Paul Morigi/Getty Images for Fortune/Time Inc
Berkshire Hathaway's latest bet isn't a no-brainer or a head-scratcher; it's somewhere in between.
Berkshire — which has seen Warren Buffett retire as CEO and chairman since the turn of the year — has agreed to invest $330 million in Bending Spoons, on top of a $600 million injection when the Italian tech conglomerate went public in July, giving the Nebraska behemoth a 4% stake.
Bending Spoons disclosed Berkshire's backing in a press release on Wednesday, catapulting its stock up nearly 50% over two days, a phenomenon known as the "Buffett effect." The stock fell on Friday, but still ended the week more than 20% above Monday's opening price.
Berkshire has agreed to buy 10 million shares for $33 each, around a 13% discount to Bending Spoons' closing price of $38 on Tuesday, the day before the deal was announced.
CEO and cofounder Luca Ferrari described Berkshire in the press release as "among the finest and most respected capital allocators in the world," and a "longstanding inspiration" for Bending Spoons.
Neither company responded to requests for comment from Business Insider.
Bending Spoons acquires digital businesses, transforms and optimizes them to increase profits, then reinvests those earnings in further acquisitions.
It has been pursuing that strategy for more than a decade and has never sold a material business. Its acquisitions to date include AOL, Evernote, Vimeo, Eventbrite, and WeTransfer.
Ferrari's company said in the press release that it "strives to envision the most successful version of an acquired business," then works to close the gap between that vision and reality "as quickly and completely as possible."
Bending Spoons said that typically involves "deep" transformation such as "reorganizing teams, overhauling technology, redesigning user interfaces, accelerating product development, and enhancing marketing and monetization," often with a good dose of AI.
Ferrari gave the example of Evernote on a recent episode of the "Joys of Compounding" podcast.
He said the business had around 350 employees when Bending Spoons acquired it at the start of 2023. That shrank to roughly 60 within 12 to 18 months, and now it's being run by around 20 people.
Yet Ferrari said Evernote "launched by far the biggest update to the product in maybe a decade" this spring.
Marco Bertorello / AFP via Getty Images
First and foremost, Bending Spoons is a tech conglomerate, and Berkshire has eschewed tech for most of its history with a few big exceptions, namely Apple and Alphabet.
That's because Buffett is a bargain hunter who likes to invest with a "margin of safety" in case something goes wrong, and tries to stay within his "circle of competence," only buying into what he deeply understands.
Tech companies have rarely been a good fit for his approach, as they typically have lofty valuations, unpredictable outlooks, and complex products and services.
Indeed, Bending Spoons generated 32 cents in earnings per share last year. Berkshire is paying more than 100 times that per share in the coming private placement.
It's true that Bending Spoons is growing fast, with revenue surging 126% year-on-year to $704 million in the second quarter and adjusted operating income jumping 150% to $381 million. Few, however, would consider the stock a bargain from a fundamental perspective.
Berkshire is also famously a hands-off acquirer, offering founders the opportunity to cash out while continuing to run their businesses as they see fit. In contrast, a core aspect of Bending Spoons' strategy is revamping its acquisitions.
Berkshire and Bending Spoons have similarities as well as differences.
Both are decentralized conglomerates that buy businesses not to flip them, but to own them for the long term. Berkshire is a web of largely autonomous companies, including GEICO, Duracell, Fruit of the Loom, Pilot Travel Centers, and BNSF Railway. It has long offered a permanent home to the businesses it buys.
Bending Spoons has positioned itself as a forever owner, too, emulating Berkshire's approach of taking the cash generated by a subsidiary like See's Candies and using it to acquire more businesses.
Ferrari said in his recent podcast interview that Bending Spoons has fostered a culture of caring deeply about the company, and doesn't centralize decision-making in part because that "deprives people of that precious sense of ownership."
Buffett famously wrote "An Owner's Manual" for Berkshire shareholders. He's championed that mindset by keeping more than 99% of his net worth in Berkshire stock, and encouraging the company's other executives and directors to have skin in the game too.
Ferrari also said on the podcast that he has a "pathological love of learning" across different domains. That echoes Buffett's boundless curiosity and the late Charlie Munger's insatiable appetite for knowledge. Buffett's longtime business partner studied architecture, physics, history, meteorology, psychology, law, and, of course, investing, among other subjects.
Beyond their similar philosophies, it's worth noting that investing less than $1 billion into Bending Spoons isn't a huge deal for Berkshire. It has a $1.1 trillion market capitalization, had a $365 billion cash pile at the end of June, and its biggest stock position was worth about $66 billion at that time.
The Bending Spoons deal could mark an evolution in Berkshire's investing style following Buffett's departure as CEO and chairman.
Berkshire hasn't commented on the purchase or on whether Buffett was involved. Its relatively small size could mean his remaining investment manager, Ted Weschler, was behind it.
Or it might be new CEO Greg Abel, who piled an additional $10 billion into Alphabet in a private placement this summer after consulting with Buffett.
