Warren Buffett wrote to Bernard Arnault after the LVMH CEO raised his job's retirement age to 80.
The investor told the luxury tycoon suggested he should have lifted it higher, Bloomberg reported.
Berkshire Hathaway's 93-year-old CEO has argued that great bosses only get better with age.
After Bernard Arnault raised the retirement age for his job from 75 to 80 in 2022, Warren Buffett wrote to the luxury tycoon suggesting he should have hiked it higher.
The famed investor and Berkshire Hathaway CEO penned a letter to the LVMH CEO "telling him he made a mistake by setting the age limit too low," Bloomberg reported this week.
Buffett, 93, might be proven right. Arnault, 75, doesn't expect to retire anytime soon. "I don't think he'll ever stop," one of his sons told Bloomberg.
Like Buffett, Arnault reportedly loves what he does, takes pride in building one of the world's largest companies, and feels a duty to protect its legacy and continuity when he hands it off to the next generation.
The two men have plenty more in common. They both rank among the world's richest people with fortunes in excess of $100 billion, and they're both running public companies into old age.
Moreover, they've built sprawling conglomerates that are home to dozens of independent, autonomous subsidiaries. LVMH's brands span Louis Vuitton, Moët & Chandon, Hennessy, Christian Dior, Sephora, and Tiffany & Co.
Berkshire's businesses include Geico, Dairy Queen, Duracell, and Squishmallows-maker Jazwares.
Close followers of Buffett won't be surprised to learn of Buffett's comment to Arnault. The Berkshire chief's opinion has long been that great managers are like fine wines — they only improve with age.
"Buffett's view is that high-quality people like those on his board and running his companies get better with time and experience and so should not face mandatory retirement," Larry Cunningham, a professor emeritus of law at George Washington University and the author of "Berkshire Beyond Buffett: The Enduring Value of Values," told Business Insider.
Indeed, only one of Berkshire's 14 directors is younger than 60, and six are older than 70, per the company's most recent proxy filing. The late Charlie Munger, Tom Murphy, Walter Scott, and David "Sandy Gottesman all sat on the board into their 90s.
"He has often joked that his death is far in the future," Cunningham said about Buffett. The author noted the investor once quipped to CNBC that 103 was the "yardstick" for retirement at Berkshire after one of his top lieutenants, Mrs. B, only stepped down at that age.
Buffett has also joked that he might give Methuselah — the biblical figure who supposedly lived to 969 — a run for his money.
"On the other hand, he joked at this year's meeting about his own age, that he reads the mortality tables and knows his time is short," Cunningham added.
Buffett has set the high-water mark for CEO longevity, and his letter to Arnault signals that he thinks the LVMH boss can handle a lot more wear before he needs replacing.
Biden and Trump's stances differ dramatically on some major issues like abortion.
But they're also closer than you might think on other issues, like the war in Gaza.
Here's where each candidate stands on the economy, climate, immigration, abortion, Ukraine, and Israel-Gaza.
President Joe Biden and former President Donald Trump disagree on most major issues concerning Americans today, like the economy, climate, immigration, abortion, the war in Ukraine, and the war in Gaza.
At the top of that list is the economy and inflation — nearly 9 in 10 Americans say these are the most important issues determining who they will vote for in November, according to an ABC News/Ipsos poll in May.
But if you're a bit fuzzy on the specific details of each presidential candidate's positions, here's a guide with all the information you need.
Biden vs Trump on the economy
With the skyrocketing costs of monthly bills like rent and mortgages, health insurance, phone plans, and utilities — it's no surprise that the economy is the biggest issue looming on voters minds this election season.
So how does each candidate intend to alleviate Americans' financial woes?
In his three and a half years already in office, Biden has done pretty well on the core metrics of a healthy economy. Unemployment has stayed under 4% for the longest period of time since the 1960s, 15 million jobs have been created, the Dow hit over 40,000 for the first time, and the national economy as a whole is expected to grow at double the rate of its G7 peers.
As for his 2025 agenda, Biden wants to hike the corporate tax rate, impose a higher corporate minimum tax on billion-dollar companies, and impose a 25% tax on the wealthiest Americans' unrealized income.
During Trump's time in office, inflation was about 2% lower on average, and both unemployment and the stock market did well.
Trump hasn't been very specific about his economic plans for a second term, but some economists warn that his general ideas could exacerbate inflation.
Trump's promise to crack down on illegal immigration could worsen labor shortages, and his proposal to enact a 10% tariff on all imported goods could make items more expensive for consumers. Trump also believes tax cuts and deregulation will fuel economic growth, and he's proposed ending the taxation of tips.
He rejoined the Paris climate agreement, revoked a permit for the Keystone XL oil pipeline, and helped set up new EPA rules that limit vehicle emissions and strengthen the reporting requirements of methane emissions.
