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CALGARY, AB and KELOWNA, BC, Aug. 22, 2022 /PRNewswire/ - SNDL Inc. (Nasdaq: SNDL) ("SNDL") and The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) ("Valens") are pleased to announce today that they have entered into an arrangement agreement (the "Agreement") to combine their businesses and create a leading vertically integrated cannabis platform. Pursuant to the terms of the Agreement, SNDL will acquire all of the issued and outstanding common shares of Valens ("Valens Shares"), other than those owned by SNDL and its subsidiaries, by way of a statutory plan of arrangement (the "Transaction"). All financial information in this press release is reported in Canadian dollars unless otherwise indicated.

SNDL Inc. logo (CNW Group/SNDL Inc.)

Under the terms of the Agreement, Valens' shareholders will receive, for each Valens Share, 0.3334 of a common share of SNDL (the "Offer Exchange Ratio"). Based on the August 19, 2022 close of the SNDL shares on the Nasdaq Capital Market exchange (the "Nasdaq"), the consideration represents an implied value of $1.26 per Valens Share (the "Implied Offer Price"), for total consideration of approximately $138 million. The Implied Offer Price represents a premium of 10% based on a trailing 30-day volume-weighted average price ("VWAP") of the Valens Shares, on the Toronto Stock Exchange (the "TSX") up to August 19, 2022.For more information on the announcement, an investor presentation can be found at http://www.sndl.com and http://www.thevalenscompany.com.

With 555,500 square feet of cultivation and manufacturing space and 185 cannabis stores under the Spiritleaf and Value Buds banners, the combined company will offer a complete portfolio of branded products to consumers in Canada through its own supply and distribution channels. With approximately $314 million1 in net cash and no debt, SNDL will continue to have one of the strongest balance sheets in the North American regulated cannabis industry. SNDL will also have the highest pro forma Canadian cannabis revenue on a last fiscal quarter annualized basis. The combined company will operate as SNDL Inc., and Valens shareholders will own approximately 9.5% of the pro forma entity.

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1 Inclusive of SNDL and Valens cash, net of debt retirement from the Transaction and estimated transaction costs as at August 19, 2022.

Key Transaction Highlights

Creates a dominant vertically integrated entity in Canada: Through the combination of diverse portfolio of brands, an extensive retail footprint, low-cost biomass sourcing, premium indoor cultivation and low-cost manufacturing facilities, SNDL will become one of the largest adult-use cannabis manufacturers and retailers. With its retail insight and financial strength, SNDL will be able to adapt quickly to emerging consumer trends.

Enhances branded product offering with low-cost in-house manufacturing capabilities: By integrating Valens' product suite into its portfolio, SNDL will increase its overall cannabis market share to 4.5% and its 2.0 product formats market share to 5.2%, becoming a top 10 player in both categories. As a result of Valens' low-cost platform, SNDL will enhance its own product line while offering pricing flexibility to retail partners.

Increases optionality on biomass by pairing premium cultivation with low-cost procurement: Combining SNDL's high-quality cannabis cultivation operations with Valens' low-cost biomass procurement capabilities will enhance SNDL's ability to offer a wide range of customized innovative products to meet its customers and consumers desires.

Synergies through cost rationalization and operational efficiencies: The combination ofSNDL and Valensis expected to deliver more than $10 millionof annual cost synergies. Together with incremental revenues from greater distribution of Valens products, it is estimated that the Transaction will deliver upwards of $15 million of additional EBITDA on an annual run-rate basis through synergies and other strategic initiatives.

Valens shareholders to participate in and help create the future of SNDL: Valens shareholders are to receive SNDL common shares in an all-stock transaction. Beyond improved liquidity and better access to a large retail footprint, SNDL's balance sheet strength provides a unique opportunity for Valens shareholders to participate in the creation of a leading vertically integrated Canadian cannabis company.

"This powerful combination will result in the creation of a dominant vertically integrated company, exceptionally well-suited to weather the current cannabis environment and become a leader in the Canadian regulated products sector," said Zach George, Chief Executive Officer of SNDL. "SNDL's existing consumer packaged cannabis business will be transformed by Valens' high-quality extraction, processing, and manufacturing capabilities and aligns well with our strategic vision to delight consumers with a full range of quality cannabis products and experiences. Our companies have been commercial partners since Canadian legalization. I am excited by the strong cultural fit between our teams and humbled by the opportunity to work with Valens' passionate and innovative leadership."

"We are thrilled to bring together two best-in-class cannabis companies that have extremely complementary assets to create a true market leader. Valens is one of the fastest growing branded cannabis companies in Canada with a focus on innovation and investing in low-cost automated manufacturing assets," said Tyler Robson, Chief Executive Officer of The Valens Company. "With SNDL's exceptional balance sheet and largest cannabis retail network in Canada we look forward to taking Valens' brands to new heights and unlocking 2.0 products for the SNDL platform. We believe the pro forma company provides investors with attractive exposure not only to the highest revenue generating cannabis company in Canada trading well under its tangible book value but also a dominant platform that can become a global leader in cannabis."

Valens' secured non-revolving term loan (the "Term Loan") has been refinanced and upsized with an additional $14.3 million of incremental capital, thereby increasing the principal amount of the Term Loan to $60 million.

