Financial Daily Dose 5.4.2021 | Top Story: Buffett Reveals Greg Abel as Successor to Helm Berkshire Hathaway Empire

Robins Kaplan LLP

Robins Kaplan LLP

It didn’t come as a feature of the big Berkshire Hathaway shareholder extravaganza over the weekend, but Mr. Buffett made news nonetheless by revealing in an interview with CNBC that Gregory Abel—currently heading up Berkshire’s non-insurance operations—is in line to succeed Warren at the head of the BH empire - NYTimes and WSJ and Bloomberg

Apollo Global made good on its bid for Verizon’s media assets, including early internet pioneers Yahoo and AOL, snapping up those and Verizon’s other media brands in a deal worth $5 billion announced yesterday - NYTimes and WSJ and Bloomberg and MarketWatch and TechCrunch

The latest from Fed Chair Powell in remarks on Monday suggests that he understands the importance of consistency. Powell mirrored the official post-FOMC comments from the central bank last week that included optimism about the state of the U.S. economy while continuing to stress the dangers of a pandemic that “has disproportionately harmed vulnerable communities” - NYTimes and WSJ and Bloomberg and Law360

Your dispatch from day 1 of the Epic Games/Apple tilt in federal court in Oakland, where U.S. District Judge Yvonne Gonzalez Rogers will preside over the anticipated 3-week bench trial - WSJ and NYTimes

The LA Times has named ESPN Senior Vice President Kevin Merida as the paper’s new executive editor in hopes that he can help “take the publication deeper into its digital future and strengthen its news coverage” in the midst of what’s seen as a “revival” since returning to local ownership in 2018 - NYTimes

Under Armour will pay $9 million to resolve SEC allegations “that it misled investors about its revenue growth and failed to disclose uncertainties about its future prospects,” which had been particularly focused on the company’s use of “pull forward” sales in 2015 and 2016 – Law360 and WSJ and MarketWatch

Lumber prices hit new highs on Monday, as outsized demand for building materials spurred by pandemic lockdowns continues unabated - WSJ and Bloomberg

Another pandemic-prompted change is car companies’ major reconsideration of the “just in time” hyperefficient auto supply chain that has defined the global auto industry for the past 50 years (thanks to Toyota’s example). Here’s what’s behind the shift - WSJ

I’m not saying this hits especially close to home or anything (cough, cough), but let’s just say this piece from the Times spelling out the developmental reasons behind a certain tattletale streak in 3rd graders was especially appreciated  - NYTimes

Stay safe, and get vaxxed.

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