Tuesday, February 28, 2012

CNBC.com Article: Warren Buffett: Steve Jobs Didn't Take My Advice To Buy Back Apple Stock

Exactly as how we know him - my way or the highway.


CNBC.com Article: Warren Buffett: Steve Jobs Didn't Take My Advice To Buy Back Apple Stock

During his live "Ask Warren" appearence on CNBC's Squawk Box this morning, Warren Buffett recounted some advice he gave to Apple CEO Steve Jobs several years ago.  Jobs, however, did not take that advice.

Full Story:
http://www.cnbc.com/id/46540227

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Monday, February 27, 2012

How to Deal With People Who Frustrate You

http://www.raptitude.com/2010/07/how-to-deal-with-people-who-frustrate-you



Deep down I knew better, but I couldn’t stop myself.

An opinionated Twitter acquaintance of mine had tweeted a snarky comment that dismissed all forms of self-improvement as new age feel-good fluff. It was such a sweeping, cynical remark that I felt I had to set him straight.

So I hammered out a sharp rebuttal, and felt a little better, but there was still uneasiness. He would surely come up with a counter-attack on what I said, and it would go back and forth until one of us let the other have the last word.

After a few minutes, I got the lesson he was trying to teach me: to let go of my need to be right all the time. I deleted the tweet and he never saw it.

A few years ago I learned an ingenious method for dealing with other people when they’re doing things you wish they wouldn’t do. It’s adapted from a technique by the late author Richard Carlson. It’s easy and works exceedingly well.

You go about your day as normal, but you imagine one difference:

Everyone is enlightened but you.

That includes:
The impatient, tailgating driver behind you
The intern at work who drinks all the coffee and never puts on a new pot
The friend who knows he owes you ten bucks but is waiting until you ask him for it
The guy who keeps clicking his pen during the meeting
The “greeter” at Wal-Mart who tapes your bag shut every time even though you’re a loyal customer who’s never stolen anything in your life
Whoever tagged your garage door last night
Your kind old Aunt Sally, who keeps on talking after you’ve said you really need to get going

Imagine all the people in your world are completely enlightened and aware of what they’re doing to you, and they’re doing it only to teach you something valuable. Your task is to figure out what.

A true master won’t simply tell you what he thinks you should know. He’s too wise to say, “Always be patient,” and expect that it will make you a patient person. Instead, he’ll create a lesson that challenges you. He will push a button of yours, and see if you know what to do.

If you knew you were being tested on purpose, what would you do?

When your friend was supposed to be here fifteen minutes ago and is nowhere to be seen, what is he trying to teach you? To be patient? To avoid assumptions? Unconditional love, maybe.

This is a very empowering way to field whatever life tosses at you. It works so well because your mentality changes from that of the know-it-all, the teacher of proper behavior, to that of the student.

If you insist that you already know the sole cause of your frustration to be that other person and their bad driving or selfish attitude, then a) you’ll continue to be frustrated at the whim of others, and b) it won’t turn out any better for you next time. To habitually regard yourself, like many do, as the knower — the wiser one — in each of these run-ins is to cling to an unenforceable rule that states, “Other people must always behave in ways that make sense to me and are sympathetic to my needs.”

By responding to the behavior of others with the mindset of a student instead of a teacher, you develop a habit of self-inquiry that gradually replaces the habit of condemning others for being less considerate or less refined or less aware than you. You’ll learn to look for the smart move instead of the first one comes to you, and you’ll be building a mental toolkit that can handle just about anything.
The Most Powerful Skills of All

When my enlightened Twitter-mate made his apparently cynical comment, he was presenting me with a precious lesson. I immediately felt a powerful urge to set him straight — a really strong need to make him understand me. At first I took the bait, but after a few minutes I did grasp what he was trying to teach me: Let others be “right.” Cease to cherish opinions.

If you’re somewhat familiar with any spiritual teachings — from the Bible to the Tao Te Ching to The Four Agreements — your new lesson may trigger your memory of a quote or passage that illustrates it, and that passage will then take on a deeper meaning for you. Cease to cherish opinions. Let the baby have his bottle. Love your enemies. You might already “know” them all, but perhaps you’ve never consciously experienced each of them as a lesson in action. Well now you can, and you have brilliant teachers everywhere you look.

