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Michael Burry, who knows a thing or two about the housing market, says that buying a home is usually a mediocre investment.”I calculated the long-term after tax return on residential real estate over a 50 year adult life is about 4.5% after tax including expected maintenance costs,” he said in a Substack post on Monday.He said that’s a similar return to what a “good bond” offers, but housing has “lagged the S&P 500 badly” over the past 25 years, despite experiencing “remarkable” appreciation during that timeframe.The median sale price of a home sold in the US has jumped by about…

I was on a business trip in Spain when my entire career flipped upside down.I got a Zoom invite from our company’s CEO. In a brief meeting, I learned that our publication had been sold and our whole staff of journalists was laid off, effective immediately.Coming to terms with being newly unemployed took me a while — maybe even a little longer than it should have. Like many others who work in my industry, the lines between my career and my identity were blurred.Losing the security of both my income and the idea of who I thought I was proved…

Paramount Skydance is still aiming to close its proposed acquisition of Warner Bros. Discovery by the end of September despite a recent lawsuit filed by state attorneys general challenging the deal, Paramount’s lead trial counsel Jeffrey Kessler told CNBC’s David Faber in an interview on Tuesday. On Monday, a group of state attorneys general led by California’s Rob Bonta filed a lawsuit aimed at blocking the merger due to antitrust concerns. Later in the day, the group filed court papers seeking a temporary restraining order to put the deal on hold so that legal proceedings could move forward. Either way,…

If President Trump were to make good on his declaration that the U.S. will impose a 20% fee on cargo transiting the Strait of Hormuz it could cost the largest vessels over $30 million per shipment, industry experts say, while logistics companies have called the concept illegal.The president abruptly changed course on Tuesday, however, announcing in a Truth Social post — just as he had about his original intention to impose the fee — that he had “decided to replace the 20% fee with Trade and Investment Deals that the various Gulf States will be making into the United States.”Mr.…

Warren Buffett plans to donate virtually all of his remaining wealth by 2034.The famed investor and Berkshire Hathaway chairman, who turns 96 next month and holds more than 99% of his net worth in his company’s stock, shared his target in a news release on Tuesday.”My goal is to dispose of all of my Berkshire shares within about eight years,” Buffett wrote. He currently owns nearly $150 billion worth of Berkshire stock, including $6 billion of shares he intends to donate to four of his family’s foundations.Buffett, who has given away more than half of his wealth since 2006, left…

United Airlines will upsell customers to sit in a row with an empty middle seat.United AirlinesUnited Airlines has a new way to entice customers to pay more on board: no middle seat neighbor.The carrier said Tuesday that one of the rows on its Airbus A321XLRs will have an empty middle seat with a tray table for the aisle- and window-seat customers to share. The seats, which are in the extra legroom section, go on sale later this year so it’s not clear just how much more United will charge. It said it could later add them to other aircraft beyond…

Frontier AirlinesNurphoto | Nurphoto | Getty ImagesFrontier Airlines and four other budget carriers with more than 1,000 planes between them will debut in-flight Wi-Fi early next year from SpaceX’s Starlink, another win for the satellite internet provider.Frontier’s first Airbus plane equipped with Starlink internet will roll out in early 2027, the airline said Tuesday. CNBC reported in 2022 that Frontier was in talks with Starlink to add its first in-flight Wi-Fi service.A Frontier spokeswoman declined to say whether flyers could use the service for free. Major airlines that have signed deals with Starlink have been offering Wi-Fi complimentary for loyalty…

The World Cup’s biggest economic boost is arriving later than expected as the tournament enters its final days. But for the U.S. businesses hoping for a soccer boom, it’s better late than never. This week’s semifinals pit France against Spain in Dallas on Tuesday and England versus Argentina in Atlanta on Wednesday. Travel bookings have accelerated as the field of competitors narrows and fans converge from around the world to see the high-stakes matches. Every U.S. host city has seen an economic lift from soccer fans, according to Bank of America Institute. “You can see the World Cup effect on…

Oil prices climbed on Tuesday after President Donald Trump moved to charge ships passing through the Strait of Hormuz and reinstate a blockade of Iranian ports, stoking fears of fresh disruption to global supplies.Just after 6:00 a.m. ET, West Texas Intermediate futures were up about 3.3% at $80.70 a barrel, while Brent crude, the international benchmark, gained 4.3% to trade at at $86.91. That extends a 9.6% surge in the previous session.Trump said in a Truth Social post Monday that the US would levy fees “at the rate of 20% on all cargo shipped” through the strait, declaring America the…

A new job is your chance to put what you know to work. Just be sure not to share what belongs to your current or former employer.Apple’s lawsuit against OpenAI serves as a fresh reminder of the risks involved in drawing on your expertise without crossing into protected territory.Filed on Friday, the lawsuit alleges that OpenAI sought confidential details from Apple engineers during job interviews and that one former employee continued accessing sensitive material after joining OpenAI. Two former Apple employees were named as individual defendants alongside OpenAI, which previously told Business Insider it has no interest in other companies’…