Photo: In this May 5, 2012, photo, Warren Buffett, chairman and CEO of Berkshire Hathaway smiles on the exhibit floor where Berkshire products aer showcased, prior to the annual shareholders meeting in Omaha, Neb. (AP photo/ Nati Harnik)
Knoxville-based lifestyle media company Scripps Networks Interactive is exactly the kind of company that financial guru Warren Buffett likes to buy, investment strategist David Trainer writes in a MarketWatch article.
“(Buffett’s) interest in media/publishing stocks is grounded in the superior economic earnings these businesses can achieve. And SNI, with a 21% return on invested capital (ROIC), exhibits the kind of scale that Mr. Buffett knows leads to superior economic earnings,” Trainer says.
He also notes that Scripps Networks and Clayton Homes, which Buffett bought in 2003, are both headquartered in the Knoxville area.
In case you missed it, President Obama’s campaign to raise tax rates on the rich gained an interesting ally a few days ago – Ben Stein.
In an interview on CNN, the economist/ actor said he rarely agrees with the president’s policies, but raising taxes on millionaires is “totally fair and abosolutely necessary” to save the economy. In his State of the Union speech last week, Obama said millionaires should pay at least a 30 percent rate.
It’s fantasy to believe that the economy will fully recover without raising takes on the uber rich, Stein said.
The war of words between financial wizard Warren Buffett and Sen. Mitch McConnell is heating up. So far, the senator is losing. If McConnell wants to turn it around he needs to resurrect the shovel. (I’ll explain in a moment.)
High-rollers who want to have lunch with one of the richest men in the world can start planning their auction strategy.
Once again, San Francisco charity GLIDE is raising money by sponsoring an eBay auction for lunch with billionaire Warren Buffett. The investment guru has raised nearly $9 million for GLIDE in the past 11 years by having lunch with other rich people.
Last year, an anonymous auction winner paid almost $2.63 million for a power lunch with Buffett at a New York steakhouse.