The skills your enlightened masters teach are the most powerful and widely-applicable skills you can learn: patience, self-questioning, open-mindedness, forgiveness, gratitude, humility, letting go, and love. If you make a habit of seeing everyone else as enlightened, you will be strengthening each of these potent skills every single day.

Honing these skills will boost your quality of life more quickly than anything else you can possibly do. They’ll create better outcomes at every juncture. Each improvement compounds all the others, for the rest of your life. If you can learn to deal painlessly with critical colleagues after just a few pointed lessons, you are saving yourself untold frustration over the next five, ten or fifty years. The return on investment is astronomical.

Once you figure out what the current lesson is, it’s hard to stay annoyed at its teacher, because you’ll know that only you can drop the ball, by rejecting the lesson. Only you can make you frustrated. And how could you stay angry at one of your enlightened masters for administering such a brilliant lesson?

Only when you convince yourself that you know more than your teacher can you fail to learn.
You’re Headed There Anyway

After a while, you’ll notice that the lessons you encounter will cater to your weak areas with such uncanny perfection, you may begin to suspect that your pathetic co-worker and the perfume-soaked lady on the train really are enlightened. Each lesson will offer you exactly what you need to overcome the trouble it causes you, but only if you are looking for it.

This hints at a powerful idea, which has been suggested by Eckhart Tolle, don Miguel Ruiz, and other spiritual teachers: no matter who you are, the universe is conspiring to enlighten you.

Just as the stones in every fast moving stream will eventually become smooth, rounded discs from years of friction and tiny collisions, it seems we human beings are destined to outgrow our suffering simply because we are constantly running afoul of it. Over time, we can’t help but learn to get better at dealing with what ails us. So each time we butt heads with life — whether it’s in the form of a belligerent customer or a dishonest mechanic — we get a chance to learn something of immeasurable importance.

For many people, this learning takes place only by accident. Over many years, life’s inevitable bumps and bruises gradually clue them in on what works and what doesn’t. It can take most of a lifetime to make a noticeable difference in quality of life, because they don’t see themselves as students. They just want to school everyone else. And that’s an order much too tall for any lifetime.

If you graciously accept the role of student and open yourself up to the wisdom of the enlightened individuals all around you, you’ll be miles ahead of the curve, and your wisdom will be no accident.

Sunday, February 26, 2012

(BN) Berkshire Says Board Has Decided on Buffett’s Successor as Chief Executive


Not waiting for the transistion..

Bloomberg News, sent from my iPad.

Berkshire Selects Manager to Eventually Replace Buffett as CEO

Feb. 25 (Bloomberg) -- Warren Buffett, the chief executive officer of Berkshire Hathaway Inc. since 1970, told shareholders that the board has decided on his eventual replacement.

Directors are "enthusiastic about my successor as CEO, an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire," Buffett said today in his annual letter, without identifying the person. "When a transfer of responsibility is required, it will be seamless."

Buffett, 81, is under pressure to demonstrate Berkshire is prepared for a transition. The stock trailed the Standard & Poor's 500 Index last year as Buffett was pushed to apologize for his oversight of David Sokol, a former manager. Sokol, once considered a possible successor, left the company in April and was accused by Berkshire of violating its insider trading policies.

"After the Sokol disaster, he had to settle that issue," said Jeff Matthews, a Berkshire shareholder and author of "Secrets in Plain Sight: Business and Investing Secrets of Warren Buffett." It was "painfully obvious they needed to have that locked down." Berkshire declined 4.7 percent last year, compared with little change in the S&P 500.

Berkshire relies on Buffett, also the chairman and head of investments, to oversee a $77 billion stock portfolio and operating units with more than 270,000 workers. He runs the firm from Omaha, Nebraska, with a staff of 24 people and consults with Vice Chairman Charles Munger, 88, about investments. The quality of Berkshire's businesses and managers will give the new CEO "a running start," Buffett said.

'Excellent Health'

"Do not, however, infer from this discussion that Charlie and I are going anywhere," Buffett said. "We continue to be in excellent health, and we love what we do."

