Warren Buffett's Berkshire Hathaway was a net seller of stocks last quarter — and slowed its share buybacks

Warren Buffett.

REUTERS/Rick Wilking

• Warren Buffett's Berkshire Hathaway reported fourth-quarter earnings on Saturday.
• The investor's company was a net seller of stocks and slowed its share buybacks last quarter.
• Berkshire's operating earnings jumped 19% as it rebounded from the pandemic.

Warren Buffett's Berkshire Hathaway was a net seller of stocks in the fourth quarter of 2021, but tapered its share repurchases in the period, resulting in a slight reduction in its massive cash pile.

The famed investor's conglomerate spent about $3.4 billion on stocks on a net basis last quarter, but sold $3.9 billion worth, meaning it was a net seller of equities in all four quarters of 2021. It disposed of a net $7.4 billion of stocks over the course of last year — a fraction of its $331 billion stock portfolio as of December 31.

Buffett's company spent $6.9 billion on share repurchases last quarter, lifting its stock buybacks last year to a record $27.1 billion, and to nearly $52 billion over the past two years. However, it has only spent $1.2 billion on repurchases this year as of February 23, suggesting Buffett may be finding Berkshire stock less attractive after its 6% gain since the start of January.

Berkshire's buybacks last quarter helped to reduce its cash pile from $149 billion to $147 billion. Notably, Buffett and his team boosted their cash and cash equivalents from $45 billion to $85 billion over the course of last year, while reducing their holdings of Treasury bills from $90 billion to $59 billion. That could indicate Buffett and his team have soured on government bonds given interest rates are set to rise soon.

The value investor is willing to deploy about $80 billion of Berkshire's cash. However, he has struggled to spend it given stocks are near record highs, private-equity firms and special-purpose acquisition companies (SPACs) have bid up the price of acquisitions, and even his own company's stock has grown more expensive.

Buffett's conglomerate owns a slew of businesses including See's Candies, Geico, and the BNSF railroad. Its overall revenue grew 12% to $276 billion last year as sales jumped across its insurance, railroad, utilities, energy, and other main divisions.

While many of Berkshire's subsidiaries were hit by supply-chain disruptions due to the pandemic, the company still managed to grow pre-tax earnings from its operating businesses by 19% to about $32 billion.

Buffett trumpeted Berkshire's insurance business, railroad, energy division, and enormous Apple stake as the "Four Giants" of the company in his annual shareholder letter, which was published alongside the fourth-quarter results.

Berkshire's recent portfolio update showed it built a roughly $1 billion stake in Activision-Blizzard last quarter, and boosted its Chevron position by a third. On the other hand, it slashed several holdings including AbbVie and Bristol-Myers Squibb.

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Female truckers describe the extra precautions they take to stay safe on the road — from disguising their gender and avoiding tight clothes to carrying weapons

A truck pulls into the Pilot Flying J truck stop in North Stonington, CT on July 21, 2020.

Lane Turner/The Boston Globe via Getty Images

• Female truckers say they take extra precautions to alleviate safety concerns on the road.
• Cargo theft and crime against truckers has surged since the pandemic started.
• The non-profit Women in Trucking found the majority of female truckers have felt unsafe while on the job.

Jeana Hysell said she carried a knife, club, and 357 Magnum revolver with her during the 15 years she worked as a long-haul truck driver. 

"It was illegal. It wasn't the right thing to do, but that's what I felt like I needed to do to maintain my safety," she told Insider, adding that most cross-country truckers she knew also owned guns. 

As the trucking industry attempts to recruit female drivers to combat labor shortages, some women say they go to great lengths to conceal the fact that they're a "lone female in a truck" due to the dangers of the job. 

And despite seeing a greater acceptance of women entering the male-dominated field, five truckers and three safety experts told Insider that female truckers must take extra precautions to protect themselves on the road.  

"We face what any woman faces when traveling alone, except we face it every day," 27-year trucker Trish Bennett told Insider. "I tend to do everything I can to avoid advertising that I'm a lone female in a truck. I keep my curtains closed and I stick to the areas where it's more well lit. I avoid the big cities at night."

