Billionaire investor Howard Marks said he is unsure about the risk of the coronavirus to the markets but that Monday’s sharp fall for stocks was a product of a change in sentiment and not pessimism about individual companies. The pullback was widely spread, with decliners at the New York Stock Exchange outnumbering advancers nine to one, according to FactSet. Marks, the co-chairman of Oaktree Capital Management, said investors tend to be too optimistic or too pessimistic about economic condition

Trader Michael Urkonis works on the floor of the New York Stock Exchange, January 28, 2020. Coronavirus fears triggered a steep sell-off in stocks as investors worry that the epidemic would disrupt the global economic growth. Goldman Sachs has a defensive portfolio it provides clients for times just like these. But the stock basket also has a long track record of beating the market in good times and bad. Here’s what’s in it.

Take Microsoft co-founder Bill Gates: In addition to his groundbreaking innovations, the billionaire is best-known today as a kind, compassionate and soft-spoken philanthropist. Former Microsoft employees described the office as a very confrontational environment, with Gates being “demanding” and the work “intense.” In a 2006 blog post, Spolsky writes about his first in-person product spec review with Gates. “The lower the f***-count, the better,” Spolsky recalls. As the meeting progressed, the

How American Express got its startAmerican Express dates to 1850, when it started as a freight shipping company. In 1966, it put forth a corporate card program for businesses, and in 1991, created its first loyalty program, now called Membership Rewards. Since then, American Express has continued to reiterate its financial offerings by introducing lines of debit and credit cards as well as banking services. American Express’ stock performanceThrough the years, American Express stock gone up and

But Berkshire Hathaway CEO Warren Buffett says there’s one you should always avoid: Buying a stock merely because you think it’s going to increase in price. That’s because even the best investors aren’t able to predict how the market will perform. Instead, you should invest in companies that you both understand and believe will offer long-term value, according to Buffett. No matter how much or how little you’re buying, you should be able to get your reasoning down on paper without relying on out

Dow briefly tumbles 1000 points—Investor expert on what to doJosh Brown, Ritholtz Wealth Management, Bryn Talkington, Requisite Capital Management managing partner, and Howard Marks, Oaktree Capital co-chairman, join ‘Fast Money Halftime Report’ to discuss the state of the markets amid the fears of the coronavirus outbreak.

Howard Marks on investor psychology during coronavirus fearsJosh Brown, Ritholtz Wealth Management, Bryn Talkington, Requisite Capital Management managing partner, and Howard Marks, Oaktree Capital co-chairman, join ‘Fast Money Halftime Report’ to discuss the state of the markets amid the coronavirus outbreak.

Oil slid more than 5% at its session low on Monday, falling into bear market territory as the number of coronavirus cases outside of China surged. Raymond James cut its oil outlook on Monday as the number of coronavirus cases continues to rise. Molchanov said demand in the first quarter will be reduced by an average of 1.5 million barrels per day. A week ago, the firm’s forecast stood at a potential build of over one million barrels per day for the quarter. The firm also raised its first quarter

Film mogul Harvey Weinsten was found guilty Monday of rape and committing a criminal sexual act more than two years after news articles about his alleged serial sexual abuse of women ignited the MeToo movement. Weinstein was surrounded by court officers during the reading of the verdict, keeping a stoic look on his face as each verdict was announced. Weinstein, as the verdict was read, “just kept repeating, ‘But I’m innocent, but I’m innocent, I’m innocent, how could this happen in America?’ Wei

Apple is planning to release a Mac computer with an Apple-designed processor in the first half of 2021, TF Securities analyst Ming-Chi Kuo said in a note on Monday. The first Mac with an ARM processor could enable Apple to more closely control the Mac release schedule and deliver improvements, such as improved battery life. Kuo believes that Apple’s processor will use a 5 nanometer or “5nm” process for the chips in many of its upcoming products. He said the 5G iPhone and new iPads planned for 20

Austria said on Monday it would stop suspected coronavirus cases from crossing its border, a day after it held up a train from Italy for four hours to wait for test results on two passengers. Austria has yet to have a confirmed case of coronavirus and is extremely wary because of Europe’s largest outbreak next door in northern Italy. More than half of freight crossing the Alps passes through Austria. On Sunday Austrian authorities stopped a Venice-to-Munich train carrying 300 passengers to wait

