Latest news for Golden State Bancorp (OTC:GSBX) Stock

Golden State Bancorp is a state-chartered commercial lending institution specializing in residential/commercial real estate construction and mini-perm lending, and a full array of consumer loans. The company's primary source of revenue is providing loans to customers, who are predominately small and middle-market businesses and individuals.

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GOLDEN STATE BANCORP by Golden State Bancorp

Golden State Bancorp

The city of Los Angeles is currently grappling with a series of devastating wildfires, fanned by the Santa Ana winds. The largest fire, located in the Pacific Palisades, is just 11% contained and is posing a significant threat to <a href="https://www.benzinga.com/news/25/01/42933396/californias-10-trillion-property-market-faces-unprecedented-threat-from-wildfires">densely populated neighborhoods</a>.
What Happened: Wildfires have been causing havoc in Los Angeles for nearly a week, leading to unprecedented destruction.
The most significant blaze is in the affluent Pacific Palisades area, which is only 11% contained and is advancing towards the densely populated Encino neighborhood&nbsp;in the San Fernando Valley.
The California Department of Forestry and Fire Protection (Cal Fire) has reported that over 40,000 acres have been consumed by four separate fires, resulting in 16 deaths so far, <a href="https://www.businessinsider.com/los-angeles-california-wildfires-updates-pacific-palisades-eaton-fire-damage-2025-1">reports</a> Business Insider.
Gov. Gavin Newsom (D-Calif.) says these fires could become the worst natural disaster in U.S. history, with the death toll expected to rise.
&#8220;I think it will be in terms of just the costs associated with it, in terms of the scale and scope,&#8221; Newsom told said. &#8220;I&#8217;ve got search and rescue teams out. We&#8217;ve got cadaver dogs out. And there&#8217;s likely to be a lot more.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/25/01/42935340/125-million-home-of-luminar-ceo-gutted-in-la-wildfires-after-week-of-gains-for-company">$125 Million Home of Luminar CEO Gutted in LA Wildfires After Week of Gains for Company</a>
More than&nbsp;100,000 residents near the Palisades&nbsp;and Eaton fires are under evacuation orders, with an additional 87,000 instructed to be ready to evacuate at any moment. 
The National Weather Service has&nbsp;issued a high wind warning, affecting&nbsp;areas near the Hurst and&nbsp;Eaton fires,&nbsp;which will remain in effect&nbsp;until Sunday afternoon.
Why It Matters: Analysts from&nbsp;JPMorgan&nbsp;estimate that the fires could lead to approximately&nbsp;$50 billion in total economic&nbsp;losses. If these estimates are&nbsp;accurate, the damage caused by&nbsp;the current fires would far exceed&nbsp;the 2018 Camp Fires, which&nbsp;resulted in&nbsp;$10 billion in insured losses.&nbsp;
This prediction underscores the severity of the current situation and the potential for significant economic impact.
Read Next
<a href="https://www.benzinga.com/general/entertainment/25/01/42933292/wildfires-destroy-celebrity-homes-in-pacific-palisades-paris-hilton-says-the-heartbreak-is-truly-indescribable">Wildfires Destroy Celebrity Homes in Pacific Palisades, Paris Hilton Says &#8216;The Heartbreak Is Truly Indescribable&#8217;</a>

