Good morning, investors. Berkshire Hathaway’s earnings came out this weekend, which we’ll get to below, but President Trump also announced a “deal on economic and trade relations with China.”

Among the details released Saturday night:

This is a developing story. We’ll have more to report in the coming days.

For now let’s turn to Omaha.

Warren Buffett still doesn’t see anything worth buying in this market.

That’s one conclusion we can draw from Berkshire Hathaway’s earnings report, which it released Saturday.

During the second-to-last quarter with Buffett as CEO, the conglomerate’s cash pile rose to a record $381.6 billion in the quarter, up from the $347.7 billion seen earlier in the year.

The backdrop to that all that cash:

And as far as its earnings, which encompasses results from businesses like Geico and BNSF Railway:

Insurance underwriting ramped up by more than 200% in the quarter, which fueled the headline results.

At the end of this year, 95-year-old Buffett will retire after six decades at the helm, passing the baton to Greg Abel.

Back in May, I watched Buffett make his announcement live in Omaha at his final shareholder meeting.

The stock has since dropped 12% and lagged the S&P 500.

It’s possible the strength of the conglomerate’s latest earnings reassures investors, though the stock’s recent underperformance suggests the “Buffett premium” is indeed dwindling.

That said, it’s worth remembering that over the last decade Berkshire has had no issue beating the market.

The Buffett-led dominance gets more extreme as you expand the time horizon.

The fact Abel is “already” 63 years old means that he won’t come close to matching Buffett’s longevity as chief executive, though Buffett himself has sung the praises of his successor countless times.

Shareholders appear to still need some convincing.

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📊Earnings underscore the K-shaped economy. Consumer spending is mostly supported by higher-income Americans, as revealed by weak stock returns for Chipotle and its shrinking customer base of young people. (Yahoo Finance)

🤖Massive AI spending is cutting in Big Tech balance sheets. While revenues hit all-time highs for the Magnificent 7, the 12-month cumulative cash flow for the group has dropped over the last two years. (WSJ)

🛢Oil prices could stay low into next year. The crude market has been in oversupply mode and could hit a glut of 4 million barrels a day in 2026. New sanctions on two of Russia’s major oil producers could change that calculus. (Yahoo Finance)

🗓 November 3, 1973: During the OPEC oil embargo, West Germany implemented car-free Sundays to cut fuel consumption, marking the start of Europe’s energy crisis and the global economic shock of higher oil prices.

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📰 I’m Phil Rosen, co-founder and editor-in-chief of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

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