A woman wear a protective mask in Venice, Italy, on February 23, 2020 due to concerns over coronavirus infection. The carnival was suspended due to the coronavirus outbreak in northern Italy. Ferrari has suspended tours of its factory and shut down museums near its headquarters following the outbreak of coronavirus in Northern Italy. Ferrari said it hasn’t halted production, but it has closed both Ferrari museums in Maranello and in Modena as requested by local authorities. Ferrari produced over

Shares of Big Tech companies took a hit Monday after a surge in coronavirus cases renewed fears of a global economic slowdown. These five tech companies make up nearly one-fifth of the value of the S&P 500, which itself is down more than 3.6%. U.S. stocks on Monday plunged after South Korea raised its coronavirus alert to the “highest level.” The flu-like coronavirus, named COVID-19, has affected nearly 80,000 people globally, though most of those cases are found in China. Facebook, Amazon, Alph

As coronavirus fears hit financial markets, U.S. bond yields are tanking, pushing mortgage rates that loosely follow the 10-year Treasury yield toward an eight-year low. The average rate on the popular 30-year fixed mortgage hit 3.34% on Monday, according to Mortgage News Daily. That rate hit 3.34% for one day in the summer of 2016, before spiking much higher that fall. While rates generally follow the 10-year yield, there are certain market factors that keep rates above a certain level. “When r

Overwatch League owner Blizzard Entertainment will cancel three more weeks of matches amid the coronavirus outbreak. Matches in South Korea scheduled between Feb. 29 and March 22 have been canceled “in order to protect the health & safety of our players, fans, & staff,” the company tweeted on Monday. Earlier in February, Blizzard rescheduled a number of matches — originally scheduled across China, but canceled in January — to be played in a South Korean studio. — Overwatch League (@overwatchleag

Streets of Rage 4 will include four-player local cooperative play, publisher and co-developer Dotemu announced Monday. Previous games in the Streets of Rage franchise capped out at two players simultaneously. Floyd does have a tie-in to the franchise; his cybernetic arms were a gift from Dr. Zan, the scientist cyborg from Streets of Rage 3. Streets of Rage 4 is coming to Nintendo Switch, PlayStation 4, Windows PC, and Xbox One this spring. Lizardcube, Guard Crush, and Dotemu announced Streets of

Isabelle, the adorable pooch from Animal Crossing, and the Doom protagonist have come together to prove that no matter what games you play, you can be friends. The answer is that both Animal Crossing: New Horizons and Doom Eternal will release on the same day: March 20. With Isabelle dubbed the mascot of Animal Crossing due her to appearance in Super Smash Bros. (move over, Tom Nook! In July 2019, a Twitter user posted fanart of the two together, with Doomguy teaching Isabelle how to fire the Su

Hideo Kojima and Kojima Productions will not be attending the Game Developers Conference this year due to concerns about the novel coronavirus, COVID-19, according to a post on the company’s website. “Kojima Productions has made the difficult decision to cancel our participation at the 2020 Game Developers Conference due to increasing concerns related to novel coronavirus. Although much-anticipated, unfortunately this cancellation also includes Hideo Kojima’s session on the 19th and Eric Johnson

In an Xbox Wire post providing further details on its next-generation plans, Microsoft also discussed how the Xbox Series X will allow players to carry forward their existing game libraries. Related Microsoft reveals more Xbox Series X specsMicrosoft also announced a new Xbox Series X feature, Smart Delivery, that sounds like a user-friendly way of supporting cross-generation Xbox One/Series X games. Smart Delivery “empowers you to buy a game once and know that — whether you are playing it on Xb

Microsoft revealed new details on its next-generation console, the Xbox Series X, on Monday morning, confirming specifications on what the company calls its “superior balance of power and speed” for its new hardware. The Xbox Series X “next-generation custom processor” will employ AMD’s Zen 2 and RDNA 2 architecture, head of Xbox Phil Spencer wrote on the Xbox website. Spencer also touched on efforts to reduce latency on Xbox Series X, for both input and output. ALLM allows Xbox One and Xbox Ser