Billionaire investment legend Warren Buffett's Berkshire Hathaway Inc. has had its credit rating lowered from AA+ to AA by Standard & Poor's Ratings Services.
In a statement, S&P says that even though Berkshire Hathaway has an "excellent business profile," the lower credit rating "better reflects our view of BRK's dependence on its core insurance operations for most of its dividend income." (S&P's statement is posted on its website, but you have to register to view it.)
Despite all the celebration, the Dow Jones industrial average has not hit record highs recently. If you adjust for inflation, the highs just aren't as high as they seem.
And even if it does hit a real, inflation-adjusted high in the next few weeks, it won't mean much. The Dow is a seriously flawed stock index, and it's certainly not a good way to measure what's going on in the overall economy.
On today's show, we rain on the Dow's parade and explain why a lot of very smart people say we should ignore the Dow.
While the professionals used their decades of investment knowledge and traditional stock-picking methods, the cat selected stocks by throwing his favourite toy mouse on a grid of numbers allocated to different companies.
Though more big battles lie ahead in Washington, Wall Street is following the lead of financial markets around the world in giving a thumbs-up to the deal that kept the federal government from going completely over the so-called fiscal cliff.