Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A, BRK.B) submitted its latest 13-F filing on February 17, 2026, revealing some interesting changes in the portfolio. The most newsworthy one was undoubtedly the staggering 77% reduction in the Amazon (NASDAQ: AMZN) stake, as the company has sold 7.7 million shares in the e-commerce leader, reportedly valued at nearly $1.7 billion.Berkshire first entered Amazon in 2019, and after seven years, the paradigm appears to be shifting again, with ‘The Oracle of Omaha’ ...

The yuan: China’s consumer-price index is almost exactly where it stood in mid-2022, and during 2025 the growth in prices was negative. Due to shrinking households stemming from the one-child policy enacted decades ago, China’s domestic economy is in a decline that cannot be reversed. GDP growth has shrunk to 5% currently from 8.6% at the beginning of this century.Cryptocurrencies: Among crypto’s many attributes, it has emerged as an uncorrelated hedge against a declining economy. But the bloom is off the r ...

Financial Data and Key Metrics Changes - Global enterprise revenues for Q4 2025 were $1.302 billion, down 6% year-over-year on a reported basis and down 7% on an adjusted basis [4] - Net income per share for the quarter was $0.32, compared to $0.53 in Q4 2024 [5] - Cash flow from operations was $183 million, an 18% increase over Q4 2024 [6] - Return on invested capital was 10% in Q4 2025 [6] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 9% year-over-year on an adjusted basis, with U.S. revenues at $623 million and non-U.S. revenues at $200 million [7] - Protiviti's global revenues in Q4 were $479 million, with U.S. revenues down 6% and non-U.S. revenues up 9% year-over-year [8] - Gross margin for Talent Solutions was 46.7% in Q4 2025, compared to 46.4% in Q4 2024 [9] - Protiviti's adjusted gross margin was 22.8% for the quarter, down from 25.1% last year [10] Market Data and Key Metrics Changes - Contract Talent Solutions bill rates increased by 3.2% year-over-year, adjusted for revenue mix [8] - The number of billing days in Q4 2025 was 61.4, slightly down from 61.6 in Q4 2024 [7] - The unemployment rate remains low, with significant pent-up demand for skilled professionals [19] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities and support clients' talent and consulting needs through its industry-leading brand and unique business model [5] - Protiviti's pipeline remains strong across all major solution areas, with a focus on technology modernization and data optimization [23] - The company is exploring innovative pricing strategies in response to AI developments, considering outcome-based pricing models [66] Management's Comments on Operating Environment and Future Outlook - Management noted a return to sequential growth for the first time since early 2022, with a more conducive macro environment [18] - Concerns about a near-term economic downturn have moderated, with hiring plans holding steady among small businesses [19] - The company expects to return to positive year-over-year growth by Q3 2026, driven by improved client engagement and decision timelines [31] Other Important Information - The company distributed a cash dividend of $0.59 per share, totaling $59 million [6] - The tax rate for Q4 was 32%, up from 28% the previous year, due to non-deductible expenses [11] Q&A Session Summary Question: Insights on the top line and margin improvement - Management indicated that if current trends continue, positive year-over-year growth could be expected by Q3 2026 [31] - Steps for efficiency include retaining top producers and leveraging AI for better matching and prospect ranking [32] Question: Comments on the permanent placement market - Management believes the permanent placement market is stronger than it appears, with SMB clients facing challenges in hiring due to a lean workforce [33] Question: Labor uncertainty due to AI - Management acknowledged that uncertainty around AI may lead clients to prefer flexible workers, but current demand for full-time hires remains stable [37] Question: Protiviti's headcount and revenue growth - Management noted that Protiviti has hidden capacity due to underutilized full-time staff and contractors, allowing for potential revenue growth without significant headcount increases [42] Question: Pricing environment for Protiviti - The pricing environment remains competitive, with no significant changes expected, but there is potential for cost-of-living increases to be passed on to clients [91]

In America the number of part-time workers who would rather work full-time has risen. These are precisely the people likely to be hit first as the economy turns down https://t.co/APbZACucYu ...

to show you why retail isn't really here, right. To kind of explain like, hey, the reason social interest is at zero like it was back in 2019 is because Main Street's hurting. And in order for Main Street not to be hurting, we need to we need for them not to be so worried about the labor market. We need them to not be so worried about inflation.Um, we need lower rates. But the issue is that over a long enough period of time, the only way the politicians know to solve our issues is to print more money. So ye ...