Transaction Details

The Transaction will be carried out by way of a court-approved plan of arrangement under the Canada Business Corporations Act, pursuant to which SNDL will acquire all of the issued and outstanding Valens Shares, other than those owned by SNDL and its subsidiaries. The implementation of the Transaction will be subject to the approval of at least two thirds of the Valens Shares entitled to be voted by Valens shareholders and the approval of a simple majority of the Valens Shares entitled to be voted by Valens shareholders, other than Valens shareholders required to be excluded under applicable laws, at a special meeting expected to be convened by Valens by the end of November 2022 (the "Meeting"), and the receipt of applicable orders from the Ontario Superior Court of Justice and applicable regulatory approvals, including under the Competition Act (Canada) and the applicable provincial liquor and cannabis regulators. The Agreement provides for, among other things, customary support and non-solicitation covenants from Valens, including customary "fiduciary out" provisions that allow Valens to accept a superior proposal in certain circumstances and a five-business day "right to match period" in favour of SNDL. The Agreement also provides for the payment of a termination fee of $8 million payable to SNDL by Valens in the event the Transaction is terminated in certain specified circumstances. The transaction is expected to close during January 2023.

All directors and executive officers of Valens have entered into voting support agreements with SNDL pursuant to which, among other things, the parties have agreed to vote their Valens Shares in favour of the Transaction.

A full description of the Transaction will be set forth in the management information circular of Valens, which will be mailed to Valens shareholders in connection with the Meeting, and filed on the System for Electronic Document Analysis and Retrieval (SEDAR) under Valens profile at http://www.sedar.comand the Company's Form 6-K, which will be furnished on EDGAR (www.sec.gov/edgar.shtml).

Valens Board Approval

Valens' board of directors has unanimously approved the Transaction after receiving the unanimous recommendation of a special committee of Valens directors (the "Special Committee"). Valens' board of directors has unanimously resolved to recommend that the shareholders of Valens vote in favour of the Transaction.

Cormark Securities Inc. has provided a fairness opinion to the Special Committee of Valens that, subject to the assumptions, limitations and qualifications set out in such fairness opinion, the consideration to be received by Valens shareholders pursuant to the Transaction is fair from a financial point of view to Valens' shareholders.

Advisors

ATB Capital Markets Inc. is acting as financial advisor to SNDL. McCarthy Ttrault LLP is acting as legal counsel to SNDL.

Cormark Securities Inc. is acting as financial advisor and Stikeman Elliott LLP is acting as legal counsel to Valens.

ABOUT SNDL INC.

SNDL is a public company whose shares are traded on Nasdaq under the symbol "SNDL."

SNDL is the largest private sector liquor and cannabis retailer in Canada with retail banners that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, and Spiritleaf. SNDL is a licensed cannabis producer that uses state-of-the-art indoor facilities to supply wholesale and retail customers under a cannabis brand portfolio that includes Top Leaf, Sundial Cannabis, Palmetto, Spiritleaf Selects, and Grasslands. SNDL's investment portfolio seeks to deploy strategic capital through direct and indirect investments and partnerships throughout the global cannabis industry.

For more information on SNDL, please go to http://www.sndl.com.

ABOUT THE VALENS COMPANY INC.

The Valens Company is a leading manufacturer of cannabis products with a mission to bring the benefits of cannabis to the world. The Company provides proprietary cannabis processing services, in addition to best-in-class product development, manufacturing, and commercialization of cannabis consumer packaged goods. The Valens Company's high-quality products are formulated for the medical, health and wellness, and recreational consumer segments, and are offered across all cannabis product categories with a focus on quality and innovation. The Company also manufactures, distributes, and sells a wide range of CBD products in the United States through its subsidiary Green Roads, and distributes medicinal cannabis products to Australia through its subsidiary Valens Australia. In partnership with brand houses, consumer packaged goods companies and licensed cannabis producers around the globe, the Company continues to grow its diverse product portfolio in alignment with evolving cannabis consumer preferences in key markets. Through Valens Labs, the Company is setting the standard in cannabis testing and research and development with Canada's only ISO17025 accredited analytical services lab, named The Centre of Excellence in Plant-Based Science by partner and scientific world leader Thermo Fisher Scientific. Discover more on The Valens Company at thevalenscompany.com.

AdditionalInformation

Further information regarding the Transaction will be contained in an information circular that Valens will prepare and mail to its shareholders in connection with the Meeting. Investors and securityholders are urged to read the information circular once it becomes available, as it will contain important information concerning the Transaction. Investors and securityholders may obtain a copy of the Agreement, information circular and other meeting materials when they become available at http://www.sedar.com .

Forward-Looking Information

This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation ("forward-looking information"). Forward-looking information is typically, but not always, identified by the use of words such as "will", "expected", "projected", "to be" and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, statements regarding: the completion of the Transaction on the current terms thereof; the expected closing of the Transaction in the first quarter of 2023; the market value of the consideration to be received by Valens' shareholders; the combined company and its focus going forward; the anticipated benefits associated with the Transaction; the Meeting expected to take place in December 2022; and SNDL's capital base supporting Valens' expansion and opening up new market opportunities.

Such forward-looking information is based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the Transaction being completed on the timelines and on the terms currently anticipated; all necessary shareholder, court and regulatory approvals being obtained on the timelines and in the manner currently anticipated; the anticipated benefits of the Transaction; the business and operations of both SNDL and Valens, including that each business will continue to operate in a manner consistent with past practice and pursuant to certain industry and market conditions; the ability of Valens to successfully implement its strategic plans and initiatives and whether such strategic plans and initiatives will yield the expected benefits; and the receipt by Valens of necessary retail liquor and retail cannabis licences, approvals and authorizations (as applicable) from regulatory authorities, and the timing thereof.