When Trump took office, he left the Paris climate agreement and rolled back a number of environmental protections on everything from logging to dishwasher efficiency.
The former president has also pledged to "stop the war on oil and natural gas," dismantle oil regulations, and end "government interference in energy decisions."
Biden and Trump are sharply divided on immigration, as are Americans.
Immigration has been one of the toughest issues of Biden's term — he entered office wanting to reverse many of Trump's policies but has since waffled on the issue.
Under Biden, border apprehensions hit a record high, which Republicans have blamed on lackluster border security.
Earlier this year, Biden hoped a Senate-crafted bipartisan bill on the asylum system would strengthen border security, but Republicans squashed it. At the beginning of June, Biden did make some progress on the issue, signing an executive order restricting asylum protections — to the dismay of many left-leaning immigration advocates.
Trump has made immigration a central tenet of both his presidential runs.
The former president, who has harshly criticized Biden's immigration policies, was instrumental in getting Republicans to reject the Senate's bipartisan immigration bill earlier this year.
He has also promised to carry out the largest deportation operation in US history if he's elected to a second term, and his allies have reportedly already been drawing up plans to restrict migration at the US-Mexico border.
Biden has consistently held a pro-abortion position.
He's promised to restore Roe v. Wade, defended access to the abortion drug mifepristone, pushed through a Pentagon policy that reimburses service members who need to travel for the procedure, and vowed to defend women's legal ability to travel across state lines to get an abortion.
Though Trump has bragged about his role overturning Roe, he has also recently tried to skirt around the topic of abortion, arguing that the decision should be left to individual states.
Trump has also not said how he feels about mifepristone or how he intends to vote on a Florida constitutional amendment that would expand some access to the procedure.
The Biden administration has remained in favor of supporting Ukraine financially and militarily, arguing that it's worth the cost to combat Russian aggression and uphold the US-led world order.
Biden has also suggested that he wouldn't support a negotiated settlement granting some Ukrainian territory to Russia.
"Peace looks like making sure Russia never, never, never, never occupies Ukraine," Biden told TIME in a May interview. "That's what peace looks like."
Trump's stance on the war is not quite as clear, and his friendliness with Russian President Vladimir Putin has made his views even murkier. He has suggested giving aid to Ukraine in the controversial form of a loan, and has said that the US is doing too much to support the battle-torn country. He's also pledged to end the war if elected, even if that means Ukraine ceding territory to Russia.
Biden has consistently defended Israel since the country invaded Gaza last year following Hamas' October 7 attack.
Biden has, however, hedged his support of Israel at times.
He's called Israel's war tactics "over the top," pushed for a ceasefire, and urged Israel to do more to allow humanitarian aid into the territory.
Trump has voiced conflicting messages about the war in Gaza. During an interview in March, he said Israel "made a very big mistake" but also at the same time told the country to "go and do what you have to do."
Some of Trump's comments on the topic has also signaled that he could be even more supportive of Israel's war than Biden.
While in office, Biden has pushed a number of policy changes on housing, including the "Housing Supply Action" plan. The president has encouraged initiatives to increase the amount of affordable housing, and his fiscal year 2025 budget proposal includes $258 billion for housing initiatives.
Biden has also discussed housing issues on the campaign trail and in high-profile speeches like the State of the Union.
Trump didn't prioritize the issue while in office, and he proposed substantial cuts to agencies that provide federal housing subsidies, including the Department of Housing and Urban Development.
The former president hasn't discussed the issue much during his 2024 campaign so far, though he has promised a crackdown on immigration will provide relief to the housing market. He has said he would said he would "ban urban camping" to deal with homelessness. He also released a video last year saying he would build 10 new American cities on federal land as a way to give American families "a new shot at homeownership."
Milan Ball shared what she likes about living in Indianapolis after moving there in 2022.
Courtesy of Milan Ball
Milan Ball moved to Indianapolis, which she finds has a small-town charm despite its large population.
The professional opportunities were one factor that drew her to this Midwest city.
Ball is paying less than $1,700 in rent for the one-bedroom place she shares with her dog.
Milan Ball, 27, has no regrets about moving to Indianapolis in the summer of 2022. Growing up largely in Virginia, she's already experienced life in the South. She also resided in New York City, and she has studied abroad and worked in Italy.
Now working and living in Indianapolis, Ball doesn't see herself leaving this Midwest city soon. With a population of over 800,000, Ball finds Indianapolis is "a big city with small-town charm." She added, "There's this really wonderful community aspect to it."
Ball argued that other members of her generation should consider getting out of the coastal grind, noting, "Midwest cities in general have so much to offer." She hopes more Gen Zers decide not to "live in a shoebox" sized place and "go to cities where they can have a better quality of life and community."