A downturn would expose vulnerabilities in today’s economic and geopolitical landscape, by further weakening America’s hegemony, undermining government budgets and worsening protectionist instincts https://t.co/l5mD5206Uz ...

If a car is headed downhill, and swerves left, and then right, and then further left, and further to the right, it doesn't actually arrest the descent. However, all the swerving may make the car crash faster.The G7 is like that car. It's the descending world. https://t.co/nAN6ntxgPGRay Dalio (@RayDalio):History shows us that having too much debt during an economic downturn leads to a classic, self-reinforcing cycle where:1) The empire can no longer borrow the money to repay its debts2) It prints a lot of ne ...

Economic Cycles & Debt - Excessive debt coupled with economic downturns can lead to financial bubbles bursting, forcing countries to choose between defaulting or printing money [1] - Historically, financial crises have been triggered by financial excesses and the costs of wars, as seen with the Dutch, British, and the US [2] - Governments often resort to printing money to manage debt, which devalues the currency and raises inflation [1] Internal Conflict & Political Extremism - Economic hardship, declining living standards, and wealth inequality exacerbate internal conflicts among different groups [3] - Political extremism arises as populism of the left seeks wealth redistribution, while populism of the right aims to preserve wealth [3] - Rising taxes on the wealthy during turbulent times can lead to capital flight, reducing tax revenue and hollowing out the economy [4] Societal Instability & Leadership - Capital flight and turbulent conditions undermine productivity, shrinking the economic pie and intensifying conflicts [5] - Populist leaders emerge, promising order and control, challenging democracy and potentially leading to strong, authoritarian leadership [5]

Core Insights - The job market is showing signs of cooling, and tariffs are impacting the economy, raising concerns about a potential economic downturn in the near future [1] Group 1: Building Financial Resilience - Establishing emergency savings is crucial during uncertain economic times, with any amount saved being better than none [2] - Consistency in saving is emphasized, with recommendations to start automatic transfers from paychecks, even if the amount is small, to build a financial buffer [3] - Reducing fixed expenses can provide more control over finances during economic downturns, allowing individuals to manage income drops or price spikes [4] Group 2: Enhancing Financial Security - Creating a small emergency fund and cutting fixed expenses can offer a financial cushion during uncertain times, while diversifying investments can help spread risk [5] - Reducing discretionary spending can free up additional funds for savings, with examples such as cutting streaming services or takeout meals [6] Group 3: Diversifying Income Sources - As of September 2025, U.S. companies announced 946,426 job cuts, the highest level since 2020, highlighting the importance of having multiple income streams [7] - Engaging in freelance work or side hustles can provide extra income, which can help supplement savings and reduce reliance on a single income source [8]

Labor Market Trends - The US economy has experienced a loss of 1.2 million jobs since April 2024 [1] - The quits rate has decreased to approximately 2% following fluctuations since the pandemic [1] - Employers are hiring at the slowest rate since 2013, excluding the pandemic period [2] - A significant portion, 58%, of US professionals surveyed feel their skills are underutilized in their current roles [3] Employee Sentiment and Engagement - Four out of five employees surveyed indicated they are not thriving at work [3] - There is considerable anxiety regarding the direction of both the economy and the labor market, contributing to job retention [4] - The labor market currently lacks significant churn [3] Company Implications - Companies may be experiencing retention, but this could be masking disengagement among employees [3] Economic Impact - Reduced mobility in the labor market may be slowing down innovation [3]