Although SNDL and Valens believe that the assumptions and factors on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because SNDL and Valens can give no assurance that it will prove to be correct or that any of the events anticipated by such forward-looking information will transpire or occur, or if any of them do so, what benefits Valens and/or SNDLwill derive therefrom. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: the risk that the Transaction is not completed as anticipated or at all, including the timing thereof, and if completed, that the benefits thereof will not be as anticipated; the risk that necessary shareholder, court or regulatory approvals are not obtained as anticipated or at all, and the timing thereof; the risk that the conditions to closing of the Transaction are not satisfied or waived; risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments, including developments that may impact the closing of the Transaction as anticipated or at all; conditions in the liquor and cannabis industries; the risk that Valens does not receive the necessary retail liquor or cannabis approvals and/or authorizations or that they are not able to open additional retail liquor or cannabis stores, directly or indirectly, as anticipated or at all; the ability of management to execute its business strategy, objectives and plans; the availability of capital to fund the build-out and opening of additional retail liquor or cannabis stores; and the impact of general economic conditions and the COVID-19 pandemic in Canada.

Additional information regarding risks and uncertainties relating to Valens' business are contained under the heading "Risk Factors" in Valens' annual information form for the financial year ended November 30, 2021 dated February 28, 2022. Additional information regarding risks and uncertainties relating to SNDL's business are contained under "Item 3D Risk Factors" in SNDL's Annual Report on Form 20-F, which was filed with the Securities and Exchange Commission on April 27, 2022. The forward-looking information included in this news release is made as of the date of this news release. Valens and SNDL do not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.

Cision

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SNDL Announces Agreement to Acquire The Valens Company to Create Leading Vertically Integrated Cannabis Platform - Yahoo Finance

Later today at the White House, President Joe Biden will put the final touches on a major win for his administration, signing the Inflation Reduction Act (IRA) into law.

Within the $700 billion package are huge investments in new climate initiatives, such as rebate programs for energy efficient appliances and retrofits, production tax credits, and provisions for battery and solar cell manufacturers, and most importantly for the automakers, tax credits for new and used electric vehicles.

Now that we have $370 billion coming from the Inflation Reduction Act, we expect that to continue to accelerate the growth of electric vehicles and really help companies along the value chain from car manufacturers to battery manufacturers to lithium suppliers to parts all involved in electric vehicles to benefit from this bill, said Jay Jacobs, BlackRock U.S. head of thematic and active equity ETFs in an interview with Yahoo Finance Live. We believe we're going to see a really rising tide for the entire electric vehicle industry.

Electric car in charging

Jacobs manages a number of ETFs under the iShares umbrella, which BlackRock owns. Among those is the iShares Self-Driving Ev and Tech ETF (IDRV), which invest in the entire value chain of electric and autonomous vehicles. Jacobs believes ETF offerings in the space are the best way for investors to get exposure to the industry because there are a number of smaller companies and foreign firms that are going to benefit from the IRA beyond big names like Ford (F), GM (GM) and Tesla (TSLA).

Well, I think it's really going to be felt across the entire value chain. I mean, this is the birth of a new industry. This is a revolution in transportation, Jacobs says. It's not going to be one winner, we think there's going to be many winners in this space and it's going to expand beyond just passenger vehicles. We're going to get into trucks, we're going to get into alternative forms of transport.

Looking past transportation, Jacobs noted the global clean energy chain at large will benefit tremendously from implementation of the IRA.

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In this space Jacobs said clients are interested in the iShares Clean Energy ETF (ICLN) because companies held by the ETF will benefit from the IRAs focus on providing production tax credits to manufacture items like solar panels and wind turbines. The ETF also owns utilities, who will be implementing new clean technologies and produce electricity using solar and wind, as well as hydrogen and other forms of clean energy that the IRA is incentivizing.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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Inflation Reduction Act is a rising tide for the entire electric vehicle industry: Analyst - Yahoo Finance

We like to buy the narrative of a team slowly climbing the hill, inching forward and using past playoff losses to finally reach a Super Bowl.

Sometimes, it happens without warning.

The Cincinnati Bengals were 4-11-1 in 2020. Their head coach Zac Taylor was probably on the hot seat. They started last season 7-6. Then they caught fire and made the Super Bowl. They might have won a championship if not for a questionable third-and-goal holding call that led to the Los Angeles Rams' game-winning touchdown. It was a magical run, practically out of nowhere.

Joe Burrow and the Cincinnati Bengals had a shocking run to the Super Bowl last season. (Photo by Jamie Squire/Getty Images)

It's the NFL and fortunes can change fast. Which team could be this season's Bengals and go from not making the playoffs last season to playing in Super Bowl LVII? Let's take a look at the top five candidates:

The Baltimore Ravens don't fit on this list. They missed the playoffs last season due to an incredible streak of injuries. They can make a Super Bowl. It shouldn't surprise anyone, considering the Ravens' track record. I'm going to put the Indianapolis Colts in the same bin. They should be better and make the playoffs, but they've been pretty steady under Frank Reich. Nobody should be surprised if they're pretty good with new quarterback Matt Ryan.

The Detroit Lions are an interesting case. They came on late last season. Everyone seems optimistic about them. I just can't get them all the way to a Super Bowl. Then again, nobody thought the Bengals would do it at this point last year.

Maybe all the Vikings needed was a new voice. Mike Zimmer had a fine record as Vikings head coach but there was some disconnect between his staff and a roster that was underachieving. We have no idea what Kevin O'Connell will be as a head coach, but maybe the ideas he brings from his time as a Los Angeles Rams assistant will spark something. There is a lot of high-end talent on the offense, just like last season's Bengals. Maybe this is the season it all comes together.

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The Saints had a surprising offseason. They seemed to be stuck finally having to face their habit of kicking salary-cap hits down the road as they entered the offseason more than $70 million over the cap. Then they just kicked more salary-cap hits down the road and were mostly fine. What was left was a defense that could be one of the best in the NFL, an offense that has Michael Thomas back and apparently won't lose Alvin Kamara to a suspension, and an NFC South that is pretty weak other than the Tampa Bay Buccaneers, who look vulnerable. It would be a different approach than the Bengals, relying on defense instead of offense, but nobody has the Saints on their list of Super Bowl contenders.

