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Thousands of fans line up outside for hours, there’s expensive merchandise and even a secret movie.

When 40,000 people descend on Omaha, Nebraska, Saturday, it might sound like a Taylor Swift concert or a Coachella-style festival.

Instead they will sit rapturously for five hours listening to a 93-year-old man answering questions on the economy  but not just any man: billionaire investor Warren Buffett.

Welcome to the Berkshire Hathaway annual shareholders meeting, dubbed “Woodstock for capitalism” and compared by attendees to going to church or seeing The Beatles live.

Inside the CHI Health Center Omaha, ordinary shareholders mingle with celebrities such as Arnold Schwarzenegger, Bill Murray and Glenn Close and the biggest names in business, including Bill Gates, JP Morgan CEO Jamie Dimon, and Apple’s Tim Cook.

The annual pilgrimage to Omaha is the most fanatical followers of Buffett, the chairman and CEO of Berkshire Hathaway, America’s 7th largest company, which owns companies including Geico, Dairy Queen, BNSF Railway and NetJets, and large stakes in Apple, American Express, Coca-Cola, Kraft Heinz and Chevron.

The cost of admission is as low as $396, a single Berkshire Hathaway class B share, but the wisdom dispensed by the man with a net worth of $132 billion is, say attendees, priceless.

Christopher Bloomstran has attended every year since 2000 except once, when his daughter was born two weeks before the meeting and calls it the highlight of each year.

“Ive met some of my best friends in the investment arena at the Berkshire,” said Bloomstran, who is chief investment officer of Semper Augustus Investments Group  in St. Louis, Missouri.

I go Wednesday and often stay until Monday.”

Adam Mead, who runs Mead Capital Management and has been going for 10 years said: I dont go to church but it’s like church: You know what the message will be, it’s the same stories, and you hear current events through the lens of timeless wisdom.

Bill Gates is out there as is Jamie Dimon he shook my hand and took a pic. One time Warren shook my hand. That was a memorable moment.”

The weekend begins Friday when Omahas Conference Center opens for conference-goers to pick up credentials for the festivities which include the meeting, a picnic and a 5K. (Buffett does not take part.)

But the event’s core is Saturday when Buffett and other Berkshire leaders address the crowd, many of whom arrive at 3am.

Chris Fried, an attorney from Pennsylvania, who will be attending for the 10th time always stays in walking distance of the conference center so he is in line by 3AM and prepared for the mad dash for the best seats once the doors open and shareholders flood in.

“By 4am – I would say the line is about 100 feet deep,” he said. By 7 am – it is down several blocks.

Fried said he stumbled on Berkshire when he first read Warren’s annual letter to shareholders 20 years ago.

“It read like beautiful poetry to me and I purchased my first B shares within the week. I haven’t looked back.

In the line he has met Buffett fans from as far afield as Australia, as well as Japan, China, Germany and the UK, many of whom have become friends.

“You never know who you’ll bump into,” Friend adds. “One year I sat next to two NFL players.”

Mead said: Ive made some of my really good friends out there just standing in line. Im staying in an Airbnb with some of them this year.

By 8:45AM attendees are ready for Buffetts annual film which opens the event and which is never seen outside the hall.

Only two still images have ever leaked. One, in 2015, was a pastiche of “Breaking Bad,” with Buffett appearing with Bryan Cranston, its star, to cook, not meth, but See’s Candy, one of the brands which has made Buffett rich. Another, in 2002, was Buffett playing the ukelele.

He has done skits with Arnold Schwarzenegger, Bryan Cranston, Manny Pacquiao, and Jamie Lee Curtis,” Mac Sykes, portfolio manager of the Gabelli Equity Trust, who has been attending for 15 years said. “They’re worth arriving early for.”

This year will be different in part because Charlie Munger, Berkshire’s vice chair and Buffett’s on-stage sidekick until he died at 99 last November, won’t be there for the first time.

