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Today is Warren Buffett’s last day as Berkshire CEO. Business leaders tell us what they learned from him

Kraig Pakulski 0 57 Article rating: No rating

By Luciana Lopez, Elijah Shama, Richard Quest, Erin Burnett, CNN

(CNN) — Warren Buffett has worn many hats over the years: The stock-picking Oracle of Omaha. An avuncular, Dairy-Queen-eating, Coke-drinking product pitchman. A living symbol of capitalism and its complexities.

But for generations of business leaders, the 95-year-old has also served as something else: a teacher.

Buffett’s combination of success and sagacity has made him one of the most famous investors in the world, “on the Mount Rushmore of business leaders in our country,” Eli Lilly CEO David Ricks said. And through his advice-packed investor letters, his hourslong quote-fest annual meetings, his choices at work or in his personal life, Buffett has taught CEOs and executives around the world how to run their businesses and, in many cases, their lives.

Buffett, who’s spent much of his life among the top 10 richest people in the world, is stepping down Wednesday as head of conglomerate Berkshire Hathaway; protégé Greg Abel will take the reins Thursday.

As the iconic investor steps down from his post, several business leaders told CNN about the lessons Buffett leaves behind.

‘Predicting rain doesn’t count’

As a journalist, I’ve covered countless earnings reports. None were as fun as Berkshire Hathaway’s, in large part because Buffett remains among the business world’s top communicators.

He said what he meant, and he never used a 10-cent word if a one-cent word would do. And he was flat-out funny in a way that made covering him a hoot.

“What I’ve always admired about Warren Buffett, and (his late business partner) Charlie Munger for that matter, is their use of plain English and plain language to explain difficult concepts,” Steve Hafner, the CEO of Kayak, said. “It takes a lot of skill to take a complex issue and just split it to the bare minimum.”

Their dry wit made “their shareholder letter one of my favorite reads,” he added.

Some gems among those shareholder letters:

  • “It’s only when the tide goes out that you learn who’s been swimming naked.”
  • “Predicting rain doesn’t count; building arks does.”
  • “I’ve reluctantly discarded the notion of my continuing to manage the portfolio after my death – abandoning my hope to give new meaning to the term ‘thinking outside the box.’”

‘Our favorite holding period is forever’

One theme among the CEOs who spoke to CNN: Buffett’s legendary patience. Buffett was known to sit on ginormous piles of cash at Berkshire, waiting for the right opportunity to invest. And when he did invest, he was in it for the long haul: “our favorite holding period is forever,” he wrote to shareholders in 1989.

Investor, podcaster, entrepreneur and former White House communications director Anthony Scaramucci wrote to Buffett 30 years ago, saying he was buying Berkshire shares for his daughter.

“And since she was one and a half years old with a life expectancy of 84 years, she had 82 and a half years left in which to hold her stock,” Scaramucci said.

“He wrote back very quickly and said that was a manifestation of short-termism. His own intention was to hold the stock for a hundred years.”

‘I will be rut

Israel to suspend operations of several aid groups in Gaza as countries warn of renewed ‘catastrophic’ humanitarian crisis

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By Helen Regan, Hira Humayun, Eugenia Yosef and Mohammed Tawfeeq, CNN

(CNN) — Several international humanitarian organizations, including Doctors Without Borders (MSF), face being barred from working in Gaza from Thursday for failing to comply with Israel’s new restrictions for aid groups operating in the devastated enclave.

Israel said Tuesday it will suspend the operations of international aid groups that did not renew their registration, which includes requiring organizations working in Gaza to provide personal details of their staff members.

Aid agencies have repeatedly voiced concerns over those requirements, citing the safety of their employees.

Israel’s move comes as 10 countries warned that Gaza’s humanitarian situation is facing “renewed deterioration” and that conditions in the enclave “remain catastrophic.”

Gaza, which lies in ruins, is enduring a harsh winter, with heavy rain and plunging temperatures worsening already dire living conditions.

Fierce rain and strong winds have destroyed the flimsy, waterlogged tents many Palestinians are forced to survive in, and at least 20 people have been killed by homes and buildings collapsing as they sought shelter from the severe weather conditions, according to the Hamas-run Government Media Office in Gaza (GMO).

“As winter draws in, civilians in Gaza are facing appalling conditions with heavy rainfall and temperatures dropping,” the foreign ministers of Canada, the United Kingdom, Denmark, Finland, France, Iceland, Japan, Norway, Sweden and Switzerland said in a statement Tuesday.

Relief groups say Israel’s decision affects more than two dozen aid organizations and that suspending their operations in Gaza “will cost the lives of Palestinians.”

“Removing these humanitarian organizations now will deepen exposure, illness, and preventable deaths,” Refugees International said in a statement. “It is a pretext to further restrict aid to Gaza while silencing independent aid organizations.”