Whoever was responsible, and whatever their reasons for investing, this will be an intriguing wager to watch for Berkshire followers.
Brazilian President Luiz Inácio Lula da Silva’s campaign restructured its political and communications leadership, implementing a digital strategy centered on grassroots mobilization, relatable content, and community organization ahead of the October 25 runoff.
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In the first round on October 4, Flávio Bolsonaro of the Liberal Party secured 47.03% of valid votes, while Lula of the Workers’ Party (PT) garnered 45.16%, according to the Superior Electoral Court (TSE). The margin between them was 1.87 percentage points.
Following that result, the president’s campaign faced the challenge of mobilizing the more than 33 million people who had abstained from voting and vying for the votes of the undecided. Between October 5 and 9, students, social movements, artists, influencers, and fan communities launched initiatives—both on the streets and across digital platforms—to boost voter turnout.
To course-correct, Lula’s team brought in political figures such as Rafael Fonteles, Camilo Santana, Rui Costa, and Jerônimo Rodrigues, alongside lawmakers and influential social media figures—including Erika Hilton, Sâmia Bomfim, Jones Manoel, and Guilherme Cortez.
This strategic shift moved away from a strictly institutional aesthetic, adopting a “creator-as-person” format: selfie-style videos, casual street conversations, and simpler audiovisual productions. Guided by Congressman André Janones’s mantra of “more street, less helicopter,” the campaign disseminated dozens of native posts specifically targeting young voters.
Between October 4 and 11, the total number of social media interactions for both candidates resulted in a statistical dead heat: 266.5 million actions for Lula and 268.2 million for Flávio Bolsonaro. However, the president held an advantage on key platforms, garnering 24.3% more interactions than his rival on Facebook and 13.7% more on TikTok.
The architecture of this digital comeback relied on the “Exército do Lula” (Lula’s Army) channel, managed by Janones, which grew from 50,000 followers to over 3.3 million in a single week. The channel operates as a distributed coordination hub, sending daily audio messages, tasks, and “missions” to supporters to help make content go viral and counter attacks.
Flávio Bolsonaro’s campaign petitioned the TSE (Superior Electoral Court) to review the channel, alleging the dissemination of falsehoods. On October 12, the court ruled that the content in question did not contain the alleged falsehoods.
Another strategic pillar was the “Fandoms com Lula” (Fandoms for Lula) coalition, comprising over 250 fan clubs for artists such as Anitta, Taylor Swift, BTS, BLACKPINK, and Beyoncé. These communities applied their experience with massive streaming campaigns to tasks such as creating memes and AI-generated montages, producing guides for engaging with non-voters over the age of 60, and participating in in-person rallies, including the one held on Avenida Paulista.
The contest also extended to platform policies. The PT filed a complaint with the TSE regarding an unjustified drop in the algorithmic reach of Lula’s content on Meta’s apps. The company attributed the issue to global “technical problems” and denied any political bias.
Despite disagreements regarding social media bias, the most significant digital surge in Lula’s favor coincided with the major rallies on Sunday, October 11; on that day, his campaign recorded 31.8 million interactions, compared to 18.1 million for Flávio Bolsonaro’s campaign. Analysts highlight that the Brazilian experience demonstrates that communication success does not depend solely on official party accounts, but rather on the ability to build organic communities capable of taking ownership of the message, transforming it, and distributing it within their everyday circles ahead of the October 25 runoff.
Speaking on national economic strategy, President Luiz Inácio Lula da Silva emphasized that a country cannot succeed unless capital circulates across its entire population. Lula highlighted his core economic policy principle: placing wealth into the hands of the working majority… pic.twitter.com/5ATbGtTcuv
— teleSUR English (@telesurenglish) October 13, 2026
The Russians are struggling on land and at sea, and are having real difficulty protecting themselves from Ukrainian long-range attack. That has left them with one real strategic “advantage” and that is what we will see the next few months. As reports this week made clear, the Russian strategy is now to make Ukraine unlivable, […]
The post Russia’s new strategy aims to make Ukrainian cities unlivable appeared first on Asia Times.
LA NEWSLETTER · GRATUITE
L'essentiel de l'actualité, passé au crible par les cinq plumes du Courrier. Dans votre boîte, chaque jour ouvré.
Gratuit. Vous restez libre de partir quand vous voulez.
JE M'INSCRIS lecourrierdesstrateges.frEntre le 29 mai et le 2 octobre 2026, soit 126 jours, l'once d'or est passée de 4 460 à 4 143,66 dollars, soit −7,09 %. Le Bitcoin est monté de 73 500 à 86 000 dollars, soit +17,01 %. Le bon du Trésor américain à trois mois rendait 4,00 % le 1er octobre, contre 3,75 % fin mai. Et l'euro s'est déprécié face au dollar, de 1,1644 à 1,1225.
Je reprends l'exercice dans l'ordre du bilan de juillet : ce que la doctrine a modifié, ce que l'allocation a produit, et ce que le chiffre cache.
ABONNEMENT
Deux grands formats par jour. Les cinq plumes du Courrier. La série Sécession, le dimanche.