Just like the 2021 Bengals, the Jaguars have a No. 1 overall pick entering his second season with a lot of questions. With Joe Burrow at this time last year, it was his knee. With Trevor Lawrence, it was a bad rookie season that may or may not be attributable to having Urban Meyer as his coach. If we blame Meyer, the worst coach in recent NFL history, then Lawrence should start living up to his uber-prospect status. The Jaguars spent a lot of money in the offseason, overspending at just about every turn, but the roster is better. The AFC South is the weakest of the four divisions in the conference. It seems hard to project the Jaguars for a really big jump, but the 2021 Bengals were coming off a 4-11-1 season and they did it.

The last playoff game for the Broncos was Super Bowl 50. Peyton Manning was their quarterback. Manning has been in the Hall of Fame for more than a year. Denver has been desperate to find a quarterback since Manning retired, and Russell Wilson has been added. It has been said countless times that the Broncos were a good team that simply needed a quarterback to bring it all together. We're about to find out.

No, this isn't a Bengals-level jump. The Chargers would have made the playoffs last season had the Las Vegas Raiders settled for a tie in overtime of Week 18, which they didn't. But the commonality between the two situations is a star quarterback from the 2020 draft. Justin Herbert and Joe Burrow have played at a superstar level since breaking into the league. Burrow got his playoff run last season and it's easy to project Herbert to get his this season. The Chargers, like last year's Bengals, have a lot of exciting talent around the quarterback. And even though the Chargers have been competitive in recent seasons, they have not won a playoff game beyond the wild-card round since January of 2008. While it wouldn't be a total shock if the Chargers made a Super Bowl, the story of a franchise that has never won a Super Bowl and has had little playoff success finally breaking through with a talented roster around a phenomenal young quarterback ... well, that would be pretty familiar.

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Which team could be this season's Bengals and make a surprising Super Bowl run? - Yahoo Sports

Anne Heche was reportedly involved in a fiery car crash on Friday morning in Los Angeles and is in critical condition. The 53-year-old actress was taken away on a stretcher in photos captured by TMZ and hospitalized for severe burns. She's intubated but expected to live, according to the outlet.

Yahoo Entertainment reached out to a rep for Heche, but did not immediately receive a response.

The LAPD confirmed to Yahoo that officers responded at an incident in the Mar Vista neighborhood at 10:55 a.m. as a vehicle crashed into a residence. A spokesperson says the driver was transported to the hospital for treatment by firefighters, but did not disclose the person's identity.

The driver is in critical condition, according to the LAFD.

The DMV confirmed to KTLA the vehicle is registered to the Six Days Seven Nights actress. A witness told the local news station they believe the driver of the car was going around 60 mph and blew through a stop sign in the quiet neighborhood before the crash. The vehicle, a blue Mini Cooper, went through some bushes and into a house, which also caught on fire. The homeowner was inside at the time of the incident, but is OK.

TMZ, which broke the news on Friday afternoon, posted a photo of Heche behind the wheel. There is a bottle near her in a cup holder with a red cap.

Witnesses told the outlet that Heche first crashed into the garage of an apartment complex in Mar Vista. Residents tried getting the actress out of the car and that appears to be when the photo was taken. She apparently put the car in reverse and then sped off, crashing into a nearby home shortly after.

The cause of the crash remains under investigation.

Related video: Person later found to be actress Anne Heche rescued from Mar Vista crash

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Anne Heche hospitalized with severe burns after crashing car into a house: Reports - Yahoo Entertainment

Warren Buffett knows philanthropy.

Hes pledged to give away more than 99% of his wealth (during his lifetime or after his death) through the Giving Pledge, a program he created with his buddy Bill Gates to encourage the worlds billionaires to donate at least 50% of their wealth to charity.

Buffett also supports a couple of charities with which he has deeply personal connections, and often does so by unconventional means. In particular: auctions. (For Buffett, seeing how these pan out must be half the fun.)

Buffett's latest charitable endeavor is the sale of a cutting-edge piece of digital art, featuring his likeness and wisdom, to benefit the Omaha chapter of Girls Inc., a non-profit which supports girls.

Much more on that, but first lets look at these two charitable efforts writ large.

Youve likely heard about the "lunch with Buffett" auctions for a meal with the Oracle at New York steakhouse Smith & Wollensky. The proceeds from this go to GLIDE, a San Francisco church that is a center for fighting poverty. Buffetts late wife Susan connected him to GLIDE in 2000, Susan passed away in 2004, and Buffett did these "Power Lunch" auctions for 21 years.

Hedge fund manager Zhao Danyang (L) and his son Zhao Ziyang (age 5 1/2) stand with billionaire investor Warren Buffett after placing the winning bid in a charity auction for lunch with Buffett in New York, June 24, 2009. REUTERS/Chip East

The last of these was held two months ago, with the winning bid fetching a cool $19 million. In total, Buffett raised more than $53 million from these auctions, a remarkable haul for GLIDE and, more importantly, for its constituents.

Then theres Girls Inc., the other beneficiary of Buffetts auctioneering largess, including that digital art piece. Girls Inc. is also connected to Susan Buffett, as well as his daughter Susie. We used to gang up on him, Susie told me.

"I've been a supporter of Girls Inc. of Omaha for many years, Buffett wrote in an email. This wonderful organization is creating a brighter future for women and girls.

Buffetts late wife founded the Girls Inc. predecessor organization in Omaha in the 1970s, and Susie Buffett had been on the national board for many years; Susie's good friend Roberta Wilhelm is the president of the Omaha chapter.

