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Warren Buffett hasn't made an "elephant" megadeal since before the pandemic

Warren Buffett doesn't have much use for unicorns, instead building his Berkshire Hathaway empire by hunting for the sort of asset-heavy megadeals that he calls "elephants."

Driving the news: Berkshire hasn't fired a shot from its elephant gun in quite some time. Not even last spring, when many thought it would become the bailout partner of first resort, much like the role it played in 2008.


  • Yes, Berkshire did pay $10 billion for Dominion Energy's gas transmission and storage business last July, but that's still a small deal by its standards.
  • It reports having over $145 billion in cash at the end of March.

What happened: Buffett over the weekend said that his spring 2020 inaction was partially due to rapid and robust government intervention — from both the Fed and Congress — and his own caution over how the pandemic would play out.

  • He also noted worry that Berkshire's presence could have caused government to delay aid to specific companies or sectors, which is why he sold out of airlines at a loss.
  • Buffett and Charlie Munger also cited the influence of SPACs. That one didn't ring terribly true, since Berkshire should be playing in a bigger league than the vast majority of SPAC mergers.

The bottom line: Buffett has said the elephant deals make his "heart beat faster." But he's still sitting on stable, as the broader merger market's EKG machine is spiking.

Moderna says COVID-19 vaccine "remains durable" with 93% efficacy through 6 months

Moderna said Thursday that its coronavirus vaccine was 93% effective against COVID-19 through six months after receiving the second dose.

Why it matters: The number shows that efficacy "remains durable" through that time, and hardly wanes from the 94.5% efficacy Moderna reported last November. But the clinical trial, which started in July 2020, was conducted before the Delta variant became the common strain in the U.S.

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U.S. women's soccer team beats Australia, wins Olympic bronze

The U.S. women's soccer team won the bronze medal on Thursday after beating ninth-ranked Australia 4-3.

Why it matters: Thursday's victory marks the U.S. team's first bronze in Olympic history, handing the team a medal after it failed to earn one during the Rio Games in 2016.

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Top Democratic operatives mapped out how to defend Kamala Harris at high-powered dinner

A group of the Democratic Party's most influential women met for dinner at a home in the nation’s capital last month to game out how to defend Vice President Kamala Harris and her chief of staff, Tina Flournoy, against a torrent of bad press.

Why it matters: It's telling that so early in the Biden-Harris administration, such powerful operatives felt compelled to try to right the vice president's ship.

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In photos: Tokyo Olympics day 13 highlights

Day 13 of the Tokyo Olympic Games saw Team USA's men's basketball team beat Australia 97-78 on Thursday to advance to the gold medal game.

The big picture: Kevin Durant led the charge with 23 points to help the U.S. secure a final spot against either France or Slovenia on Saturday local time. Elsewhere, the U.S. added to its gold medals count, with shot putter Ryan Crouser and teenage canoeist Nevin Harrison both winning their events.

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Judge to Capitol rioter: Insurrection is "not patriotism"

A federal judge sentencing a Michigan man in D.C. Wednesday over his role in the U.S. Capitol riot dismissed any notion that he's a political prisoner.

Driving the news: U.S. District Court Judge Amy Berman Jackson said that she wasn't sentencing Karl Dresch, of Calumet, "because he is a supporter" of former President Trump, noting that "millions of people" had voted for him "and did not heed his call to descend on the nation's Capitol," per the Detroit News.

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2 wildfires ravage Northern California homes as thousands evacuate

Two massive California wildfires have triggered new mandatory evacuation orders for thousands of people and destroyed homes and businesses in the state's north overnight.

Details: The Dixie Fire, California's biggest blaze, razed houses and businesses as it ripped through the Greenville area of Plumas County Wednesday night, per AP. The rapidly spreading River Fire burned "multiple" homes as it tore through Placer and Nevada counties, KOVR notes. Mandatory evacuation orders were in effect for both fires.

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Landlords mount legal challenge to Biden administration's new eviction moratorium

A group of landlords and real-estate companies issued a legal challenge on Wednesday night in a D.C. district court to the Biden administration's new national eviction moratorium.

Driving the news: The Alabama and Georgia Associations of Realtors' emergency motion argues that the Centers for Disease Control and Prevention's order Tuesday barring evictions for most of the U.S. through Oct. 3 exceeds the CDC's powers, according to a statement from the National Association of Realtors.

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Olympic beach volleyball duo one step away from realizing gold medal dream

Alix Klineman and April Ross are guaranteed to earn at least an Olympic silver medal after defeating Germany 2-0 in the Tokyo Games on Thursday morning local time.

Of note: It's the latest chapter in an enduring partnership, driven by past failures and bound by future aspirations.

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