Different ways female truckers stay safe

More than 60% of female drivers have felt unsafe on the job at least once in the last year, according to a recent survey of over 400 female truckers conducted by the non-profit organization Women in Trucking (WIT). Approximately 20% of respondents said they had been threatened by a weapon, while 4% said they had been raped while on the road.

Current and former female truckers who spoke to Insider described protective measures they've taken on the road, including bringing a dog, rape whistle, learning self defense, and carrying weapons like knives, tire thumpers, and guns.

Some drivers also said they made efforts to disguise their gender and avoid tight clothes, as well as take extra steps like using makeshift restrooms inside the truck, creating DIY door locks with ratchet straps, and displaying "masculine" items on the dashboard such as baseball hats. 

All five drivers said the most important thing is to be constantly aware of your surroundings.

Multiple female truckers told Insider they avoid parking in the "back 40" of truck stops to circumvent walking long distances through the lot alone. However, this is made more difficult by the lack of parking spots available to truck drivers.

But truckers won't find these strategies taught in company trainings or at driving schools, Hysell, a former trucker turned safety consultant, told Insider. Instead, female drivers often rely on each other to learn realistic ways to prevent unsafe situations. 

Bennett explained that female trainers and instructors can be rare to come by.

"[Male trainers] can't tell you what to expect as a woman on the road," she said.

Both male and female drivers say truck stops can be unsafe 

To make safety concerns worse, cargo theft has skyrocketed since the start of the pandemic as overstressed supply chains and the rising costs of everyday goods have turned truckers into easy targets. The US Bureau of Labor Statistics continually lists trucking as one of the most dangerous occupations for vehicle accidents and health concerns, and cites a high level of violent crimes against truckers.

"If somebody is intent on breaking into a truck, they don't care if it's a male or a female," Walmart truck driver Carol Nixon said. Two male truck drivers told Insider they've been mugged and had their personal items stolen at truck stops.

"I'm very leery of other people when I'm on the road," 26-year trucker Sally Feinen said. "Truckers used to be known for stopping and helping people on the side of the road. Now we never know if they're waiting to rob you."

The majority of female truckers surveyed in another WIT survey identified truck stops and rest stops as locations with "significant safety threats."

While there is no federal law that prohibits truck drivers from carrying weapons, including guns, many carriers do not allow company drivers to carry weapons of any kind.

Feinen said her carrier does not allow her to carry mace, which means her sole weapon is her truck's tire thumper, a wooden bat-shaped tool that helps a trucker check their tire pressure.

"There's some women who will tell you that they're always scared. And then there's some women who say there's never anything to worry about," Nixon, the Walmart driver, said. "We all have different experiences, different opinions. Overall, this is still a great job."

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A 20-year-old crypto entrepreneur launched his first video game when he was 14. He jumped into NFTs and is now launching a play-to-earn game with the backing of 14,000 players

Image of House Game.

Courtesy of Evandro Rodrigues

• Evandro Rodrigues created his first video game at 14 and pushed into the crypto world amid the pandemic.
• Now 20 years old, he's set to launch a new play-to-earn universe called House Game on Sunday.
• He hopes one day it will rival NFT behemoths like Axie Infinity and Decentraland.

Twenty-year-old Evandro Rodrigues attributes his deep-dive into NFTs to three things.

The Bored Ape Yacht Club — a series of "blue chip" digital collectibles he hopes to one day own one of. Beloved crypto influencer Gary Vee. And his friends who hyped up blockchain technology.

Those catalysts, he told Insider, caused him to go "all in" on on NFTs — which are digital collectibles minted on the blockchain — and invent House Game. In his play-to-earn universe, players can buy virtual houses and buildings, with each represented as unique NFTs that yield tokens and can be sold on the secondary market.

But Rodrigues isn't new to gaming. The Boston entrepreneur created his first video game when he was 14 years old. Once the COVID-19 pandemic began in 2020, he started investing in little-known cryptocurrencies with money he made from his job at Target as well as income from a successful web project and allowance from his parents.

The windfall from his crypto investments is powering his new venture creating the House Game, which he hopes will one day rival behemoths like Axie Infinity and Decentraland.