"You can live in a city like New York and still feel very alone, even living with three roommates and sharing a bathroom," Ball said.
Moving to the Midwest
Ball got to see what Indianapolis was like when she visited her mom while she was on a work assignment as a travel nurse during the pandemic. "There was just something really charming about the city," Ball said.
Ball was also considering furthering her education around this time. She said she came across an ad about the Indiana University Lilly Family School of Philanthropy during this visit. She moved to Indianapolis shortly before pursuing a master's in philanthropic studies.
"I was going through a career transition," she said, adding she had been in the fashion industry for several years, including as an undergraduate in New York City and while working in Italy after graduating. "I was kind of gravitating towards the more socially impactful side of the industry."
The feeling of home was one thing that drew her to Indianapolis. "The architecture in Indianapolis is very similar to the Washington, DC, area," she said. "There was something about that environment that just made it feel like home."
The professional opportunities also drew her to the city. Ball recently completed her master's and has been working for the Be Nimble Foundation, "a nonprofit that focuses on wealth equity for communities of color. I am our director of development, so I oversee fundraising," she said.
"I had led a very successful career for how old I was up until moving here, and I think people were afraid for me, for the decision that I was making," she said. "So, I have absolutely no regrets. I'm still kind of blown away. I think it was one of the best decisions I could have ever made for my career."
Ball also highlighted Garden Pardi, an event during Black Innovation Week organized by the Be Nimble Foundation that she attended before working at the nonprofit. She said there were many young professionals of color "that were celebrating entrepreneurship and innovation in the tech industry."
"That was really what hit me when I was like, 'oh, I could see myself here' because I could see so many people that looked like me here, that were thriving here, that had businesses that were just successful," she said. "I just met so many friends during that week that it made it feel really real for me."
Pros of being in Indianapolis
One positive about Indianapolis is the living space Ball has compared to back in New York.
"I often say I lived in a tissue box then, but I did love New York, and I still love New York, and so one of the best perks I think of Indianapolis is that I can afford to go back, and I can afford to travel as often as I want," Ball said.
Ball also complimented the Indianapolis airport, noting, "I love leaving, and I love coming home because it's the smoothest."
She and her dog live in a one-bedroom apartment in a "prime area" in downtown Indianapolis. She didn't live alone while in New York.
Now, without the help of roommates, Ball's been paying just over $1,600in rentin Indianapolis, more than she said she paid for her share of a couple of apartments in New York.
Ball said although she's paying more, she has way more "peace, comfort, and space in an apartment."
Indianapolis is relatively affordable — Zillow shows that the median rent for a one-bedroom apartment in Indianapolis is less than the national median.
"I rent, but I am looking to own, partly because I think it is so — it'sworth the investment here," Ball said. "The fact that there are still properties I could afford, it is definitely a pro."
She also likes the food in Indianapolis, saying, "people dispute over the food scene here, but I have not been disappointed."
Ball enjoys "curling up with a journal" and attending jazz nights at Parlor Public House in Indianapolis, her favorite coffee shop "that feels like being back in Williamsburg." She said she worked remotely and studied at the shop so often that she ended up meeting her partner, another regular, there.
She also finds downtown Indianapolis beautiful, including White River State Park. Ball also finds people are kind, and she has also found people being so helpful has also been "transformative" for her career.
Milan Ball's dog at White River State Park.
Courtesy of Milan Ball
She does miss getting around via subway in New York City and finds it tough not having a car to get around in Indianapolis.
"For a lot of my time here, I just Uber and Lyft because I live downtown," she said. "It's affordable enough for me to do that, which can be a pro, but con being not having a car here is not the most ideal."
Ball's advice for others seeking to move is "just being open to everything." Ball said while not everyone may enjoy doing things alone, "gamifying the experience can be helpful."
"Part of why I was able to kind of navigate the city and create, form friendships really quickly is because I just kind of threw myself into the water," she said.
What has your moving experience to a different city, state, or country been like? Reach out to this reporter to share at mhoff@businessinsider.com.
Singapore's first class was again named the world's best for 2024.
James D. Morgan/Getty Images
Singapore Airlines won the 2024 Skytrax award for the world's best first-class service.
The airline's Airbus A380 planes sport a hotel-like suites that can convert into double rooms.
The suite-equipped superjumbos only fly to a select number of cities, but not the US.
Singapore Airlines is heralded as one of the most luxurious carriers in the world, earning loyalty for its nice cabins, attentive flight attendants, and reliable operation.
However, one Skytrax awards category Singapore has consistently won since 2018 is Best First Class for the hotel-like suites on its Airbus A380s.
Although some travelers savvy enough with points may snag a seat, the exclusive cabin is widely booked by deep-pocket business and leisure passengers, as roundtrip tickets can cost up to $30,000.
