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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.

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New York AG sues Trump and DeJoy to block USPS changes

New York Attorney General Letitia James accused Postmaster General Louis DeJoy and President Trump of turning the U.S. Postal Service into "a political football set to undermine a federal election" in a lawsuit seeking to block changes to postal policies that was filed Tuesday.

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Why it matters: The Senate is constitutionally required to begin the impeachment trial at 1 p.m. the day after the article is transmitted. Minority Leader Mitch McConnell (R-Ky.) had been pushing for the trial to begin in mid-February, arguing that it will force the Senate to delay other important business.

This story is breaking news. Please check back for updates.

"Crimea is Ukraine": Biden condemns Russian aggression on 7th anniversary of annexation

President Biden reaffirmed U.S. support for the people of Ukraine and vowed to hold Russia accountable for its aggression in a statement on Thursday, the 7th anniversary of Russia's 2014 invasion of Crimea.

Why it matters: The statement reflects the aggressive approach Biden is taking to Russia, which he classified on the campaign trail as an "opponent" and "the biggest threat" to U.S. security and alliances.

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