Omaha (US), Nov 25 (AP) Investor Warren Buffett renewed his Thanksgiving tradition of giving by announcing plans Monday to hand more than USD 1.1 billion of Berkshire Hathaway stock to four of his family's foundations, and he offered new details about who will be handing out the rest of his fortune after his death. Buffett has said previously that his three kids will distribute his remaining USD 147.4 billion fortune in the 10 years after his death, but now he has also designated successors for them because it's possible that Buffett's children could die before giving it all away. He didn't identify the successors, but said his kids all know them and agree they would be good choices. “Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit,” the 94-year-old Buffett said in a letter to his fellow shareholders. “To date, I've been very lucky, but, before long, he will get around to me. There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66.” Buffett said he still has no interest in creating dynastic wealth in his family — a view shared by his first and current wives. He acknowledged giving Howard, Peter and Susie millions over the years, but he has long said he believes “hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing”. The secret to building up such massive wealth over time has been the power of compounding interest and the steady growth of the Berkshire conglomerate Buffett leads through acquisitions and smart investments like buying billions of dollars of Apple shares as iPhone sales continued to drive growth in that company. Buffett never sold any of his Berkshire stock over the years and also resisted the trappings of wealth and never indulged in much — preferring instead to continue living in the same Omaha home he'd bought decades earlier and drive sensible luxury sedans about 20 blocks to work each day. “As a family, we have had everything we needed or simply liked, but we have not sought enjoyment from the fact that others craved what we had,” he said. If Buffett and his first wife had never given away any of their Berkshire shares, the family's fortune would be worth nearly USD 364 billion — easily making him the world's richest man — but Buffett said he had no regrets about his giving over the years. The family's giving began in earnest with the distribution of Susan Buffett's USD 3 billion estate after her death in 2004, but really took off when Warren Buffett announced plans in 2006 to make annual gifts to the foundations run by his kids along with the one he and his wife started, as well as the Bill and Melinda Gates Foundation. Warren Buffett's giving to date has favoured the Gates Foundation with USD 55 billion in stock because his friend Bill Gates already had his foundation set up and could handle huge gifts when Buffett started giving away his fortune. But Buffett has said his kids now have enough experience in philanthropy to handle the task and he plans to cut off his Gates Foundation donations after his death. Buffett always makes his main annual gifts to all five foundations every summer, but for several years now he has been giving additional Berkshire shares to his family's foundations at Thanksgiving. Buffett reiterated Monday his advice to every parent to allow their families to read their will while they are still alive — like he has done — to make sure they have a chance to explain their decisions about how to distribute their belongings and answer their children's questions. Buffett said he and his longtime investing partner Charlie Munger, who died a year ago, “saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry”. Today, Buffett continues to lead Berkshire Hathaway as chairman and CEO and has no plans to retire although he has handed over most of the day-to-day managing duties for the conglomerates dozens of companies to others. That allows him to focus on his favourite activity of deciding where to invest Berkshire's billions. One of Buffett's deputies who oversees all the noninsurance companies now, Greg Abel, is set to take over as CEO after Buffett's death. (AP) PY PY (This story has not been edited by THE WEEK and is auto-generated from PTI)Global stocks pressured ahead of Fed decision
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Special counsel moves to dismiss election interference and classified documents cases against TrumpNebraska's Dylan Raiola talks key late hit on day he sets school freshman season passing markThe phrase “pop-up” has worked its way into the lexicon and doesn’t seem to be leaving anytime soon. But what is the difference between a pop-up or a kiosk or a booth? And does it really matter? Likely it does not because pop-up seems to cover all manner of fun and useful enterprises so let’s just put it to work. It is commonly used to describe a small, temporary event for a specific audience. Part of their popularity is due to the tendency to hold them in unique or unexpected settings. Vendor photos at Mother’s Day Market Treveri Cellars in Wapato. This time of year there seem to be almost as many pop-ups as there are coffee stands, namely one around every corner. For those looking to purchase a handmade gift or get a pet photo with Santa or paint their own masterpiece, the options are many. Finding a comprehensive listing of those options is another matter. Probably because, well, by nature a pop-up is a transient booth set up outside or in the facility of another business, often a winery or craft brewery. For example, Wenas Creek Saloon in Selah has scheduled paint nights throughout December, ranging from Grinchy Bottle Painting to Happily Painted Wild Horses events. Some vendors make the search easier with helpful names such as the Larson Gallery’s Pop-up Kids React! Art Show. Others are less obvious such as the Hat Burning Workshop at Yakima Valley Vintners. Both will be held in town during December with details available on social media, one of the most common sources for Yakima Valley pop-up information. Even the places that host pop-ups may use creative ways to find vendors. Brandon Dietrich, vice president of guest services at Treveri Cellars, said he attends events around the region looking for vendors to invite to pop-ups at the sparkling wine house in Wapato. “Our first pop-up event was Mother’s Day Market a couple of years ago,” Dietrich said. “We focus on a theme and try not to duplicate types of vendors for more variety,” he added. Dietrich and guest services manager/chef Priscila Garcia work together to plan events and prefer to stay with local vendors for invites to Treveri. Vendor photos at Mother’s Day Market Treveri Cellars in Wapato. “It can be a challenge to find pop-ups, but there is a community of vendors who know each other and have contacts and that helps,” Dietrich said. He said personally attending events when he finds them to meet the vendors and see booths and products helps him decide when to extend personal invites. For the first time, Treveri will soon be hosting a winter pop-up. The Dec. 14-15 German Christmas Market will be a private event open to Bubble Club members and their guests. According to Dietrich if it goes well they may look to expand their pop-up offerings. Apparently Treveri Cellars, like many Yakima Valley businesses, recognizes that pop-ups are popular and they are likely here to stay.
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