Rodrigues said he wanted to create an NFT collection that would be more useful than just becoming a Twitter profile picture. And he wanted the tokens in his game to outlast the initial hype and maintain their utility for the long-haul.

Once it launches on Sunday, House Game will have 7,000 unique digital houses and 700 unique digital utility buildings that users can mint on the blockchain. According to the whitepaper, each piece of digital real estate will yield $CASH, which is the utility token players get by staking buildings and can burn to earn ethereum on a weekly basis. 

Upon launch, the game will have about 3,000 VIP players. On Discord, though, the game already has 14,000 members. The "strong community," according to Rodrigues, who is a Christian, is thanks in part to his hard work and faith. The server even includes a daily Bible verse channel.

After launching, Rodrigues said he and his team will continue working to add utility to allow players to do more with their NFTs and $CASH.

The game is just the first piece in Rodrigues' push into the world of NFTs, a market that swelled to $41 billion in 2021. He said the market for digital collectibles has many gaps, and as a serial entrepreneur and long-time developer, he said he plans on "filling a lot of these gaps." NFTs, he said, are at the mere dawn of their capabilities.

"I really do believe, and we're not too far from it, but down the line, NFTs replacing documents, replacing titles, replacing all these things," he said. "The technology is really new, and right now it's mainly being used for art, but this is just the beginning. There's so much more utilization with NFTs, with blockchain."

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Merchant ships have been targeted by Russian missiles, while the French Navy intercepted a cargo vessel heading for St. Petersburg, reports say

Merchant ships appear to have been targeted.

Vadim Ghirda/AP

• The movements of merchant and cargo ships are being scrutinized amid Russia's invasion of Ukraine.
• BBC News reported Saturday that France stopped a cargo ship en route to Russia's St Petersburg.
• On Friday, a tanker crew had to abandon ship after reportedly being hit by a Russian missile.

The movements and activities of merchant and cargo ships are under renewed scrutiny as the Ukraine invasion continues.

BBC News reported Saturday that the French Navy had intercepted a cargo ship in the English Channel that was bound for St Petersburg, Russia.

French border forces are inspecting the cargo to establish whether it belongs to a company targeted by EU sanctions against Moscow, the outlet reported.

Meanwhile, merchant ships are increasingly becoming the target of Russian missiles, The Maritime Executive reported.

In one incident on Friday, the crew of a small chemical tanker was forced to abandon ship with two seriously injured, the outlet reported. It cited a tweet from Ukraine's OSINT Academy. 

The secretary-general of the International Maritime Organization (IMO), Kitack Lim, is urging "all parties to take steps to ensure" safe passage across the seas. 

Lim told Insider he supports and stands with UN secretary-general António Guterres' call for hostilities to cease immediately. He added: "I am gravely concerned about the spillover effects of the military action in Ukraine on global shipping, and logistics and supply chains."

"Along with the people of Ukraine, innocent ships, seafarers and port workers engaged in legitimate trade should not be adversely impacted by this growing crisis. Shipping, particularly seafarers, cannot be collateral victims in a larger political and military crisis — they must be safe and secure," Lim said. 

Russia was seen sailing into the Black Sea earlier in February, bringing military power closer to Ukraine, Insider reported.

Russia's Ministry of Defense had said the ships were moving into the area to "work out the actions of the Navy and Aerospace Forces to protect Russian national interests in the world ocean."

In a statement issued on the IMO's website, on Friday, Lim said: "The security situation in Ukraine is impacting trade by sea. The safety of marine personnel including seafarers is vital. Shipping is essential to global trade — as has been proven during the course of the COVID-19 pandemic. 

He added: "I urge all parties to take steps to ensure the protection of seafarers, vessels, and cargo."

According to The Wall Street Journal on Friday, the most serious incident since Russia invaded Ukraine was reported by Moldova's national naval agency. A missile hit a commercial oil tanker in the Black Sea, destroying the ship's lifeboats and forcing the crew to jump overboard.

Reuters reported that insurers have raised their rates for vessels operating in the Black Sea, which would mean additional costs of hundreds of thousands of dollars for a ship voyage, the agency said.