Elie-Chakib Abou-Chacra, a portfolio manager from Canada who is attending for the second time, said the annual meeting is the equivalent of being a Beatles fan seeing McCartney perform onstage. 

I get to see my hero on stage if youre a fan of McCartney or an old rock guy you never know when it will be his last tour but you know you want to see them onstage before they go.

Off stage, the conference center features specialized merch from companies owned by Berkshire, including Squishmallow who sell a Warren Buffett version of their plush toy Brooks Sports, Fruit of the Loom, and Dairy Queen.

Buffett tours by golf cart, with people taking selfies as he passes. They also take photos with cutouts of him dotted around the floor.

Last year See’s Candies sold Buffett’s fans 11 tons of confectionery which included “Warren’s Favorite Chocolate Walnut Fudge.”

Stephen Tedder, an ophthalmologist from Atlanta, told The Post that he fell in love with Buffett’s wisdom after he stumbled on a Berkshire report during the 2008 financial crisis.

“You could see the authentic Midwest moral fiber of Warren and Charlie [Munger], their clarity of thought, written word and plain speak,” he told The Post.

This will be his third meeting, having started coming in 2022, because he made a growing number of good friends.

Women make up just 20% of attendees, sources told The Post.

April Samuelson, a tech worker from Chicago, has attended twice and each time had to explain why she was there solo.

The weird thing about attending as a woman is other investors tended to assume that I was a wife or girlfriend,” Samuelson said.

“I had to clarify that I had stock of my own. When asked why, I just went with I like money.’

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Politics

Another tantrum from the Labour backbenches is inevitable

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Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

In common with many parents across the country, here’s a conversation that I have with my young daughter on a semi-regular basis (bear with me, this will take on some political relevance eventually).

Me: “So it’s 15 minutes until your bedtime, you can either have a little bit of TV or do a jigsaw, not both.”

Daughter: “Ummmm, I want to watch TV.”

Me: “That’s fine, but it’s bed after that, you can’t do a jigsaw as well.”

Fast-forward 15 minutes.

Me: “Right, TV off now please, bedtime.”

(Pause)

Daughter: “I want to do a jigsaw.”

Now replace me with the government, the TV and jigsaw options with axing welfare cuts and scrapping the two-child cap, and my daughter with rebellious backbenchers.

Politics latest: Former Labour leader calls for wealth tax on assets above £10m

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Rachel Reeves’s fiscal dilemma

That is the tension currently present between Downing Street and Labour MPs. And my initial ultimatum is the messaging being pumped out from the government this weekend.

In essence: you’ve had your welfare U-turn, so there’s no money left for the two-child cap to go as well.

As an aside – and before my inbox fills with angry emails lambasting me for using such a crude metaphor for policies that fundamentally alter the lives of some of the most vulnerable in society – yes, I hear you, and that’s part of my point.

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Welfare U-turn ‘has come at cost’

For many in Labour, this approach feels like the lives of their constituents are being used in a childish game of horse-trading.

So what can be done?

Well, the government could change the rules.

Altering the fiscal rules is – and will likely remain – an extremely unlikely solution. But as it happens, one of Labour’s proverbial grandparents has just popped round with a different suggestion.

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Welfare: ‘Didn’t get process right’ – PM

A wealth tax, Lord Neil Kinnock says, is the necessary outcome of the economic restrictions the party has placed on itself.

Ever the Labour storyteller, Lord Kinnock believes this would allow the government to craft a more compelling narrative about whose side this administration is on.

That could be valuable, given one of the big gripes from many backbench critics is that they still don’t really understand what this prime minister stands for – and by extension, what all these “difficult decisions” are in aid of.

The downside is whether it will actually raise much money.

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Is Corbyn an existential risk to Labour?

The super-rich may have lots of assets to take a slice from, but they also have expensive lawyers ready to find novel ways to keep their client’s cash away from the prying eyes of the state.

Or, of course, they could just leave – as many are doing already.

In the short term, the future is a bit easier to predict.

