Change of plans

[The beef 675] [I'm an image] “Hey Warren, can you just tell us what you’re thinking so we can stop with the guessing games?” - Jason Hey there carnivores, Markets were mixed Friday. Today we’re discussing Berkshire Hathaway’s new direction. Keep raging, Jeff & Jason [Image] [I'm an image] And for that reason...I’m out Warren Buffett is giving bank shares the airline treatment. As COVID pummelled the US markets The Oracle of Omaha quietly dumped billions in bank stock. According to recent filings, Buffett’s Berkshire Hathaway [dumped]( 26% of its stake in Wells Fargo. I mean, can you blame them? It also dropped 62% of its JPMorgan stake. Other banks that Berkshire sent packing include BNY Mellon, M&T Bank, and PNC. Collectively, Berkshire’s holdings in Wells and JPM fell by more than $3B in value each in Q2, so you can’t really blame Warren for wanting to trim the fat. "This is going to hurt me more than it's going to hurt you, Jamie..." - Buffett to Jamie Dimon, probably. Charlie Munger’s BFF also reversed his bullish stance on Goldman Sachs, dissolving Berkshire’s stake in the bank. As of the end of Q1, that stake was worth around $300M. *DJ D-Sol record scratch* In the banks' defense (I hated typing that) the entire financial sector has gotten absolutely steamrolled since the onset of COVID. The KBW Nasdaq Bank Index has fallen more than 31% on the year. But WB doesn't think all banks are created equal. You see, he added to his ownership of Bank of America over the same time period. Berkshire now owns 12% of the financial institution. The bottom line... But one of Buffett’s recent moves may be [more telling]( than all the rest. Buffett, a long time gold critic, turned around and bought 21M shares of Barrick Gold. What's next, bitcoin? The Oracle’s lust for gold could signal that he’s a little iffy (read: sees a sh*tstorm brewing) on the US economy in the short term. [Image] [Alternate text]( [I'm an image] ☑️ Impossible Funding. Impossible Foods [brought in an additional]( $200M during its latest investment round, bringing its total cash haul to $1.5B. The latest stacks of cash will be used to expand R&D, improve its manufacturing, and increase its retail presence. The Beyond Meat competitor has grown its grocery store network significantly since March. Thanks, COVID. Now the fake meat can be found in 9k locations, including Kroger, Walmart, and even Starbucks. I’ll have my soy latte and soy pattie to go, please. ☑️ What the Duck. Ducking autocorrect. Duck Creek Technologies [hit the public market]( Friday, with its first trade 55.6% above its $27 IPO price. The SaaS insurance company closed the day at $39.56, 48.14% higher than its initial offering price. $DCT raised $405M via its IPO, which brought its valuation to $3.46B. ☑️ Closed for good. Rent the Runway will not reopen any of its five store locations if/when the pandemic ends. The clothing company has stores in New York, LA, San Francisco, Chicago, and DC. RtR [will instead focus]( its efforts on increasing its online presence and growing its network of dropbox locations, which currently exist in WeWork, Nordstrom, and West Elm locations. This is the latest cost-cutting initiative for Rent, which laid off all of its retail staff in March and has cut costs by 51% thus far. ☑️ My bad! You had one job, Citigroup. The investment bank [accidentally paid $900M]( on behalf of Revlon to lenders of the cosmetic company. The “clerical error” amounted to payment of Revlon’s full principal and accrued interest. Executives at Citi asked for the money back, with a note saying ‘my b!’. Revlon has been in hot water lately with its lenders. A group of them sued the company on Wednesday, demanding immediate repayment of a term loan maturing in 2023. So what are the odds that the angry lenders pay Revlon back so that the cosmetic maker can refuse to actually pay them (again)? 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