Good Morning! Nvidia briefly crossed the $2 trillion market cap mark on Friday, trailing just Microsoft and Apple. Reddit is gearing up to hit the public markets and Google is reportedly Reddit’s $60m/year AI content licensing customer. Warren Buffett might be eyeing a new addition to his empire, and Jamie Dimon sold $150 million of JPM shares. Plus Blackstone’s Schwarzman made $896.7 million last year, and how to master being assertive without stepping on toes.

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Buffett’s Heartfelt Tribute to Munger

Warren Buffett dropped his annual letter on Saturday. You can find the full version here. 

Berkshire Hathaway had its best year ever in 2023 - posting a record profit of $96 billion, with insurance underwriting earnings quintupling in Q4.

And, it was the first annual letter since Charlie Munger passed away in November.

Buffett and Munger enjoyed an almost 60-year-old business partnership. And Buffett gave a heartfelt tribute to his 'part older brother, part loving father,’ on the first page of the letter (pictured above).

Charlie helped develop a blueprint to transform Berkshire, focused on buying great companies at a great value. 

“Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect,” Buffett said.

Buffett also paid tribute to Omaha: "He and I were both born in Omaha about two miles from where you will sit at our May get-together. In his first ten years, Charlie lived about a half-mile from where Berkshire has long maintained its office. Both Charlie and I spent our early years in Omaha public schools and were indelibly shaped by our Omaha childhood. We didn’t meet, however, until much later. (A footnote that may surprise you: Charlie lived under 15 of America’s 45 presidents. People refer to President Biden as #46, but that numbering counts Grover Cleveland as both #22 and #24 because his terms were not consecutive. America is a very young country.)”

Takeaway: Berkshire’s annual conference (May 4, 2024) will feel a little empty this year without Munger. Rest assured, Buffett still be at the helm for (hopefully) many years to come. In some ways, it will probably be the best tribute to his late buddy Munger. “I’d like to be the oldest man that lived, actually,” said Buffett in a recent interview.

_{PRESENTED BY DELTA}

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_HEADLINES

Top Reads

• Buffett may buy a new business (WSJ)

• Jamie Dimon sold about $150 million of his JPMorgan shares (Reuters)

• Blackstone CEO Schwarzman made $896.7 million last year (YF)

• Reddit’s IPO is an AI play (CNBC)

• Fed cautious on a rate cut case that has yet to be made (YF)

• Cyberattack hits pharmacies across the country (CNN)

• What Walmart’s stock split means for investors (YF)

• Nvidia crosses the $2 trillion in market cap threshold (CNBC)

• How the AI boom is broadening, charted (Axios)

• Sam Altman will net millions when Reddit goes public (CNBC)

• Goldman pushes back bet on first Fed interest-rate cut to June (YF) 

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Markets Rundown

Stocks closed mixed after more earnings.

Movers & Shakers

• (+) Carvana ($CVNA) +32% after the used-car company posted its first annual profit.

• (+) Block ($SQ) +16% after the fintech company posted a surprise Q4 profit.

• (–) Rivian ($RIVN) -12% the EV maker hit a record low after the company posted disappointing earnings.

Private Dealmaking

• Stonepeak bought a 50% stake in the Coastal Virginia Offshore Wind project for $3 billion

• Woodside Energy sold a 15.1% stake in Scarborough LNG for $1.4 billion

• Sandbrook Capital invested $460 million into rPlus Energies

• Antora Energy, a thermal battery startup, raised $150 million

• Frontier Medicines, a proteomics company, raised $80 million

• Reprieve Cardiovascular, a medical device company, raised $42 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

Ladies Get Paid

As the founder of Ladies Get Paid, Claire has worked her entire adult life to promote gender equality in the workplace. If you’re looking to navigate a promotion or break the glass ceiling, Ladies Get Paid is your essential toolkit for achieving success.

Filled with straightforward advice and inspiring stories, this book is a transformative “guide to succeeding in your field, even when you feel completely stuck” (Beth Comstock, author of Imagine It Forward), by encouraging self-advocacy and activism.

Covering topics as crucial and varied as how to combat imposter syndrome, deal with office politics, and negotiate a raise. Ladies Get Paid is a reminder that you are valuable—both as an individual woman and as part of the female community. And ultimately, it’s about more than your wallet—it’s about your worth.

“A must read for any woman looking to succeed in her career.”

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The Current AI Bubble Is Bigger than the 1990s Tech Bubble

The top 10 companies in the S&P 500 today are more overvalued than the top 10 companies were during the tech bubble in the mid-1990s:

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Reading

Reading not only transports us into different worlds but also significantly impacts our brain's functioning, enhancing our memory, emotional intelligence, and ability to process information. When we read, our brain works to recognize letters as symbols and understand words, engaging both the frontal and temporal lobes.

Beyond the cognitive mechanics, reading deeply, especially beyond the confines of short social media snippets, allows us to explore complex ideas and narratives, enriching our understanding and empathy. Fiction, in particular, offers insights into characters' emotions and motivations, improving our ability to empathize with others and navigate our emotions more effectively.

Moreover, regular reading habits have been shown to keep the brain sharp and engaged, potentially mitigating the cognitive decline associated with aging. The act of reading itself, by immersing us in varied experiences and perspectives, can also serve as a form of emotional regulation and therapy, helping to manage conditions like depression.

To integrate reading more effectively into daily life, starting with manageable goals, dedicating specific times for reading, and maintaining a book archive for reflection and recall can establish a sustainable and enriching reading habit.

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Short Squeez Picks

• The art of being assertive without offending people

• How and why to become irreplaceable at work

• 4 ways to increase leadership credibility

• You don’t have to be a jerk to succeed at work

• How to be seen as a more authentic leader and person

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Memes of the Day