The Indicator from Planet Money

Explore the transformation of Warren Buffett from a short-term investor to an empire builder through Berkshire Hathaway. Discover how his reputation became a business tool, attracting companies seeking his endorsement. Delve into his bold investments, particularly in Salomon Brothers, and the challenges he faced during the dot-com era. Hear how Buffett's warnings against inflated tech valuations proved prescient when the bubble burst, and acknowledge the mistakes he made along the way. What does the future hold for Berkshire after Buffett?

Explore the fascinating journey of Warren Buffett, from his childhood hustles to his pivotal acquisition of Berkshire Hathaway. Discover how a visit to GEICO changed his investing strategy and his collaboration with Benjamin Graham shaped his value approach. Learn about the spite behind the Berkshire purchase, which turned a failing textile mill into an empire. The transformation of Berkshire Hathaway into a diverse holding company is a testament to Buffett's genius and resilience, marking a legendary career in investing.

What a year 2025 was for the U.S. economy! Consumer sentiment hit alarmingly low levels, while tariffs surged to their highest point in nearly a century, stirring legal debates and market chaos. Meanwhile, the CAPE ratio raised eyebrows as it reflected pre-dot-com bubble valuation levels, hinting at potential long-term downturns. The hosts engage in a lively ‘Family Feud’ format, grappling over which economic tale truly defined the year. Tune in for the experts' insights and predictions!

The podcast checks in with a former federal employee who navigated unexpected layoffs. She shares how media exposure helped her secure a new legal role. The discussion shifts to a Louisiana shrimper reflecting on the impact of tariffs, revealing price fluctuations in the shrimp market. Lastly, a riveting update on a fraud case involving inflated metrics sheds light on legal repercussions for a major financial institution. The hosts emphasize the importance of follow-up reporting on these unfolding stories.

Tricia Pena from Hermitage, Tennessee, shares a heartfelt story about how changes to ACA premium subsidies will drastically raise her insurance costs. Health policy researcher Cynthia Cox dives into the impact of expanded tax credits, detailing how they doubled marketplace enrollment and stabilized insurance risk pools. They discuss projected premium increases if subsidies expire, the historical roots of Obamacare, and the ongoing political gridlock that complicates future reforms. The conversation highlights the real stakes for individuals like Tricia navigating this complex landscape.

New federal loan caps for grad students could reshape the higher education landscape. The change aims to ease financial burdens, but hosts debate whether it will truly lower tuition or just slow increases. Insights reveal troubling impacts on lower-income and Black students. Critics argue that past unlimited loans fueled price hikes dollar-for-dollar. Medical schools voice concerns that even higher caps may keep education out of reach. Will these limits pave the way for more equitable access to graduate programs?

Dennis Madsen, an urban planning manager in Huntsville, Alabama, and Yona Freemark, a researcher at the Urban Institute, delve into the challenges of city growth and housing affordability. They discuss how cities like Austin have faced steep housing costs due to rising demand. Madsen shares insights on Huntsville's proactive approach to increasing housing supply and the importance of diversifying housing types. They highlight the critical role of zoning and the need for subsidies to support low-income renters amid ongoing development.

This week delves into the U.S. approval of NVIDIA chips for China, igniting discussions on tech dependency and self-reliance. The potential $192 billion EU loan to Ukraine raises eyebrows over frozen Russian assets and the political hurdles in play. Meanwhile, a startling 27% of shoppers admit to self-checkout theft, citing high prices as their justification. Retailers are forced to reconsider self-checkout systems as the balance between convenience and theft becomes increasingly challenging.

Gita Gopinath, a former chief economist at the IMF and current Harvard expert, discusses the alarming parallels between today’s AI-driven stock market and the dot-com boom. She reveals chilling projections that a potential crash could wipe out $35 trillion in global wealth, significantly impacting the U.S. and European economies. Gita emphasizes the high valuation risks, the limitations of fiscal responses due to debt levels, and the need for diversification as capital shifts into emerging markets. A fascinating mix of caution and insight!

Kent Draper, Chief Commercial Officer at Iron, shares insights on how Bitcoin miners are pivoting to AI. He discusses the evolution of structures needed for Bitcoin mining, which are now more valuable for AI. The conversation highlights the challenges of energy supply and environmental concerns, while exploring why AI offers more stability than the volatile crypto market. Draper explains Iron's strategy of maintaining a dual focus on mining and AI infrastructure while adapting to changing market demands.