If Downing Street is indeed now saying there is no money to scrap the two-child cap (after heavy briefing in the opposite direction just weeks ago), an almighty tantrum from the backbenches is inevitable.

And as every parent knows, the more you give in, the harder it becomes to hold the line.

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US

Deadly Texas floods: What were the warnings?

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Deadly Texas floods: What were the warnings?

Questions have been raised over extreme weather warnings in Texas, after heavy rain caused fatal flash floods along the Guadalupe River.

At least 51 people have died from the flooding in Texas, with an unknown number of people – including 27 girls from Camp Mystic in Kerr County – still missing.

As rescue teams continue to search for the missing, local and federal officials have come under fire over their flood preparations and about why those along the river weren’t warned of the risks sooner.

A map showing the Guadalupe River in Kerr County, which burst from heavy rain and caused flash flooding
Image:
A map showing the Guadalupe River in Kerr County, which burst from heavy rain and caused flash flooding

Campers from Camp Waldemar embrace after arriving at a reunification area. Pic: Jason Fochtman/Houston Chronicle via AP
Image:
Campers embrace at a reunification area. Pic: Jason Fochtman/Houston Chronicle via AP

What happened?

As much as 10ins (25cm) of heavy rain fell in just a few hours overnight in central Kerr County on Friday, causing the banks of the Guadalupe River to burst at around 4am local time.

Homes and vehicles were swept away by the downpour – equivalent to months’ worth of rain – while 27 girls staying at Camp Mystic, a Christian summer camp along the river, went missing when the fast-rising floodwaters hit.

The death toll stands at:
• At least 43 people, including 15 children and 28 adults, in Kerr County,
• One person in Kendall County,
• At least four people in Travis County,
• At least two in Burnet County,
• And one person in the city of San Angelo.

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House sweeps away in flash floods

What flood warnings were there?

Private forecasting company AccuWeather said it and the National Weather Service (NWS) sent warnings about potential flash flooding hours before it began, urging people to move to higher ground and evacuate flood-prone areas.

The NWS also issued flash flood emergencies – a rare alert notifying of imminent danger – at 4.23am local time.

In a statement, AccuWeather said that “these warnings should have provided officials with ample time to evacuate camps such as Camp Mystic and get people to safety”.

It also called Texas Hill County one of the most flash-flood-prone areas of the US because of its terrain and many water crossings.

However, chief of the Texas Division of Emergency Management Nim Kidd said that one NWS forecast earlier in the week had called for up to six inches of rain.

“It did not predict the amount of rain that we saw,” he said.

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Texas searches for missing children

Were they enough?

Locals have told various news agencies that while there had been phone alerts late into the night, forecasts headed into Friday evening did not predict the extreme conditions.

Christopher Flowers, who was staying at a friend’s house along the river when the flooding started, told the Reuters news agency: “What they need is some kind of external system, like a tornado warning that tells people to get out now.”

Kerrville resident Darryl Huffman told Sky’s US partner network NBC News that he did not believe the storm would pose such danger before its arrival.

“I looked out the window and it was barely sprinkling outside,” he said, “so I had no indication that the river was going to be right outside my driveway”.

People climb over debris on a bridge atop the Guadalupe River after a flash flood. Pic: AP
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People climb over debris on a bridge atop the Guadalupe River in Ingram, Texas. Pic: AP

A Sheriff's deputy pauses while searching for the missing in Hunt, Texas.Pic: AP/Julio Cortez
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A Sheriff’s deputy pauses while searching for the missing in Hunt, Texas. Pic: AP/Julio Cortez

Jonathan Porter, chief meteorologist at AccuWeather, said it appeared evacuations and other proactive measures could have been undertaken to reduce the risk of fatalities.

He said in a statement: “People, businesses, and governments should take action based on Flash Flood Warnings that are issued, regardless of the rainfall amounts that have occurred or are forecast.”

Separately, the NWS’s union told NBC News the agency’s offices in central Texas were well-staffed and had issued timely warnings, “giving preliminary lead times of more than three hours before warning criteria were met”.