Israel said its registration rules are to prevent Hamas from exploiting international aid, a claim the UN and aid groups have rejected. A US government review earlier this year found no evidence of widespread theft by Hamas, claims both Israel and the US State Department have made.

“The registration requirement is aimed at preventing the involvement of terrorist elements and at safeguarding the integrity of humanitarian activity, as demonstrated in past cases,” the Israeli foreign ministry said in a statement.

Concerns over Israel’s registration rules

UN agencies and aid groups had repeatedly voiced concerns over Israel’s registration rules.

Israel said it notified international organizations in March that they needed to comply with the requirements. It said those who did not renew their registration were told their authorization would end on January 1 and they would have to withdraw two months later.

The Coordination of Government Activities in the Territories (COGAT), the Israeli agency tasked with facilitating aid distribution in Gaza, said medical charity MSF “chose not to cooperate with the registration process and refused to provide Israel’s Min

SLO Speed Ahead: Cal Poly Finalizes Jungle Float for Pasadena’s Rose Parade

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PASADENA, Calif.—Creative chaos, construction, and collaboration have made the Cal Poly team an unstoppable force.
 
“It's really cool to see how we all can come together from two different campuses to build a float like this. It’s pretty incredible,” said Cal Poly Flower Fields Manager Afton Phillips.

It’s the only student-designed and student-built float in the Rose Parade.
 
The magic is in the details and the story.
 
A story that revolves around this year’s theme— “The Magic in Teamwork.”
 
The Cal Poly float is named “Jungle Jumpstart”  
 
“This is where the story's starting. So our robot is sitting here on the ground in the forest, and this lemur is going to start the spark that will light it up,” said Cal Poly Float President Aubrey Goings.
 
Students say the float shows the relationship between nature and technology through the story of a rainforest community coming together to restore its robot friend that had broken down.
 
The animals include a frog, monkey, jaguar, lemurs, and a toucan.
 
“We have some monstera, some ginger, some heliconias. There's lots of things that you find in the jungle. We're really trying to immerse everyone into the atmosphere,” said Goings.

It's an undertaking that takes thousands of hours with plant experts, mechanical engineers and everything in between.
  
Students and volunteers helped create the design and construct the mechanical elements.
 
“This year we actually have, a frog opening and closing a panel. Well, it's closing the panel. The panel opens back up on its own, and it's two, two different mechanisms interacting, in a very unique way that we had to, like, coordinate a collision zone and everything,” said Cal Poly Slo Construction Chair Ryan Newton.

Thursday’s Tournament of Roses will mark 137 years of the annual tradition.
 

The post SLO Speed Ahead: Cal Poly Finalizes Jungle Float for Pasadena’s Rose Parade appeared first on News Channel 3-12.

Dons are ‘host with the most’ as they finish SB Holiday Classic undefeated

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Dons, Royals, Chargers and Cardinals all win on final day of tourney

SANTA BARBARA, Calif. (KEYT) - Levi Oakes got Santa Barbara High School off to a fast start while Owen Horn gave the Dons a strong finish as they beat Oakland Tech 61-54 to finish 4-0 at their own tournment.

The Dons went 4-0 at the Santa Barbara Holiday Classic and improve to 8-6 overall.

Horn scored 13 of his team-high 15 points after halftime while Oakes tallied 6 of the Dons first 8 points in the game and finished with 14 points.

Here are other results from the final day of the tournament:

San Marcos 63, Granada Hills Charter 42: Junior Aidan Conlan scored a game-high 20 points while seniors Koji Hefner and Brody Green added 12 and 10 points respectively. The Royals went 2-2 in the tournament and improved to 11-5 on the season.

Dos Pueblos 58, Saratoga 53 (OT): DP went 2-2 in the tournament after working overtime on the final day. Coulter Jay led the Chargers with 25 points and Evan Pinsker hit two 3-pointers in overtime for Dos Pueblos.

Bishop Diego 63, Davis Sr. 60

Thousand Oaks 76, College Park 44: Dylan McCord scored 27 points on a school-record 9 three-pointers for 15-0 Lancers.

Pacifica 60, Pinole Valley 54: Tommy Williams scored 15 points for the Tritons.

Westmont 69, Oak Park 60: Grant Shaw scored 15 points for the Eagles.

Whitney 55, Santa Paula 39: Ramirez and Valdovinos scored 9 points apiece for Cardinals

Agoura 63, Madera 42: Derek Crabtree scored 14 points for the Chargers

Pleasant Grove 57, Righetti 41

San Luis Obispo 69, St. Joseph Notre Dame 48

The post Dons are ‘host with the most’ as they finish SB Holiday Classic undefeated appeared first on News Channel 3-12.

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