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My dads always been super impressed with Roberta and thinks highly of the organization, says Susie Buffett. There's all kinds of fun connections with Girls Inc. and my dad. Starting with the upcoming auction.

Later this month, Girls Inc. of Omaha will be selling a Buffett-signed piece of digital artwork created by Motiva, an Israeli company headed Ronen Shiloh. The work is a little difficult to describe see video here but basically its a digital portrait of Buffett with lettering behind him which lights up, spelling out some of his famous quotes.

The digital art of Warren Buffett being auctioned off for charity. (Source: Motiva)

Susie Buffett tells me a businessman named Danny Moskovitz showed her the piece at Allen & Co.s Sun Valley conference last year and asked about auctioning it off. My dad was fine with it, Susie said. He just said he would like it to go to Girls Inc. We'll check back on August 31st, one day after Buffett's 92nd birthday, to see how much it fetches.

Though of course, this is just one entry in Buffett's long-time auction history. You may recall that in 2008, Buffett made a million dollar bet with a hedge fund, wagering that an index fund would outperform the hedgie's picks over ten years. Buffett won in the end, and in 2018, $2.2 million in proceeds went to Girls Inc.

But wait theres more!

In 2015, Buffett auctioned off his 2006 Cadillac DTS and raised $122,500 for Girls Inc. of Omaha, or roughly $111,300 more than the car's estimated value and $49,300 more than he raised when he auctioned off his Lincoln Town Car back in 2006. (Buffett once drove me around Omaha in that Caddy. Lets just say Im glad he parted with it.)

Then there was the time back in 2009 that Buffett bought 17 Hilo ukuleles for Girls Inc. Buffett threw in $344.23 and a lesson.

Reuters did a great write up, but heres my favorite part: "Buffett spent about an hour with 13 girls at the groups building, trying to teach them the songs 'Red River Valley' and 'Happy Birthday.' It had to be pointed out to some of the girls who Buffett was.

"After the fact, one girl came to the office and asked, 'Our ukulele teacher is the second-richest man in the world?' [Roberta] Wilhelm recalled. 'And I said thats true. And she said, 'The first-richest doesnt play?''

"In fact, the first richest, Bill Gates, does play. Buffett taught him.

In 1999, Buffett auctioned off his wallet, replete with a stock tip tucked inside to John Morgan, who was on the board of Girls Inc., for $210,000 which went to Girls Inc.

Morgan had the idea to raise even more money by selling the name of the stock for $1,000, which he did to some 30 people.

Morgan, whos gone on to be a poker player of some renown, also bought a portrait of Buffett for $100,000, with the proceeds again going to Girls Inc. Morgan later donated the portrait to the University of Nebraska, Omaha.

In 2011, Morgan, bought a childhood home of Buffetts, and surprise! donated it to Girls Inc.

It was a house Warren lived in when he was pretty young, says Wilhelm. There's a mark on one of the doors where he attempted to hit a sister with a hammer and it left a dent that's still there today.

Buffett has also supported Girls Inc. by appearing at its annual charity luncheon, along with the likes of Barack Obama, Desmond Tutu, and Billie Jean King. Then, there was the time Buffett himself spoke.

My Dad doesnt do speeches, but this time he did, says Susie Buffett. Maya Angelou was supposed to come and she ended up canceling at the very last minute. The girls were devastated.

Susie marched over to her Dads office and "asked" him in no uncertain terms to come over right away and speak. "And he did. He spoke all about girls and their potential and how the sky's the limit. The message for the girls was amazing."

Speaking of messages, theres a Buffett quote on the Motiva piece that caught Roberta Wilhelms eye.

"'Women make me optimistic about America,' that's our favorite," Wilhelm says. "But it also speaks about who [Buffett] is and how he feels about women and the potential of young girls. It's magic."

Magic and a little bit of money have been just the ticket for GLIDE and Girls Inc.

This article was featured in a Saturday edition of the Morning Brief on Saturday, August 6. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

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Where some of Warren Buffett's magic, and money, goes: Morning Brief - Yahoo Finance

The July jobs report was so out-of-the-blue hot on Friday coming in at more than double expectations that it may spur the Federal Reserve to be way more aggressive on interest rate hikes than market goers thought just one day earlier.

If so, would that set the table for a potential swift downdraft in stocks?

"I think it does at the S&P level for the index," Wall Street's biggest bear strategist Mike Wilson of Morgan Stanley told Yahoo Finance (video above) when asked if on if the jobs report is a sell-the-news type of event.

Wilson added that the overall conditions ranging from slowing corporate earnings growth to rising rates to bruising inflation are in place for the S&P 500 to take out the June lows sometime by the fall.

Such a move predicted would see the S&P 500 lose at least 8% from current levels.

Wilson continues to guide clients into more defensive areas of the market and isn't opposed to holding more cash than normal. If the sell-off happens, according to Wilson, we could witness the start of a new bull market in 2023.

In any case, investors will have to endure trying to figure out otherwise confusing economic data and what it means to Fed policy.

The U.S. economy added 528,000 jobs in the month of July, the Bureau of Labor Statistics reported today, amid expectations of 250,000 jobs added. This staggering increase in jobs completes a milestone for the U.S. economy in that pre-pandemic employment is now fully restored.

Employment gains were broad-based and paced by a 96,000 increase in leisure and hospitality jobs underscoring the strong demand for travel as revealed by Marriott CEO Anthony Capuano on Yahoo Finance Live this week. Furthermore, average hourly earnings rose a solid 5.2%.

"I personally don't think it is," U.S. Labor Secretary Mary Walsh told Yahoo Finance Live on whether the economy is currently in a recession.

