Thursday, September 18, 2014

Americans' Net Worth Reaches Record High -- September 18, 2014

The AP is reporting:
Strong stock market gains and higher home prices boosted Americans' net worth in the April-June quarter to a record high, a trend that could encourage more spending.
U.S. households also took on the most new debt in five years, driven mostly by student and auto loans. More borrowing can be a sign of confidence, although greater student debt can pose a burden for younger households.
Link here.

Warren Buffett defends the Burger King - Tim Horton deal.

Tim Horton is the much bigger company. It just happens to be located in Canada.

"Buffett’s involvement in the Burger King deal provided complications for the White House, given its increased attention to clamping down on corporate inversions."

Any doubts whether the Obama administration will stand in the way of approving this merger? LOL.

From wiki:
Burger King is a global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. 
The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain. After Insta-Burger King ran into financial difficulties in 1954, its two Miami-based franchisees, David Edgerton and James McLamore [both Americans], purchased the company and renamed it Burger King. 
Over the next half century, the company would change hands four times, with its third set of owners, a partnership of TPG Capital [Texas, California], Bain Capital [Boston], and Goldman Sachs Capital Partners, taking it public in 2002. 
In late 2010, 3G Capital [New York, Brazil] of Brazil acquired a majority stake in BK in a deal valued at $3.26 billion. 
The new owners promptly initiated a restructuring of the company to reverse its fortunes. 3G, along with partner Berkshire Hathaway, eventually merged the company with Canadian-based donut chain Tim Hortons.

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