Lim issued a statement on Thursday, following Russia's entry into Ukraine. "The use of force by one country against another is the repudiation of the principles that every country has committed to uphold. This applies to the present military offensive," it said.

He added: "It is wrong. It is against the Charter. It is unacceptable. But it is not irreversible. I repeat my appeal from last night to President Putin: Stop the military operation. Bring the troops back to Russia. We know the toll of war."

 

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CDC says 'green' and 'yellow' counties can take off their masks. A color-coded map shows where your county stands.

Demonstrators participate in a Defeat the Mandates march in Washington, DC, on January 23, 2022.

Stefani Reynolds/AFP/Getty Images

• Up to 70% of the US population can take off their masks according to new CDC guidance.
• The agency relaxed mask recommendations for counties with low and medium levels of COVID-19.
• The new guidance reflects the CDC's narrower focus on minimizing severe disease.

The Centers for Disease Control and Prevention relaxed mask guidelines for up to 70% of the US population, or 63% of US counties, on Friday.

Counties with low and medium levels of COVID-19 no longer need to wear masks in public, the agency said — though people with an increased risk of severe COVID-19, such as immunocompromised people, should talk to their healthcare providers about removing masks if they live in a medium-level county. Counties with high levels of COVID-19 — 37% of US counties right now — still require masks in indoor public settings, including schools, according to the CDC.

The agency still recommends that everyone get vaccinated and boosted, if they haven't already, and test themselves if they feel sick. People with COVID-19 symptoms, a positive COVID-19 test, or exposure to someone with COVID-19 should continue to mask up, regardless of transmission in their area, the CDC said.

The map below shows where your county sits on the CDC's new scale. Counties with low levels of COVID-19 are marked in green, and encompass 30% of US residents. Counties with medium levels are in yellow, and include 42% of US residents. Counties with high levels are in orange, and include 28% of US residents.

Centers for Disease Control and Prevention

The new recommendations reflect the CDC's narrower focus on minimizing severe disease, limiting strain on hospitals, and protecting the most vulnerable individuals.

"The overall risk of severe disease is now generally lower," CDC Director Rochelle Walensky said at a Friday press briefing. "Now, as the virus continues to circulate in our communities, we must focus our metrics beyond just cases in the community."

Green counties must have fewer than 200 new COVID-19 cases per 100,000 residents, fewer than 10 new COVID-19 hospital admissions per 100,000 residents, and fewer than 10% of staffed inpatient beds occupied by COVID-19 patients, on average, within the last week.

Here's how those metrics compare to yellow and orange counties.

Centers for Disease Control and Prevention

Masking is still an option for people in areas with low or medium levels of COVID-19, the CDC added, particularly if they live with someone who is at high risk of severe disease.

Centers for Disease Control and Prevention

The guidance is also subject to change, Walensky said on Friday.

"None of us know what the future may hold for us and for this virus," she said. "We need to be prepared and we need to be ready for whatever comes next. We want to give people a break from things like mask-wearing when our levels are low and then have the ability to reach for them again, should things get worse in the future."

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Rishi Sunak receives police questionnaire as part of partygate probe

A file photo of Rishi Sunak, Britain's Chancellor of the Exchequer.

Leon Neal/Getty Images

• Rishi Sunak received a police questionnaire about Downing Street parties.
• The chancellor has previously said he was not expecting to be quizzed on "partygate."
• Sunak has until recently been considered a favourite to take over from Boris Johnson.

Rishi Sunak was sent a questionnaire by police investigating alleged COVID-19 rule-breaching parties held at Downing Street.  

The chancellor received the document after the initial set was sent out to several individuals including the prime minister, a spokeswoman told Insider. She declined to comment further. 

Sunak previously told Sky News he was not expecting to be asked about his involvement with any gatherings and said he had not broken any lockdown rules. He admitted that he did not know whether he would receive a questionnaire. 

Police warned recipients that the questionnaire has formal legal status and must be answered truthfully, with responses required within seven days. 

It is not known whether Sunak's questionnaire has the same format as others.