Howard Buffett, a Berkshire director, said in October his father wasn't considering retirement, and plans to lead Berkshire until his death. Warren Buffett, who spent $26.5 billion on a railroad takeover in 2010 and more than $10 billion on stock in International Business Machines Corp. last year, has said it is the board's job to tell him to leave if his mind deteriorates or if he is no longer able to do the job.

Buffett owns more than $40 billion of Berkshire stock and has committed most of his wealth to charity. Berkshire is valued at about $198 billion.

Berkshire hired former hedge fund managers Ted Weschler and Todd Combs since the end of 2009 to help Buffett with investments and said last year that it had identified four company executives capable of being CEO. One had board approval to step in "should a replacement be needed currently," according to a passage in a 2011 regulatory filing.

'Superb' Back-Ups

Today Buffett said that in addition to the designee, there are "two superb back-up candidates as well." The comment was on the first page of his letter.

"It's more of a commitment, clearly," said Alice Schroeder, author of "The Snowball, Warren Buffett and the Business of Life" and a Bloomberg View columnist. "This is not the if-I-get-hit-by-a-bus plan. This is the succession plan."

Weschler and Combs, who are responsible for portions of the securities portfolio under Buffett, will have a role helping the next CEO evaluate possible acquisitions, the billionaire said.

Sokol, who previously ran energy operations for Berkshire and was seen by Buffett biographer Andrew Kilpatrick as a top candidate for CEO, bought stock in Lubrizol Corp. weeks before suggesting Buffett acquire the company. Buffett told shareholders in April he made "a big mistake" by not pressing Sokol about his trades before making the offer. Sokol has denied any wrongdoing.

Jain, Abel

Howard Buffett said in May that his father's circle of most trusted managers, like insurance executives Tony Nicely, 68, and Ajit Jain, 60, will expand to include railroad head Matthew Rose. Howard Buffett, a 57-year-old farmer and philanthropist, joined the board in 1993 and would preserve the firm's culture as non-executive chairman, his father has said.

"It would be wise when I am no longer CEO to have a member of the Buffett family serve as the non-paid, non-executive chairman of the board," Buffett said in Berkshire's annual report, which was published with the letter. "At my death, the Buffett family will not be involved in managing the business but, as very substantial shareholders, will help in picking and overseeing the managers who do."

Rose, 52, joined Berkshire in 2010 after selling Burlington Northern Santa Fe, which he runs as CEO. Buffett has overseen Nicely, CEO of car insurer Geico, since 1996 when Berkshire acquired full control of the unit. Buffett hired Jain more than 20 years ago to run a reinsurance business for Berkshire.

Gregory Abel, 49, who joined Berkshire in 2000, replaced Sokol as chairman of MidAmerican Energy Holdings. Buffett introduced Abel to Berkshire shareholders in the billionaire's annual letter published in 2003, calling the manager Sokol's "key associate."

To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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Thursday, February 23, 2012

(BN) Facebook, China Have Too Much in Common to ‘Like’: William Pesek


Said it before, my disgust with the way facebook uses and sells our privacy. The evil will come back to haunt him, leave it to karma.

Bloomberg News, sent from my iPad.

Facebook, China Have Too Much in Common to 'Like': Pesek

Feb. 22 (Bloomberg) -- Mark Zuckerberg is pulling off a feat bigger than becoming the world's richest 20-something: thriving in the cyber age even before "friending" the most populous nation and biggest Internet market.

Facebook Inc.'s founder will soon have to "like" China, where his website is banned. A post-initial-public-offering Facebook will have shareholders demanding that it tap China's 1.3 billion people, and now. Such is life when your business model is predicated on ever-growing ranks of users updating, sharing and poking to make advertisers and investors rich.

Zuckerberg will certainly face difficulties. Facebook's role in the Arab Spring movement caused many sleepless nights for Communist Party bigwigs. Yet more focus should be on the things China and Facebook have in common -- things that may not jibe with Zuckerberg's claims of making the world a better place.

Let's imagine a conversation between Zuckerberg and Chinese President Hu Jintao. Zuckerberg might greet Hu as the supreme leader of world's biggest marketplace; Hu might refer to the hoodie-clad American as the supreme leader of the Internet world.

"Contrary to what you might think, it will be great to have Facebook in China," Hu might say. "My billion-plus people are used to having no privacy and relish losing even more of it thanks to your blue and white pages. That pleases me."

