Latest news with #DavidBurt
Yahoo
30-04-2025
- Business
- Yahoo
'Big Short' Guru David Burt Says The Next Housing Crisis Is Already Here — Climate Change Induced Insurance Costs
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Investment Guru David Burt was immortalized in the film 'The Big Short' when Brad Pitt played a character loosely based on him. Burt famously predicted the financial crash of 2008. Now he's at it again. This time, however, he is saying that the next housing collapse won't come in the form of bad mortgages but rather bad weather. After repeated extreme weather events in Florida, home insurance has skyrocketed to the point that many owners no longer feel it feasible to continue living there and have put their homes up for sale. 'In Fort Myers and [nearby] Cape Coral, we have 12,000 properties for sale. Five years ago, maybe there would be 30,' real estate agent Susanne Perstad told The Times of London. 'There's so much property for sale — maybe five or six houses on every street — and nothing sells. It's insane.' Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Burt, founder of DeltaTerra Capital, sees the warning signs of another real estate collapse. In the mid-2000s, most people didn't take his predictions of a housing collapse seriously. He made a fortune by betting against the soaring housing market. 'This is a problem of overvalued assets. It's a bubble,' he told The Times. When things correct, you could see it feeling like the great financial crisis in those markets.' Burt told The Times that about 20% to 40% of America's 91 million homes will suffer a price crash over the next five to six years. That means that a large section of the nation's housing stock could be wiped out. Increasingly catastrophic weather events will make many houses uninsurable, setting off a domino effect. Burt isn't the first person to ring the alarm bells about insurance. In 2019, Jeffrey Gitterman, who founded the climate-focused investment firm Gitterman Wealth Management, coined the term 'The Great Repricing' for this very reason — high insurance costs sparked by increasingly extreme weather, The Times reported. He predicted what we see now in Florida, California, and the water-starved Sunbelt. Trending: Hasbro, MGM, and Skechers trust this AI marketing firm — According to Günther Thallinger, a board director at German insurance giant Allianz, insurance is all about math, and worsening weather is tipping the math out of favor with insurers like him. 'We are fast approaching temperature levels — 1.5C, 2C, 3C — where insurers will no longer be able to offer coverage for many of these risks. The maths breaks down: the premiums required exceed what people or companies can pay,' he told The Times. 'The economic value of entire regions — coastal, arid, wildfire-prone — will begin to vanish from financial ledgers. Markets will reprice, rapidly and brutally. This is what a climate-driven market failure looks like.' Burt feels that the impending insurance disaster we currently face could be worse than the 2008 housing crash. 'What's happening now is a more limited subset of homes than in 2008, but in a way it is worse, because the changes are permanent,' told The Times. 'Governments can't change the laws of physics. The valuation gap is already there and will have to close. All they can really do is create a more organized and less disruptive transition.' Read Next: It's no wonder Jeff Bezos holds over $250 million in art — Donald Trump Just Announced a $500 Billion AI Infrastructure Deal — Here's How You Can Image: Shutterstock Send To MSN: 0 This article 'Big Short' Guru David Burt Says The Next Housing Crisis Is Already Here — Climate Change Induced Insurance Costs originally appeared on
Yahoo
19-02-2025
- Politics
- Yahoo
Bermuda's center-left PLP wins third consecutive general election
By Don Burgess HAMILTON (Reuters) - Bermuda's center-left Progressive Labor Party (PLP) held on to government for its third consecutive general election on Tuesday night, losing four seats but retaining a comfortable majority even as a record number of candidates ran, many independently. PLP Premier David Burt has governed the overseas British territory, situated some 1,400 km (870 miles) off the U.S. coast in the North Atlantic, since winning the 2017 general election. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. It ended Tuesday's vote with 49.6% of votes compared to 36.9% for the center-right One Bermuda Alliance (OBA), winning 25 of the House of Assembly's 36 seats while the OBA snatched up the remaining 11 seats. A record 109 candidates ran in Tuesday's election, seen as a sign of dissatisfaction with the PLP alongside the 54.98% vote turnout - slightly below the 55% who turned out to vote during 2020's pandemic-hit general election. Burt, who stressed his party's support for residents in lower and middle-class tax brackets, said in a speech outside his party headquarters that PLP would focus on the high costs of living, expensive healthcare and reform the territory's education system. "Bermudians have chosen progress, fairness, and a PLP government that will deliver for you," he said. A group of independents, some under the banner of former United Bermuda Party (UBP) Premier Sir John Swan, received 9.2% of votes - and no seats - while the libertarian-leaning Free Democratic Movement (FDM) placed fourth with 3.8%. Swan was Bermuda's premier from 1982 through 1995, when he resigned after losing a referendum on independence, which he supported, as many voters abstained from the polls.
Reuters
19-02-2025
- Politics
- Reuters
Bermuda's center-left PLP wins third consecutive general election
HAMILTON, Feb 19 (Reuters) - Bermuda's center-left Progressive Labor Party (PLP) held on to government for its third consecutive general election on Tuesday night, losing four seats but retaining a comfortable majority even as a record number of candidates ran, many independently. PLP Premier David Burt has governed the overseas British territory, situated some 1,400 km (870 miles) off the U.S. coast in the North Atlantic, since winning the 2017 general election. It ended Tuesday's vote with 49.6% of votes compared to 36.9% for the center-right One Bermuda Alliance (OBA), winning 25 of the House of Assembly's 36 seats while the OBA snatched up the remaining 11 seats. A record 109 candidates ran in Tuesday's election, seen as a sign of dissatisfaction with the PLP alongside the 54.98% vote turnout - slightly below the 55% who turned out to vote during 2020's pandemic-hit general election. Burt, who stressed his party's support for residents in lower and middle-class tax brackets, said in a speech outside his party headquarters that PLP would focus on the high costs of living, expensive healthcare and reform the territory's education system. "Bermudians have chosen progress, fairness, and a PLP government that will deliver for you," he said. A group of independents, some under the banner of former United Bermuda Party (UBP) Premier Sir John Swan, received 9.2% of votes - and no seats - while the libertarian-leaning Free Democratic Movement (FDM) placed fourth with 3.8%. Swan was Bermuda's premier from 1982 through 1995, when he resigned after losing a referendum on independence, which he supported, as many voters abstained from the polls.