A polar bear near Hudson Bay, Churchill area, Manitoba, Northern Canada (Photo by: Dennis Fast / VWPics/Universal Images Group via Getty Images)

Morgan Stanley's Wilson offered up one final warning to the bulls that emerged in July: Bear markets don't end kindly.

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"The last part of these bear markets are usually kind of the most vicious because you finally get that capitulation, which we really haven't seen yet," Wilson added.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Why the jobs report could tank the stock market, according to a big Wall Street bear - Yahoo Finance

The risk of a recession is getting higher and higher, says veteran economist Mohamed El-Erian.

My definition of a recession is a holistic definition. It goes well beyond two quarters of negative GDP, said the chief economic advisor of Allianz and former CEO of PIMCO.

The labor market is too strong. Consumer spending is too strong. Business balance sheets are too strong. We simply are not in a recession. Is the risk of recession high? Yes, it is high and getting higher, El-Erian said on Yahoo Finance's "Influencers with Andy Serwer."

He highlighted the Federal Reserve tightening monetary policy into a slowing economy. The International Monetary Funds recent forecast shows all major areas of the global economy are slowing, calling conditions gloomy and uncertain.

El-Erian said in order to stop the U.S. from slipping into a recession there are four measures in particular tht need to be taken.

First and foremost, we've got to get control of the inflation beast, said El-Erian.

That is a Fed that needs to act in not only tightening its monetary policy, but also regaining credibility. Its forward guidance right now is almost meaningless, he said.

In July, the Federal Reserve announced a 75 basis point rate hike. Fed chair Jerome Powell said the central bank would be data dependent with its next steps essentially ditching forward guidance. Markets rallied on Powell's unscripted comments.

El-Erian also said the government needs to target fiscal policy more to protect the most vulnerable segments of our society. That has massive economic, social, and political consequences.

He also suggested pro-growth, pro-productivity reforms that need to be done, including to increase labor force participation, in order to improve supply chains.

Finally, let's not forget financial stability. Let's not forget how risk has not only morphed and migrated from banks to non-banks, but non-banks have been encouraged, by years of zero interest rates and massive and predictable liquidity injections, to go well beyond the native habitat in taking risk, said El-Erian.

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So the non-banking sector is still offside. And we have to keep an eye on the financial stability risk because that could come back and harm the economy, he added.

Ines is a markets reporter covering equities. Follow her on Twitter at @ines_ferre

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2 reasons the 'risk of recession is getting higher and higher: Mohamed El-Erian - Yahoo Finance

Its a deal set that is set to use hundreds of billion dollars over the coming decade to reshape the fight against climate change, how Obamacare works, the price of prescription drugs, and the U.S. tax code's treatment of big corporations.

Sens. Chuck Schumer (D-NY) and Joe Manchin (D-WV) surprised the world on July 27 when they released their sweeping bill known as the Inflation Reduction Act (IRA). Then on August 4, Sen. Kyrsten Sinema (D-AZ) propelled the deal closer to the finish line when she announced she would support the bill after of course making a few tweaks.

The so-called IRA which still has plenty of hurdles to overcome before it becomes law is a far cry from some early Democratic ambitions but nonetheless marks a potentially giant win for Biden and Democrats just a few months before November's midterm elections.

The rapid turnaround on the bill has left Democrats celebrating and Republicans shell-shocked. On August 4, Biden said in a statement that Sinema's support was "another critical step toward reducing inflation and the cost of living for Americas families."

Republicans are expected to line up en masse against the proposal but it can pass with only the votes of all 50 Democratic senators because of the rule of reconciliation.

The bill has gained the support of figures like former Treasury Secretary Larry Summers, who notably predicted the Biden administration's post-pandemic stimulus efforts would stoke inflation. He reportedly helped shape this deal and said in a recent Yahoo Finance interview, "I think that the total effects of this bill could very likely be positive."

Here's what the IRA will do:

The centerpiece of the bill is a giant allocation toward climate change and energy efforts. Schumer has noted repeatedly that this bill will be the largest action on climate change ever passed by the Congress.

If enacted, it will spread money all around the green economy, from $9 billion toward a program to retrofit homes to $20 billion to manufacture more electric vehicles. Automakers like GM (GM), Tesla (TSLA), and Toyota (TM) are expected to benefit from the money as well as the expansion of a $7,500 EV tax credit included in the deal.

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Approximately $385 billion in total will fund clean manufacturing, agriculture efforts, and other sectors.

Advocates for the package say it will reduce U.S. carbon emissions by roughly 40% by 2030. The news has climate activists, who had largely given up on the chances of action from Washington D.C. this year, ecstatic. As one example, Evergreen Action Executive Director Jamal Raad said in a statement that the bill could mitigate the worst impacts of climate change, reduce energy costs for working families, and save countless lives.

The bill also has provisions that would impact the energy industry more widely, including new rules around federal land sales that may lead to oil drilling and a fund to permanently extend the Black Lung Disability Trust Fund. That will help many former coal miners in Manchins home state of West Virginia. In total, the bill has many provisions that even the oil industry has gotten behind.

Late in the process, according to multiple news reports, Sinema secured an additional $5 billion in the bill to combat droughts around the country. The provision will be welcomed in her home state of Arizona and others in the Southwest that are suffering a drought that, by one measure, is the worst in 12 centuries.

Sens. Joe Manchin (D-WV). and Kyrsten Sinema (D-AZ) on Capitol Hill in Nov. 2021. (Jabin Botsford/The Washington Post via Getty Images)

The bill also makes significant changes to the health care system. One key provision will allow Medicare to negotiate for prescription drug prices. Current law prohibits Medicare from intervening in the talks between drug makers and health plan sponsors. The new rules would allow the government to weigh in to push down prices and save consumers and the government billions.