Newsom: LA Wildfires Could Become Worst Natural Disaster in US History

In early 2024, Warren Buffett voiced his concerns about the <a href="https://www.benzinga.com/markets/24/12/42638957/warren-buffetts-timeless-advice-if-youre-gonna-do-dumb-things-because-your-stock-goes-down-you-shouldnt-own-a-stock-at-all">current state of the stock market</a>.
What Happened: Earlier last year, in one of his annual shareholder letters, Buffett shared Charlie Munger&#8216;s view&nbsp;of the modern stock market, comparing it to a casino and noting that its behavior has become more &#8220;casino-like&#8221; over time, despite its significant growth.
Munger, throughout his career, made a clear distinction between investors and speculators. He advocated for disciplined, thoughtful investing over speculative quick-profit seeking that disregards the intrinsic value of the stocks purchased.
According to a report <a href="https://fortune.com/2024/02/26/warren-buffett-berkshire-hathaway-earnings-stock-market-casino-like/">by</a> Fortune, Buffett echoed Munger&#8217;s concerns about speculative investing, especially among the younger generation. He criticized the trend of buying stocks based on their popularity, without conducting a thorough research into the company&#8217;s fundamentals.
"For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was young. Though the stock market is massively larger than it was in our early years, today's active participants are neither more emotionally stable nor better taught than when I was in school," Buffett wrote. 
Also Read: <a href="https://www.benzinga.com/markets/25/01/42803589/warren-buffetts-advice-for-overpriced-stocks-zip-up-your-wallet-take-a-vacation-and-come-back-in-a-few-years-to-buy-stocks-at-cheap-prices">Warren Buffett&#8217;s Advice for Overpriced Stocks: &#8216;Zip up Your Wallet, Take a Vacation, and Come Back in a Few Years To Buy Stocks at Cheap Prices&#8217;</a>
The billionaire CEO attributed the rise in speculative investing to&nbsp;the democratization and gamification of&nbsp;trading, which has been enabled by online trading applications. He warned that this could trigger rapid market panics due to the speed of communication and technology.
"The casino now resides in many homes and daily tempts the occupants," Buffett said. 
Buffett reminded investors that brokerage firms profit from trading fees, not from the success of the investor. He cautioned that speculators should not expect assistance or justice during market downturns.
"Speed of communication and the wonders of technology facilitate instant worldwide paralysis, and we have come a long way since smoke signals. Such instant panics won't happen often—but they will happen," Buffett warned. 
Why It Matters: Buffett&#8217;s concerns about the current state of the stock market reflect the changing dynamics of investing. The rise of online trading platforms has made investing more accessible to a wider audience, but it has also led to an increase in speculative investing. 
This trend, according to Buffett, could lead to rapid market panics and potential losses for investors who do not conduct thorough research into the stocks they purchase. 
His advice serves as a reminder to investors to stay disciplined and focused on the long-term value of their investments.
Read Next
<a href="https://www.benzinga.com/markets/24/12/42714309/warren-buffetts-stock-market-advice-ignore-neighbors-whispers-on-stock-tips-focus-on-long-term-value" target="_blank" rel="noreferrer noopener">Warren Buffett&#8217;s Stock Market Advice: Ignore Neighbor&#8217;s Whispers On Stock Tips, Focus On Long-Term Value</a>

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Warren Buffett Sounds Alarm on 'Casino-Like' Market, Shares This Key Lesson for Young Investors

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is said to be preparing to introduce a thinner iPhone, potentially dubbed the iPhone 17 Air, later this year.
Bloomberg columnist Mark Gurman in his <a href="https://www.bloomberg.com/news/newsletters/2025-01-12/apple-2025-plans-iphone-17-smart-home-hub-ios-19-ai-apple-watch-ipads-m5?srnd=undefined&amp;sref=TBDibEcD">latest</a> weekly &#8220;Power On&#8221; newsletter on Sunday revealed that the tech behemoth might have settled on the name iPhone 17 Air for the rumored slim iPhone expected to debut this fall. Gurman indicated that the new phone will act as a &#8220;testing ground for future technologies.&#8221;
The iPhone 17 Air is&nbsp;predicted to be &#8220;about 2 millimeters thinner&#8221; than existing iPhones, consistent with Apple&#8217;s custom of launching slimmer versions of its devices, as evidenced by&nbsp;the MacBook Air and iPad&nbsp;Air. 
The phone&#8217;s thinness is not merely a design choice; it is a strategic step towards the creation of future foldable iPhones and iPads.
In addition, the iPhone 17 Air could potentially be among the first devices to incorporate Apple&#8217;s proprietary cell modem, codenamed Sinope. The iPhone lineup for this year is also anticipated to introduce Apple-designed Wi-Fi/Bluetooth chips.
Also Read: <a href="https://www.benzinga.com/tech/24/12/42500167/could-apple-set-revolutionize-tablet-market-with-18-8-inch-foldable-ipad">Could Apple Set Revolutionize Tablet Market With 18.8-Inch Foldable iPad?</a>
The upcoming phone is rumored to sport&nbsp;a 6.6-inch ProMotion OLED display,&nbsp;a single 48-megapixel camera lens, a 24-megapixel front camera, and Apple&#8217;s A19 chip. 
Similar to the iPhone SE 4, it is expected to come with 8GB of RAM to support Apple Intelligence AI features.
This move by Apple signifies a strategic shift towards thinner, more portable devices that don&#8217;t compromise on performance. The introduction of the iPhone 17 Air could potentially set a new standard for smartphone design, pushing competitors to follow suit. 
Furthermore, the inclusion of Apple&#8217;s in-house cell modem and Wi-Fi/Bluetooth chips could give the tech giant more control over its devices&#8217; performance and user experience, reducing its reliance on third-party suppliers. 
This could have significant implications for the broader tech industry, potentially reshaping supply chains and competition dynamics.
Read Next
<a href="https://www.benzinga.com/24/12/42381024/apple-eyes-sony-partnership-for-game-changing-vision-pro-upgrade" target="_blank" rel="noreferrer noopener">Apple Eyes Sony Partnership For Game-Changing Vision Pro Upgrade</a>
Image: Shutterstock

Apple's Slimmest iPhone Yet? The iPhone 17 Air Expected This Fall

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