Finance Insider is Business Insider's midday summary of the top stories of the past 24 hours.
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
Warren Buffett's Berkshire Hathaway published its annual letter to shareholders over the weekend. As you would expect, it covered a bunch of topics, and was full of Buffett-isms. Here are the highlights:
Stocks are "on the cheap side" and not in bubble territory, according to Buffett
He also just revealed Berkshire Hathaway has more than doubled its stake in Apple
He said the way hedge funds charge their clients "borders on obscene"
He defended stock buybacks, saying they are not "un-American"
He also sounded the alarm on adjusted earnings, adding that "a CEO whose focus is centered on Wall Street will be tempted to make up the numbers"
He shared his best investment advice, and said the "elite" have wasted $100 billion ignoring it
He credited "miraculous" America in part to a "tide of talented and ambitious immigrants"
Our favorite Buffett-ism from the letter was this beauty: "Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold"
Buffett gave Vanguard founder Jack Bogle a shoutout, saying he has done the "most for American investors"
He also name-checked Ajit Jain, a key executive, saying: "If you could swap me for him, don't hesitate"
He also had a book recommendation
In deal news, Snap's IPO is oversubscribed by $7 billion. Some of Snap's new investors won't be able to sell the stock for a year. And Time Warner hit a 52-week high after FCC chairman said he doesn't expect to review the AT&T merger.
There's a bunch of news about President Trump:
Trump spurred a "consumer awakening" that is pushing businesses into uncharted territory
Trump is already walking back his most important promise on the economy
Trump tweeted a wildly misleading comparison of the national debt in his first month to Obama's
President Donald Trump said that he is still committed to rebuilding the roads and bridges of America
Here's who would lose money under Trump's proposed tax plan
In other news, Goldman Sachs downgraded Tesla, and the stock dropped. Tesla is already showing how the insurance industry will be disrupted by self-driving cars. And Wall Street is divided over the car company, according to Matt DeBord.
Lastly, here's how Americans really feel about their country on 33 key issues, and how that has changed over 40 years.
Here are the top Wall Street headlines from the past 24 hours.
Deutsche Bank cut its bonus pool by a "frustrating" 80% - Deutsche Bank cut its bonus pool for 2016 performance by 80%, a senior executive said, a move which will affect around 25,000 senior employees.
London Stock Exchange: EU will probably kill our blockbuster merger with Deutsche Boerse - London Stock Exchange Group said on Sunday it believes the European Commission is unlikely to provide clearance for its merger with Deutsche Boerse AG after LSE's board concluded it would not be able to meet the regulator's demands.
The Japanese telecom giant SoftBank is reportedly looking to invest $3 billion in WeWork - Japan's SoftBank Group Corp. is close to finalizing an investment in the US office-sharing startup WeWork in a deal expected to be worth over $3 billion, CNBC reported on Sunday.
Investing in the age of Trump - President Trump’s fiscal and de-regulatory agenda was the inflection point for markets at the beginning of 2017 as the promise of fiscal stimulus and deregulation sparked hopes for faster business investment and consumption.
This watch company is the perfect example of why Trump's "made in America" initiative is easier said than done - No one knows how difficult it is to manufacture in America like the people who actually do it.
A "significant shortage of listings" is restraining the US housing market - US pending home sales unexpectedly fell by 2.8% in January, according to the National Association of Realtors.
The Mercedes-Benz pickup truck could be coming to America - The Mercedes-Benz X-Class may be the most highly anticipated pickup truck in recent memory.
One of the best-dressed guys at the Oscars broke all of the rules - Men hear a lot about rules when it comes it dressing. Generally, you should follow them.