What have officials said?

Local and federal officials have said they had not expected such an intense downpour of rain and insisted that no one saw the flood potential coming.

Kerr County Judge Rob Kelly, the county’s top elected official, said: “We know we get rain. We know the river rises. But nobody saw this coming.”

“We have floods all the time. This is the most dangerous river valley in the United States,” he said, adding: “We had no reason to believe this was going to be anything like what’s happened here. None whatsoever.”

Mr Kelly separately noted that while the county considered a flood warning system along the river that would have functioned like a tornado warning siren about six or seven years ago, “the public reeled at the cost”.

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At a news conference with the Texas governor, Homeland Security secretary Kristi Noem said on Saturday that “everybody knows that the weather is extremely difficult to predict” before saying “we have all wanted more time and more warning and more alerts and more notification” from the NWS.

She said a “moderate” flood watch issued on Thursday by the NWS had not accurately predicted the extreme rainfall and said the Trump administration was working to upgrade their technology.

Homeland Security Secretary Kristi Noem and Texas Gov. Greg Abbott give a briefing on the flash floods in Texas. Pic: AP
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Kristi Noem and Texas governor Greg Abbott give a news briefing. Pic: AP

Will forecasting get better?

While Ms Noem said technology for the NWS would be upgraded, the White House has previously been criticised after Donald Trump‘s administration ordered 800 job cuts at the National Oceanic and Atmospheric Administration (NOAA) – the parent organisation of the NWS.

A 30% cut to its budget is also in the pipeline, subject to approval by Congress.

Professor Costa Samaras, who worked on energy policy at the White House under President Joe Biden, said NOAA had been in the middle of developing new flood maps for neighbourhoods and that cuts to NOAA were “devastating”.

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Science

Astronomers Discover 3I/ATLAS, Largest Interstellar Comet Yet Detected

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Astronomers Discover 3I/ATLAS, Largest Interstellar Comet Yet Detected

Astronomers have discovered the third interstellar comet to pass through our solar system. Named 3I/ATLAS (initially A11pl3Z), it was first spotted July 1 by the ATLAS telescope in Chile and confirmed the same day. Pre-discovery images show it in the sky as far back as mid-June. The object is racing toward the inner system at roughly 150,000 miles per hour on a near-straight trajectory, too fast for the Sun to capture. Estimates suggest its nucleus may be 10–20 km across. Now inside Jupiter’s orbit, 3I/ATLAS will swing closest to the Sun in October and should remain observable into late 2025.

Discovery and Classification

According to NASA, in early July the ATLAS survey telescope in Chile spotted a faint moving object first called A11pl3Z, and the IAU’s Minor Planet Center confirmed the next day that it was an interstellar visitor. The object was officially named 3I/ATLAS and noted as likely the largest interstellar body yet detected. At first it appeared to be an ordinary near-Earth asteroid, but precise orbit measurements showed it speeding at ~150,000 mph – far too fast for the Sun to capture. Astronomers estimate 3I/ATLAS spans roughly 10–20 km across. Signs of cometary activity – a faint coma and short tail – have emerged, earning it the additional comet designation C/2025 N1 (ATLAS).

Studying a Pristine Comet

3I/ATLAS was spotted well before its closest approach, giving astronomers time to prepare detailed observations. It will pass within about 1.4 AU of the Sun in late October. Importantly, researchers can study it while it is still a pristine frozen relic before solar heating alters it. As Pamela Gay notes, discovering the object on its inbound leg leaves “ample time” to analyze its trajectory. Astronomers are now racing to obtain spectra and images – as Chris Lintott warns, the comet will be “baked” by sunlight as it nears perihelion.

Determining its composition and activity is considered “a rare chance” to learn how planets form in other star systems. With new facilities like the Vera C. Rubin Observatory coming online, researchers expect more such visitors in the years ahead. 3I/ATLAS offers a rare chance to study material from another star system.

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