Le monde commente. Vous, vous comprenez.
S'ABONNER lecourrierdesstrateges.frL'allocation de référence du 24 mai — 30 % or physique, 25 % T-bills, 20 % foncier de qualité, 5 % devises tierces pour la branche sûre ; 10 % Bitcoin, 5 % options longues, 5 % capital-risque pour la branche risquée — n'a pas varié d'un point depuis le 29 mai. Les quatre règles d'exécution posées en juin et juillet tiennent : les deux axes, l'épargne de précaution hors Barbell, le DCA accéléré sur correction de plus de 10 %, le rééquilibrage daté de janvier 2027.
Une seule chose s'est ajoutée, le 27 septembre puis le 4 octobre, et elle est négative : j'ai maintenu 0 % d'obligations souveraines de la zone euro alors que l'OAT à dix ans passait de 4,66 % à 4,92 %. C'est une position qui coûte visiblement de l'argent, et je la réaffirme ici pour qu'on ne puisse pas dire plus tard qu'elle a été discrètement abandonnée.
ABONNEMENT
Deux grands formats par jour. Les cinq plumes du Courrier. La série Sécession, le dimanche.
Le monde commente. Vous, vous comprenez.
S'ABONNER lecourrierdesstrateges.frValorisation au 2 octobre 2026 pour une entrée au 29 mai, aux taux de référence de la Banque centrale européenne.
| Poste | Investi | Valeur au 2 oct. | Écart | % |
|---|---|---|---|---|
| Or physique (30 %) | 30 000 € | 28 913 € | −1 087 € | −3,62 % |
| T-bills 3-6 mois (25 %) | 25 000 € | 26 280 € | +1 280 € | +5,12 % |
| Foncier de qualité (20 %) | 20 000 € | 20 000 € | 0 € | 0,00 % |
| Bitcoin (10 %) | 10 000 € | 12 137 € | +2 137 € | +21,37 % |
| Devises tierces (5 %) | 5 000 € | 5 061 € | +61 € | +1,23 % |
| Sous-total valorisable | 90 000 € | 92 391 € | +2 391 € | +2,66 % |
| Options longues + capital-risque (10 %) | 10 000 € | non valorisables : primes non cotées, participations illiquides | ||
L'or supporte encore la perte, mais moins qu'en juillet. En dollars, le métal recule
A recent report put out by a relatively obscure Washington think tank, Defense Priorities, is getting an unusual amount of attention. In simple terms, the report written by the shop’s military analysis director Jennifer Kavanagh and entitled “A Second Island Chain Strategy for Asia” looks at current US security policy in the Asia-Pacific region and […]
The post Examining think tank proposal that US cut and run in Asia-Pacific appeared first on Asia Times.
LA NEWSLETTER · GRATUITE
L'essentiel de l'actualité, passé au crible par les cinq plumes du Courrier. Dans votre boîte, chaque jour ouvré.
Gratuit. Vous restez libre de partir quand vous voulez.
JE M'INSCRIS lecourrierdesstrateges.frMa réponse : non, et pas pour la raison que vous croyez.
Le Livret A sert 1,70 % depuis le 1er août 2026. Ce chiffre est net — ni impôt sur le revenu, ni prélèvements sociaux. C'est tout son intérêt, et c'est ce qu'on oublie en le comparant à un rendement brut.
En face, un fonds monétaire suit l'€STR (le taux auquel les banques de la zone euro se prêtent au jour le jour, référence du marché monétaire), qui s'établissait autour de 2,19 % fin août et converge vers 2,40 % après le relèvement du taux de dépôt de la BCE de 2,25 à 2,50 %, décidé le 10 septembre et applicable le 16. Retranchez les frais de gestion du fonds, de 0,10 à 0,50 % : vous obtenez entre 1,90 et 2,30 % bruts.
Puis appliquez le PFU — le prélèvement forfaitaire unique de 30 %, qui additionne 12,8 % d'impôt et 17,2 % de prélèvements sociaux, et qui frappe tout gain logé sur un compte-titres ordinaire. Il vous reste entre 1,33 et 1,61 % nets.
ABONNEMENT
Deux grands formats par jour. Les cinq plumes du Courrier. La série Sécession, le dimanche.
Le monde commente. Vous, vous comprenez.
S'ABONNER lecourrierdesstrateges.frC'est le calcul utile, et il tient en une division. Pour égaler 1,70 % nets, un fonds imposé au PFU doit servir 1,70 divisé par 0,70, soit 2,43 % nets de frais. Cela
The European Parliament has backed calls for an EU-wide strategy to tackle worsening shortages of healthcare professionals, including an ambition to increase the health workforce by one million, as doctors, nurses, pharmacists and dentists urged the European Commission to turn the recommendations into concrete action.
The own-initiative report, led by MEPs Loucas Fourlas (EPP, Cyprus) and Ruggero Razza (ECR, Italy), warns that shortages of doctors, nurses, carers and other professionals are becoming structural, driven by ageing populations, rising demand for care and persistent burnout...
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