Warren Buffett often touts Berkshire Hathaway as a refuge for businesses looking to avoid the debt-fueled, quick-turnover appetite of private equity firms. But these days, the Berkshire name isn’t always enough, especially when rivals are flush with cash. —David E. Rovella

Here are today’s top stories

Earth is approaching a point of no return when it comes to the climate crisis. In Venice, the combination of rising waters and tourist floods may be the end of the city. America’s rich are getting richer by selling fossil fuels, and the U.S. is now a net exporter of crude and petroleum products for the first time since records began in 1949.

When it comes to financial markets, it looks like America is besting China. The U.S. economy however was off to modest start in the fourth quarter as consumers limited spending.More broadly, central bankers are worried what their cheap money policies may wreak.

The North Atlantic Treaty Organization forecast higher military spending by U.S. allies.

The billionaire Sebastian Pinera took over Chile with a pledge to cut taxes for the rich and expand a private pension system. His agenda has been largely swept away amid widespread protests and allegations of human rights violations.

Bad weather disrupted Thanksgiving travel all over America. In the northeast, there’s more trouble coming this weekend.

What’s Lorcan Roche Kelly thinking about? The Bloomberg cross-asset reporter says fans of gold often cite John Pierpont Morgan saying “money is gold, and nothing else.” However, a trend has emerged among nationalist leaders in eastern Europe for either repatriating gold reserves or increasing purchases. While this may seem like great news for gold bugs, Lorcan says, it may not be a good thing at all. As Vuk Vukovic, a political economist in Zagreb, put it: “Gold is a symbol. When states purchase it, people everywhere see it as a sign of economic sovereignty.” Gold’s value is not just intrinsic. It is fiat nationalism.

What you’ll need to know tomorrow

• The Hong Kong stock slide caught traders off guard.
• Japanese retailers are building robot warehouses.
• In France, Black Friday is about protesting capitalism and Amazon.
• U.K. police kill a man after an alleged stabbing spree in London.
• A broker used spy cameras to identify a leaker.
• The U.S.-China conflict is here to stay, this fund manager says.
• Bloomberg Opinion: Why 1,000 dead ETFs is a good thing.

What you’ll want to read in Bloomberg Pursuits

Sotheby’s Is Holding Another Star Wars Auction

Sotheby’s is holding its second online-only auction dedicated to Star Wars collectibles, giving fans the opportunity to buy a piece of pop culture history just weeks before the release of the last movie in George Lucas’s epic, Star Wars: The Rise of Skywalker.

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