Here’s what you need to know today

• All eyes were on the US election yesterday. The latest results as we know it: Donald Trump is all-but-certain to return as President of the United States, the Republicans have taken back control of the Senate giving Trump an easier path to appoint his preferred people to the Cabinet, and the house remains up-for-grabs with some seats not expected to be called for days. All-in-all it was Trump and the Republican Party’s night. (NY Times)
  
  

• As it became clear Trump was going to win, crypto markets surged. Bitcoin briefly hit a record high, crossing $75,000 USD as traders view a Trump administration as more favourable to the crypto industry. (Guardian)
  
  

• Back here in Australia, Nationals Senator Bridget McKenzie gave a masterclass in managing the media. After a week of speculation about McKenzie not disclosing free flight upgrades, the Victorian Senator waited until the media’s attention was focused squarely on the US election to reveal she had failed to report 16 business-class upgrades while in office. (AFR)
  
  

• The Boeing machinist strike is over. After almost two months, the 33,000 striking workers voted to accept Boeing’s latest offer of a 43% pay rise over 4 years, improved retirement benefits and a commitment to build Boeing’s next commercial plane in the Seattle region. (NY Times)
  
  

• Peter Thiel’s data analytics firm Palantir saw shares jump 24% after the company raised its revenue forecast for the third time in 2024, citing “unwavering demand” for AI. (Financial Times)
  
  

• Netflix offices in France and the Netherlands were raided by European tax authorities. French authorities allege Netflix misreported their revenue and routed money through the Netherlands to avoid paying French tax. Netflix allegedly ended the practice in 2021 as their revenue in France rose from €47 million in 2020 to €1.2 billion in 2021. (Reuters)
  
  

• French authorities were busy, also raiding the offices of the French Football League and the Paris offices of private equity firm CVC Capital Partners. Authorities are investigation allegations of misuse of public funds related to a 2022 broadcast rights agreement. (Financial Times)
  
  

• The US economy continues to show signs its holding up okay. Activity in the services sector - which accounts for two-thirds of the US economy - surged in October, reaching a 26-month high. This result was a positive surprise for economist and came despite the Boeing strike and hurricane disruptions. (Capital Brief)

What the…?

Have you ever wondered how astronauts vote from space? Turns out they have voted in every US election since 1997. And its a lot more complicated than just radioing in their choice to mission control. Instead, NASA have designed an elaborate system to allow astronauts to vote secretly from the International Space Station. (Quartz)

Investing is a lifelong journey

Here’s what you can learn today.

This is an excerpt from our book, Get Started Investing. Get yourself a copy wherever you buy books.

The effect of fees

Warren Buffett is the greatest investor of all time, and, like every investor, we have the chance to invest in his company, Berkshire Hathaway.

When Buffett took over Berkshire Hathaway in 1965 it was a failing textile manufacturer. In the 55 years since, Buffett has produced an incredible investing track record and made all of his investors a lot of money.

In this time, he has achieved over 2 million per cent return.

In practical terms, if you had invested $1,000 with Buffett in 1965, you would now have over $27 million! But if Buffett had charged fees on this money you wouldn’t have $27 million.

• If he charged a 1% fee, you would have $25 million.

• If he charged a 2% fee, you would have $9 million.

• If he charged 2% and then a 20% performance fee (traditional investment fund fees), you would have $6.5 million.

Small differences in fees can make a big difference.

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