The bill also would add an inflation cap on drug prices to stabilize monthly costs and cap out-of-pocket drug expenses through new rules on rebates. All told, budget experts expect the combined changes will bring $320 billion into the U.S. Treasury in the coming decade.

The IRA also extends subsidies for health insurance costs that began in the 2010 Affordable Care Act for an additional three years. That provision comes with a price tag of about $64 billion. The subsidies had previously been extended in the American Rescue Plan and are currently set to expire this fall. If the bill doesn't pass, millions of Americans could see price increases in the fall.

A cherry on top for advocates of the package is that the bill will reduce the deficit by over $300 billion over the coming decade through a series of pay fors (more on that below).

Manchin made deficit reduction a must-have portion of the bill to earn his support and noted it is past time for America to begin paying down our $30 trillion national debt in announcing his support for the deal.

Questions have been raised about the actual inflation-fighting powers of the bill, most notably in the Penn Wharton Budget Model. Their first estimate of the bill and found little inflation impact. It would very slightly increase inflation until 2024 and decrease inflation thereafter," it stated.

During his conversation with Yahoo Finance, Summers cited deficit reduction as the key reason he expects the bill will reduce inflation and push back hard on the Wharton analysis, saying it "takes no account of lower prescription drug prices [and] takes no account of increased energy supply" but, even then, he noted "the Wharton analysis acknowledges that this legislation is doing great things for the environment, great things for health access, great things for fairness, without contributing to inflation."

Other estimates have found slightly higher inflation impacts, leading to partisan sniping on the issue and whether the bill is misnamed.

To pay for it all, in addition to health care savings, the bill makes three changes to the tax code.

There is a new minimum corporate tax that would apply to corporations that have made over $1 billion in book profits in recent years. That idea was initially projected to raise $313 billion, but a change from Sinema around rules about depreciation that manufacturers had loudly complained about is expected to lower the returns by about $40 billion.

The deal also will put aside billions to help the IRS chase down tax dodgers. Experts predict a hefty return on investment: The $80 billion added to the IRS budget is expected to bring in $203 billion in taxes.

The Internal Revenue Service headquarters in Washington. (Chip Somodevilla/Getty Images)

Finally, the deal would reportedly add a new 1% excise tax on stock buybacks. That provision, another late addition to gain Sinema's support, will reportedly bring in $73 billion to the U.S. Treasury. Removed from the deal was a plan to lessen the so-called carried interest loophole, which wealthy money managers can use to pay lower taxes on their capital gains.

Some figures, including the investor Kevin O'Leary, contend that things like the new minimum corporate tax could make the U.S. less competitive. Thats not a good move because you want to keep our economy competitive," he told Yahoo Finance,

But from the perspective of Democrats in Washington, the overall tax effort will "begin to restore fairness to the tax code," as Biden put it recently.

He and others note that the minimum tax would target the biggest companies in America, including the 55 members of the Fortune 500 that paid no federal income tax in 2020.

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

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Inflation Reduction Act: What's in the (now Sinema approved) bill aimed at lowering costs for Americans - Yahoo Finance

The MLB trade deadline rocked the fantasy world, altering the rest-of-season value of so many players. Todays edition of waiver wire tips is full of those who saw their value increase at the deadline. And I managed to sneak in a few other players who are included due to favorable upcoming schedules. One note before we start: while MLB fans mostly focus on the acquisitions by contending teams who loaded up at the deadline, wise fantasy managers know that the best values in early August are typically players on losing teams who now have an enhanced role due to the departure of certain teammates.

Voit has undeniable power, having led the Majors in long balls during the shortened 2020 season. He had some success with the Padres (13 HR) but could fare better now that he is the regular cleanup hitter on a losing team that will likely face many mediocre relievers late in games down the stretch. At the very least, those who need power numbers should give Voit a bench spot.

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Segura returned from the 60-day IL just in time to for a weekend series against a Nats pitching staff that ranks last in the Majors with a 5.17 ERA. The 32-year-old has a balanced skill set (6 HR, 8 SB, .272 AVG in 169 AB) that is needed to contribute in multiple ways down the stretch, and pretty much anyone from Philadelphias lineup is set up for short-term success.

Wong is swinging a hot bat in the second half (.429 AVG) and has fleet feet (11 SB in 2022). He should score plenty of runs this weekend when the Brewers take on a Reds team that ranks 29th in ERA and traded their two best pitchers at the deadline.

Kolten Wong is being overlooked in fantasy leagues for anyone who needs.a speed boost. (Photo by John Fisher/Getty Images)

Pham has the power-speed blend that fantasy managers covet, although he didnt show his best form in his final weeks with the Reds. Still, there is plenty of potential when combining the 34-year-olds skill set with a premium lineup spot on a Red Sox squad that features some of baseballs premier hitters. At the very least, Pham is worth a short-term addition until we see how his new role shakes out.

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One of four Nats in this article, Robles is getting another opportunity to work as the teams leadoff hitter. There are legitimate questions as to whether he has the plate skills to hold a prominent role, but the Nats have nothing to lose by giving him an extended look down the stretch. And his speed is undeniable, as Robles is one of 13 players to swipe at least six bags since July 1.

I promise you that my account has not been overtaken by a Nats fan! Hernandez is yet another interesting option in a revamped Washington lineup, as he should now have a full-time role in the absence of Juan Soto. Since the outset of 2021, the 34-year-old has hit .274 with 17 homers and five steals in 537 at-bats, which shows that he can be a replacement-level asset in 12-team leagues.

Garrett has been one of baseballs best strikeout pitchers of late, accumulating 37 whiffs across his past four starts. And punchouts havent been the left-handers only contributions, as he has posted a 3.03 ERA and a 0.81 WHIP across six outings since the outset of July. Overall, Garrett looks like a long-term contributor in all formats.