First launched in 2017, Singapore's A380 first-class suite is about as close as one can get to flying private on a commercial jetliner.
Singapore's first-class travelers will still have to navigate check-in and airport security, but they have dedicated lanes and a lounge to look forward to.
Vytautas Kielaitis/Shutterstock
The old first class featured 12 seats on the A380's upper deck, but the retrofit halved that.
Six next-generation suites, providing up to 100 square feet of living space, are now available on each of its in-service superjumbos.
The suites are accessible by a grand staircase at the front of the plane.
Taylor Rains/Business Insider
The staircase clearly demonstrates the exclusivity of the fancy suites, and passengers will be welcomed by dedicated crew members specially trained to work first class.
Six mini hotel rooms are separated by tall walls, each with a full sliding door.
Hallway with the suites.
Taylor Rains/Business Insider
Privacy is among the most requested amenities from customers for premium cabins. Carriers like Air India and British Airways have recently added doors to their business class. American Airlines hopes to launch its new door-equipped Flagship cabin later this year.
The couch flips into a bed, and the top half can open to an adjoining pod.
While Etihad's apartment beds can half-connect, Singapore can fully combine two suites into one.
Two suites can be combined into one to offer 100 square feet of space.
James D. Morgan/Getty Images
Singapore designed the six suites to convert some into double rooms with space for two people by dropping the partition.
This means customers will get two recliners, two televisions, double the storage, and a full-sized bed.
Qatar Airways QSuite business class has a similar design but without the hotel-style privacy and space.
The double bed is in Qatar's QSuite business class. The product is on all of the airline's A350-1000s, some A350-900s, and on most Boeing 777s.
David Slotnick/Business Insider
Qatar revolutionized business class with sliding doors and its convertable lie-flat beds that combine two into one.
The QSuite cabin also offers quad seating, so four people can dine or meet.
In addition to the niche perk that helped win the Skytrax award, the suites also feature a 32-inch television with thousands of titles.
Singapore's television is touchscreen.
Taylor Rains/Business Insider
A remote is available to control the television, and customers can select from almost any genre of movie or show.
There are also games and music to enjoy.
A small vanity sits along the fuselage and includes a mirror and toiletries.
Noise-cancelling headphones are also available to passengers.
Taylor Rains/Business Insider
Customers will get the expected amenity kit with things like lotion and dental items.
By the mirror is a tablet that controls things like lighting and adjustable window shades.
Drawers, cubbies, a hanging closet, and various other little nooks are available for storage.
The storage compartments open for stuff or close to create a workspace.
Taylor Rains/Insider
Customers shouldn't have any issue finding a place for their stuff — and the closet is likely especially helpful to business passengers flying with a suit.
Outside the suite, customers can freshen up in one of the two giant lavatories reserved for first-class.
The smaller of the two lavatories (pictured) has the vanity built into the sink area.
Taylor Rains/Insider
The two lavatories sit at the front of the cabin on either side of the staircase, though one is larger than the other.
Six people will be sharing two bathrooms, which is a much better ratio than in economy.
Passengers will find a vanity, toilet, toiletries, a baby-changing station, and a full-sized mirror in each restroom.
The larger lavatory is pictured. The vanity is on the other side of the wall between the toilet and the sink.
Taylor Rains/Business Insider
The vanity in the smaller lavatory is connected to the sink, though the one in the larger bathroom is separate with its own chair and mirror.
It sits between the toilet and the sink as a divider, which makes the space feel even bigger.
The bathrooms do not feature a shower, though.
An in-flight shower on an Emirates Airbus A380.
Emirates
Unlike Emirates and Etihad's first-class showers, Singapore does not include one because carrying the water would be a costly added weight.
Those hoping to experience the world's best first-class have just a few places to catch a ride — but none are in the US.
Singapore only flies its A380 to a select few cities.
Nicolas Economou/NurPhoto via Getty Images
Cirium data shows Singapore flies its A380s on select routes between Changi and Asia, Europe, and Australia.
These include flying to Mumbai, Delhi, Frankfurt, London, Shanghai, and Sydney. The US fell off the list last year.
Singapore used to fly its A380 to New York's John F. Kennedy International Airport via Germany but replaced it with a Boeing 777-300ER in May 2023.
Singapore flies a Boeing 777-300ER on its fifth-freedom route between New York and Changi via Frankfurt, Germany. It flies the A350 nonstop between NYC and Singapore.
Thiago B Trevisan/Shutterstock.com
The plane change cut capacity in half as Singapore found more revenue opportunity flying the mammoth plane to Australia instead.
However, the jet still has first-class — albeit not as bougie. Nor does it meet the luxury of rival top-notch first-class A380 cabins that fly to the US, such as Etihad and Emirates.
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