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Lina’s Wrath & The Carried Interest Wars

Notes on what everyone is mumbling about on Wall Street: Buffett’s boffo earnings, more of “the dead cat bounce,” Lina Khan’s Meta example, and the Ackman diatribe of the summer.

Lina Khan
FTC commissioner Lina Khan. Photo: Graeme Jennings/AFP
William D. Cohan
July 31, 2022

Somehow Warren Buffett, at 91 years old, is still living his best life. While other elite value investors were wondering if the time was right to pick up Google, Amazon and Microsoft on the cheap(er), Buffett was mining value where others feared to tread—the oil and gas patch—and amassing significant stakes in companies that are exacerbating our climate problems. He’s been gobbling up Chevron of late and now the 140-year-old oil company has just had its best quarter ever. Buffett, the iconoclast, has been rewarded for his willingness to buy value when others were afraid to get flattened by the E.S.G. steamroller.