Privacy Lost

Zuckerberg might retort: "Yes, Mr. President, you will be happy to know that my people, just under a billion users mind you, also look forward to sharing what's left of their privacy with you and me." (Maniacal laughs all around.)

"See, Mr. Zuckerberg, we are not so different," Hu adds. "We both exert complete power over populations more eager to surrender it than they realize." Adds Zuckerberg: "And you have to admit there's a silver lining here -- this will really stick it to Google. Neither of us likes them very much."

Moments after their meeting, Hu turns to his staff and says: "He is the perfect foil for our designs on ruling cyberspace." Zuckerberg, tells his own: "He is the perfect foil for our designs on ruling cyberspace."

China's leaders will expect Facebook to bow to their censorship demands the way Google Inc., Yahoo! Inc., Microsoft Corp. and Cisco Systems Inc. have. Twitter Inc. recently made an about-face, announcing it will block posts on behalf of governments. And Facebook will look forward to mining what it can from China's masses, just as it does America's.

That's probably not the Faustian bargain Time magazine envisioned in 2010 when it dubbed Zuckerberg "Person of the Year." For all the hype about Facebook as a force for democracy, its profit model is predicated on something very different, and its side effects are still being counted.

Wall Street views Facebook as an unstoppable, limitless force, much like economists thinking China can grow 10 percent forever. Facebook views our privacy as a commodity to be bought, sold and monetized, much as China's government benefits from keeping close tabs on the masses. China's vast supply of low- wage workers comes from the nation's hinterlands; Zuckerberg's cheap-labor source is Facebook users.

Just like financiers wary of China, many Facebook users have too much invested in the social-media juggernaut to walk away. Those miffed by Facebook mining their lives for profit think it's too big of a phenomenon to blow off. It's one thing for socially responsible investors to steer clear of tobacco and oil stocks; China is quite something else.

Rights Surrendered

Facebook's governance structure resembles a dictatorship by requiring investors to surrender rights to Zuckerberg. He now controls 56.9 percent of voting power and has the right to appoint his successor, a "disquieting factor," says Gamco Investors Inc.'s Larry Haverty in Rye, New York. Yet asked in a Feb. 8 Bloomberg interview whether a growth-stock investor like him wants to own Facebook, he said: "absolutely."

The bulls are so enthusiastic about China and Facebook that they have no time for questions about whether either has peaked. China proved it can grow for three years without U.S. and European consumers. Doing so for two or three more years is another story.

Critics question how many Facebook accounts are genuinely active and how many are duplicates. I know loads of people who have more than one account -- one for work, one for play. And what if China goes the way of Japan and South Korea, where social networkers prefer local offerings?

Facebook faces as existential a question as any Internet company does: Is it a virtual part of our lives or a real one? Even if it's true that some people are on Facebook for eight hours a day or more, does that ensure they will reach for their credit cards? What if users become irate at the lack of opportunities to opt out of Facebook's efforts to monetize them?

In a pre-IPO pledge not to sell out, Zuckerberg said he wants "to change how people relate to their governments." Will such sophomoric idealism survive the Beijing challenge? Facebook's own China-like ways suggests that's highly doubtful.

(William Pesek is a Bloomberg View columnist. The opinions expressed are his own.)

Read more opinion online from Bloomberg View.

To contact the writer of this column: William Pesek in Singapore at wpesek@bloomberg.net .

To contact the editor responsible for this column: James Gibney at Jgibney5@bloomberg.net .

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Leopard drags away and eats 14-year-old girl


We live in a perverted age where a man can be jailed for life if he commits murder, but an animal can go killing without fear.




Leopard drags away and eats 14-year-old girl
Posted: 09 February 2012 1504 hrs


KATHMANDU: A leopard dragged away and devoured a 14-year-old girl in western Nepal in what is thought to be the fifth deadly attack by the same animal in just two months, police said on Thursday.

The youngster was cutting grass in the forest near her home in Baitadi district, on the border with India, when she was attacked by the animal, said Bishnu Bahadur Karki, a local deputy superintendent of police.

"The locals found the body torn into pieces and eaten below the neck at the forest area yesterday," he told AFP.

Karki said three young girls and a 35-year-old pregnant woman had been killed in the weeks leading up to Wednesday's attack and police believed the same animal was responsible for all the deaths.

