any other type of insurance, certainly not term [life] insurance,” she points out....
...Insurance group AIG, internet real estate technology group Zillow, digital communications company Cisco, ecommerce platform Shopify, and software maker Synopsys will report earnings after the market closes...
...His anointed successor Greg Abel, who is Berkshire’s vice-chair and runs the company’s vast collection of businesses outside insurance, was able to wander across the convention floor without being recognised...
...Berkshire remains a top shareholder of Bank of America, American Express and US Bancorp....
...It spent most of its life as a straightforward private-equity-backed insurance brokerage firm and expanded quickly through a series of acquisitions....
...He was previously CFO of rival Reliance Nippon Life Insurance. Goldman Sachs’ global co-head of industrials investment banking Clare Scherrer is leaving, per Bloomberg....
...of office life in the Swamp Notes newsletter....
...Thanks for reading FirstFT Americas....
...The company has branched out into other products such as life insurance and mobile payment products. Macro conditions are in Nubank’s favour — for now....
...Bank of America....
...Greenoaks has raised about $1bn this year for a Berkshire Hathaway-style holding company in Guernsey that invests in large private internet companies....
...“Athene has replaced Berkshire Hathaway as the buyer of last resort of insurance assets,” says one of its former executives....
..., the Berkshire vice-chair who runs its valuable insurance operations....
...Job moves Jacqueline Hunt, a member of Allianz’s board of management in charge of Allianz Global Investors, Pimco and the group’s US life insurance business, is in talks about an early departure, two people...
...(FT) Apollo-Athene: the new Berkshire Hathaway?...
...Markets The Bank of England’s quantitative easing programme has made it the biggest holder of UK government debt (gilts), overtaking overseas investors and pension and insurance companies....
...Japanese insurer Tokio Marine has said the insurance policies at the heart of the Greensill Capital collapse may not have been valid, as investors pressed the company to detail its exposure to the lender...
...Separately, Warren Buffett’s Berkshire Hathaway spent $800m this week increasing its stake in Bank of America....
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