Elon Musk Insults Tesla Shareholders’ Intelligence [WSJ]
Rather than flipping a coin or consulting a Magic 8-Ball, the fate of 10% of Elon Musk’s $210 billion stake in Tesla was decided this weekend by a nearly-as-random Twitter poll…. More than one observer contrasted the Tesla CEO’s gambit with fellow billionaire Warren Buffett, who famously has never sold a share of Berkshire Hathaway since gaining control more than five decades ago.
Berkshire Hathaway’s Profit Fell in the Third Quarter [DealBook]
Berkshire’s bottom line was dragged down by its giant investment portfolio, which fell 85 percent from a year ago. But profits at Berkshire’s operating businesses, which include a railroad as well as a variety of manufacturing and retail businesses that mirror the broader U.S. economy, also disappointed…. In addition, Berkshire recorded nearly $800 million in losses from insurance underwriting, as claims from bad weather, including Hurricane Ida, increased. And while the income from premiums at its popular car brand Geico rose in the quarter, its losses from accident claims rose even more as drivers returned to the roads.
Wall Street Pushes Back as SEC Targets Business Practice That Generates Billions [WSJ]
One of the loudest detractors to the potential policy shift has been Doug Cifu, chief executive of Virtu Financial Inc., a high-speed trading firm and market maker…. “The narrative was so skewed and so polluted by the politics…that I just felt like there wouldn’t be a fair hearing in the world of public opinion,” Mr. Cifu said in an interview. “I felt like they misrepresented—not intentionally—but they misrepresented the facts in the marketplace….”
Mr. Cifu, a longtime Democrat, participated in a fundraiser this year for Senate Majority Leader Chuck Schumer (D., N.Y.). The executive believes he can be a more-effective advocate in a Washington controlled by Democrats than Citadel Securities founder Ken Griffin, even though Virtu is smaller.
McAfee to be taken private by Advent-led group in $14 billion deal [Reuters]
The deal comes as a pandemic-driven shift to remote working and a rise in cyber attacks have spurred demand for antivirus and digital security software…. The purchase price represents a premium of 22.6% over McAfee's closing share price of $21.21 on Nov. 4, the last trading day before the Wall Street Journal reported about the deal talks.
Credit Suisse to recommend its hedge fund clients join BNP Paribas [FT]
France’s BNP Paribas, which competes with bigger rivals such as Goldman Sachs and Morgan Stanley in prime services, swooped on a retreat by Deutsche Bank two years ago and bought its global prime finance unit and its electronic equities business…. The French bank said on Monday it had signed a referral agreement with Credit Suisse, which aims to try and ease a transfer of services between the two banks for clients who want that option….
Credit Suisse has no other agreements of this type in place for its prime services, but did not rule out signing more.
Randal Quarles to resign at year-end, paving way for Biden to further remake the Federal Reserve [CNBC]
Though his actual term on the board of governors does not expire for another 11 years, Quarles announced he is walking away from his position as governor…. Quarles was the first vice chair for supervision since the Dodd-Frank reforms went into effect. That term ended in October.