"The leopard has continuously been victimising and terrorising the people of Pancheshwor village. We requested the district forest office to allow us to kill it but they refused, saying that the law does not provide such permission," Karki told AFP.

"Our request to have the leopard handed over to a zoo has also been rejected. The villagers and police are trying hard to take that leopard into custody."

Villagers claim three more people have been killed by the leopard in nearby settlements on the Indian side of the border.

"We are scared to walk alone," Shiva Singh Saud, the headmistress of a local primary school was quoted as saying in the Kathmandu-based Republica newspaper.

"More people may be attacked if the leopard is not taken under control immediately."

Most of Nepal's leopards are found on the sub-equatorial plains of the southern Terai and in forested hill regions, where conflict with humans is a perennial problem.

Seven people were killed by leopards in the same district last year, Republica said.

And in October a leopard dragged away and killed a four-year-old boy in Bela village, in the mountains of central Nepal, just 40 kilometres (25 miles) east of Kathmandu.

The boy was the third villager in three months to be killed by a leopard.

- AFP/ck

Wednesday, February 22, 2012

Greece Deal Will Only Last Until Next Election: Gartman


"hedge fund manager Dennis Gartman"? I tried to look up the performance of Mr Gartman's fund, but all i got was that he peddles a subscription based investor letter. If so, this entire article is rubbish. 

CNBC, (and every other press out there) for heaven's sake, give me someone who puts his money where his mouth is, not some soothsayer looking to publicise his business!!!



Greece Deal Will Only Last Until Next Election: Gartman

Published: Tuesday, 21 Feb 2012 | 8:33 AM ET
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By: Jeff Cox
CNBC.com Senior Writer

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Greece's purported deal with its creditors will last only until a new government takes over following the spring elections, hedge fund manager Dennis Gartman said Tuesday.

Dennis Gartman
CNBC
Dennis Gartman

While investors hoped the deal, valued at 130 billion euros ($172 billion) would bring stability to the debt-plagued nation, Gartman said the provisions — particularly those focused on reducing the ratio of debt to gross domestic product [cnbc explains] , as well as the austerity measures imposed on Greece — have little chance of being met.

"All the authorities have been able to do is delay default by a few weeks, perhaps a few months at best," Gartman wrote in his investor newsletter. "Greece will default, but perhaps not under the present government in power."

Sharp cuts in the minimum wage, health care, and pensions, among other things, never will be tolerated in the Greek street, he added. Greeks go to the polls in two months to decide their government's future. Recent polls show leftist parties opposing the bailouts rising in popularity.

"A new government is going to come to power following elections that shall take place sometime this spring, and if anyone anywhere believes that the next Greek government shall do anything other than abrogate all the agreements made with the 'troika,' then we have a bridge we'd like to sell them at a very high price," Gartman said.

The so-called troika — the European Central Bank [cnbc explains] ,International Monetary Fund [cnbc explains] , and the European Commission — hammered out a deal that will cut the principal on Greek bonds and provide a substantially lower yield. Debt haircuts are likely to exceed 70 percent.

At the same time, the austerity measures aim to reduce the debt-to-GDP ratio to 120 percent by 2020, a target Gartman labeled "comical" in that it will be impossible to estimate the level of debt burden eight years from now.

Full agreement from European Union members also is far from a certainty.

Analysts at Nomura Securities questioned whether Finland and Denmark in particular would sign on.

"The fact that the agreement was reached is a positive development in that it prevents an immediate disorderly default," Nomura said. "However, the deal still needs to be signed by euro-area parliaments. It is not a done deal and there is significant risk surrounding the Finnish and the Dutch vote."

For Gartman, though, the risk goes further.

Recession [cnbc explains] soon will morph into depression, he said, as the country simultaneously seeks to grow its economy while tightening its fiscal policy, leading to a "sense of desperation" among Greeks who resent the burdens the euro nations, particularly Germany, are imposing.

One Greek tabloid ran a headline Tuesday that translated to "130 billion in chains."

"It  has come to this: Greece and Germany are effectively at war," Gartman said.

From an investor standpoint, he is advising his clients to sell the euro, which had strengthened against global currencies earlier but turned negative asmorning trade progressed.


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