What we’re reading (5/3)
“Berkshire Chooses Greg Abel As Warren Buffett’s Successor In CEO Role” (Wall Street Journal). “Berkshire Hathaway Inc.’s famous Chief Executive Warren Buffett, the billionaire who has led the conglomerate for more than 50 years, is to be succeeded as CEO by vice chairman Greg Abel, putting to rest one of the biggest succession questions in corporate America.”
“Expensive Lumber Costs Have Added $36,000 To The Average Price Of A New Home, Report Finds” (Business Insider). “The housing market took off last summer, as the pandemic enabled many to work from home indefinitely, and with mortgage rates so low, many people rushed to buy new homes. But the pandemic shut down lumber production, and it hasn't kept pace with building since.”
“Fed’s Barkin Sees Higher Inflation This Year, But Then A Reversal In 2022” (CNBC). “‘I think we will see price pressure this year. You’ve got a very strong demand situation, and you’ve got constraints in supply,’ the central bank official said during a ‘Closing Bell’ interview. ‘When those things happen, you’re definitely going to see price pressure.’ However, Barkin added that he expects those pressures to subside as economic dynamics change through the year and the economy returns to a more normal state.”
“Nasdaq Wants New Diversity Rules, But Diversifying Boards Does Not Mean Better Performance” (USA Today). “Nasdaq cannot cite any high-quality study showing that board diversity boosts returns, because there appears to be none. In fact, there are many serious academic papers reporting the opposite result: diversifying boards can harm financial performance. Troublingly, Nasdaq disregards this evidence.”
“Sticking With Remote Work? Businesses Are Betting On It” (Reuters). “U.S. businesses have been spending more on technology than on bricks and mortar for more than a decade now, but the trend has accelerated during the pandemic, one more sign that working from home is here to stay.”