Since being recalled on June 25, Watkins has logged a 1.85 ERA and a 1.06 WHIP across six starts. And his resume doesnt stop there, as he has pitched at least six innings in three of those contests, while enjoying his success without unsustainable batted ball luck (.282 BABIP). Im not ready to fully endorse Watkins just yet, but Id happily start him in any league for his Sunday home start against the Pirates.

Ill combine two Seattle streaming options for this weekend, as both players are in the 25-30% range for roster rate and will make starts against an Angels squad that ranks 29th in baseball in OPS since July 1. Flexen (3.73 ERA) can be streamed on Saturday, with Gonzales (3.95 ERA) ready to help on Sunday.

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These three Cubs pitchers are the NL version of Flexen and Gonzales weekend streamers who are set to face the lineup (Marlins) that has been the worst in baseball since July 1. All three are less than 15 percent rostered, making them strong deep-league options. Ill rank them in this order: Sampson (Sunday), Steele (Friday), Smyly (Saturday).

The Os are in a great spot to produce a new fantasy closer down the stretch, as they are good enough to have a winning record thus far but dealt their ninth-inning man (Jorge Lopez) at the deadline. Bautista has been their best reliever this year (1.81 ERA, 0.87 WHIP) and has a bright future in the organization. He could lead a closer committee and eventually have the ninth inning all to himself.

Finnegan was in this column a week ago, and he is now much more valuable after staying with Washington through the trade deadline. In comparing him to Bautista, Finnegan has been less effective this year (3.38 ERA, 4.21 FIP, 1.10 WHIP) but has the advantage of already being confirmed as the closer by his manager. For this reason, he is the safe route for managers who need saves right now.

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Fantasy Baseball Waiver Wire: Why you should suddenly care about the Nationals - Yahoo Sports

ECR stands for Expert Consensus Ranking, which means the average ranks of the fantasy football industry and is typically similar to ADP (which differs from site-to-site). This will be an ongoing positional series highlighting some big differences between ECR and my own ranks. We continue the series with a look at the tight ends.

Players who should go higher/later: Quarterback

Schultz cant match the athleticism of other elite tight ends in the league, but his advantageous situation makes him one of fantasys most valuable players at his position. Schultz finished as fantasys No. 3 tight end last season and will now see a big increase in targets with Amari Cooper and Cedric Wilson gone, Michael Gallup unlikely to be ready to begin the season following knee surgery and with James Washington and Blake Jarwin both seriously hurt. Schultz ran routes at a higher percentage than Mark Andrews after Jarwin was sidelined from Week 9 on last year.

The Cowboys led the NFL in scoring last season, and Schultz suddenly looks like Dak Prescotts second read on most plays. With a highly favorable looking schedule, Schultz is primed for a huge fantasy season. I rank him ahead of Darren Waller and George Kittle, who both go rounds earlier.

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Albert O is a 24-year-old with truly elite workout and underlying statistical metrics who will now be catching passes from Russell Wilson (the QB reportedly loves his new tight end). Okwuegbunam quietly has earned the fourth-highest target per route rate among TEs over the last two seasons, when hes also been one of only six to average more than 2.0 yards per route run. With Noah Fant traded to Seattle, and Wilson replacing an awful QB situation, Albert O is about to see a lot more targets with much higher quality.

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Theres been some buzz about rookie Greg Dulcich, but hes nowhere near the athlete, and realize UCLA has helped produce some big numbers from otherwise mediocre tight end prospects. Moreover, the season-ending loss of Tim Patrick opens up even more opportunities for Okwuegbunam, whos going to smash while being a big part of Denvers offense this season.

Is this the season Albert Okwuegbunam breaks out for fantasy managers? (Photo by Cooper Neill/Getty Images)

Hooper is two seasons removed from recording 75 catches for 787 yards and six touchdowns over just 13 games with the Falcons. His last two down years can easily be excused while playing in Cleveland, and now he joins a Tennessee offense that has the most vacated targets and air yards in the entire NFL. Meanwhile, since Ryan Tannehill began starting in 2019, 24% of his targets have gone to tight ends, including 25 of his 76 TD passes.

With Derrick Henry entering an uncertain phase of his career and the Titans projected to be around .500, it all sets up for a real nice season from Hooper.

Gesicki is competing with two wide receivers in newcomer Tyreek Hill and Jaylen Waddle who project to be among the league leaders in target rate. If thats not worrisome enough on an offense where questions remain surrounding the quarterback (Tua Tagovailoas durability if nothing else), Gesickis changing role under Miamis new coaching staff might be even more concerning. Mike McDaniel didnt like to use tight ends in San Francisco the way Gesicki was employed last year, and his role as a blocker is about to be increased. Whatever the reason, Gesickis targets are about to go way down, yet hes curiously still being drafted as a top-15 fantasy tight end.

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Henry left Justin Herbert, saw 18 fewer targets despite playing three more games, yet he somehow finished as a top-10 fantasy tight end thanks to nine touchdowns last season. Put differently, Henry somehow caught 41% of Mac Jones touchdown passes despite a 14.5% target share. New England added DeVante Parker during the offseason, and Jonnu Smith reportedly looks much better during Year 2 in New England. Its all a recipe for a letdown season from Henry, whos being drafted as a top-15 fantasy tight end.

With Geno Smith the clear favorite to take over for Russell Wilson in Seattle, Fant is going to have a hard time putting up big stats while also competing for targets with DK Metcalf and Tyler Lockett. Moreover, he now plays for an extremely slow-paced Seahawks offense that ran essentially two games worth of fewer plays last season than the NFL average. Draft Mo Alie-Cox even later instead.

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Fantasy Football: Tight ends we should be higher or lower on this draft season - Yahoo Sports