A leaked copy of one, published by ITV News on Tuesday night, showed that recipients were asked to provide "a written statement under caution".

It said respondents "do not have to say anything but it may harm your defence if you do not mention when questioned something which you later rely on in court."

Sunak has been widely discussed as a favourite potential challenger to Boris Johnson, whose leadership has been mired in allegations over sleaze and lockdown-breaking parties. 

However recently support has appeared to ebb from the chancellor, as he begins to take the flack for economic concerns, Meanwhile support for Johnson has rallied.

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Inspired by Gwyneth Paltrow's Goop, Sephora joins Bloomingdale's and Nordstrom in selling sex toys

Attitudes toward sex toys have also become less conservative, insiders say.

JuliaMikhaylova/Getty Images

• Sephora, Nordstrom, and Bloomingdale's are now selling sex toys.
• Previously, sexual wellness products weren't typically sold at mainstream retailers.
• Attitudes toward these products have become less conservative because of brands such as Goop. 

Sex toys are now available at more mainstream stores. 

This month, US beauty giant Sephora joined a growing list of retailers to cash in on the sexual wellness boom by selling vibrators and lubricants on its online store. 

Sephora followed the lead of department store chains Nordstrom and Macy's-owned Bloomingdales, which started offering sexual wellness products to its customers earlier this year. 

The sexual wellness market is growing at a rapid rate, aided by a surge in sales during the pandemic, which experts put down to lockdown boredom. According to data from market research company Global Industry Analysts, the global market for Sex Toys is estimated to reach $54.6 billion by 2026, up from $35.1 billion in 2020. 

Attitudes toward these products have also become less conservative, insiders say, aided by brands such as Gwyenth Paltrow's Goop, which have stripped away taboos around these products and are helping to boost sales elsewhere. 

Elizabeth Miller, who runs the cosmetics side Bloomingdale's, said Goop's work is a big reason why the store felt comfortable selling these items. 

"Seeing Gwyneth Paltrow and Goop take the lead in this category made it feel brand right for us, so I give her a lot of credit," Miller said in a recent conversation with The New York Times. "Obviously, we reviewed it internally with management to make sure everyone felt comfortable, but the performance has been very strong."

Currently, these products are mostly sold online by these retailers. According to The Times, Nordstrom sold vibrators and other sexual wellness items at 10 of its pop-up shops in 2021. 

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New Yorkers waited in a long line at a Ukrainian diner to show solidarity in the wake of Russia's invasion

Customers dine at Veselka's outdoor tables in the East Village after COVID-19 restrictions.

Alexi Rosenfeld/Getty Images

• New Yorkers waited in line for local Ukrainian diner Velselka after Russia's invasion, per the NYT.
• The diner's owner told the NYT that there's normally no line at that point in the day. 
• Protests took place in New York on Thursday over Russia's attack on Ukraine.

A local Ukrainian diner in New York was swarmed with guests on Thursday after news that Russia had invaded the country, The New York Times reported.

Veselka, located on Second Avenue, had a line of New Yorkers which stretched around the block, per The Times.

It comes as hundreds of people gathered in Manhattan to protest against Russia's attack on Ukraine, chanting "stop the war" and "stop Russia now" while holding Ukrainian flags, The Times reported.

The restaurant staff said a prayer before Veselka opened on Thursday, The Times reported.

Customers dine at Veselka's outdoor dining amid the coronavirus pandemic in the East Village on April 07, 2021 in New York City.

Alexi Rosenfeld/Getty Images

"We are getting an outpouring of love," Jason Birchard, the owner of Veselka, told The Times. "We don't usually have a line this time of day."

One of the waitresses, called Tania Didyk, told The Times that she struggled to work on Thursday and felt bad that her family were still in Ukraine while she was in New York.

The city has the biggest Ukrainian community in the US, per Reuters.

Birchard said on Veselka's website that his grandfather opened the diner in 1954.

Veselka offers a range of traditional Ukrainian food on its menu, including potato pancakes, goulash, and dumplings called pierogi, per its website.

Veselka didn't immediately respond to Insider's request for comment made outside of US operating hours.

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