[88] The company was the second news print purchase made by Buffett in one year. He was adamant that stocks provide a wide margin of safety after weighing the trade-off between their price and their intrinsic value. [54] On February 9, 2006, AIG agreed to pay a $1.6 billion fine. [23], Damant's Royal Navy divers recovered Laurentic's two bells. This act was a break from his past condemnation of extravagant purchases by other CEOs and his history of using more public transportation. [22], On 23 January 1917 she left Birkenhead. [20] This may refer to the 3,211 gold bars that she was secretly to carry to buy munitions from Canada and the USA. [40], In 1920 Damant and his crew tried centrifugal pumps and dredging grabs, but the space was too constricted and the periods in which they could be used were too short for them to be effective. [45], In June 1924 Damant was made a CBE,[46] and that December members of the diving crew including P/Os Balson, Dent and Light were awarded the Medal of the Order of the British Empire. By 1960, Buffett operated seven partnerships. [40] In fine weather divers worked by hand, and in bad weather the sand filled what they had cleared. During the interview, in which he revealed the investment to the public, Buffett stated that he was impressed by the company's ability to retain corporate clients and said, "I don't know of any large company that really has been as specific on what they intend to do and how they intend to do it as IBM. The inflation tax has a fantastic ability to simply consume capital. Modeled on the Ryder Cup in golf—held immediately before it in the same city—the teams are chosen by invitation, with a female team and five male teams provided by each country. His net worth had risen to $58.5 billion as of September 2013. Many of the dead have no grave but the sea. He then boarded a lifeboat, and was the last to leave his ship. David Sokol responded on Buffett's behalf, stating that the FERC would decide the question. [169] On August 1, 2016, Buffett challenged Donald Trump to release his tax returns. [42], Most of the bars were buried in 18 to 24 inches (460 to 610 mm) of sand,[43] silt or mud. [102] Susan briefly discussed this relationship in an interview on the Charlie Rose Show shortly before her death, in a rare glimpse into Buffett's personal life. On Virginian this caused cavitation. She then returned to Singapore, made a brief patrol to Penang and back and on 28 June left Singapore for South Africa. [62] Some of Buffett's put options (European exercise at expiry only) that he wrote (sold) were running at around $6.73 billion mark-to-market losses as of late 2008. [74], In 2009, Buffett invested $2.6 billion as a part of Swiss Re's campaign to raise equity capital. Warren Edward Buffett (/ˈbʌfɪt/ BUFF-itt; born August 30, 1930)[2] is an American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway. [63] Buffett also helped Dow Chemical pay for its $18.8 billion takeover of Rohm & Haas. [120] In December 2006, it was reported that Buffett did not carry a mobile phone, did not have a computer at his desk, and drove his own automobile,[121] a Cadillac DTS. 3. [135] In 2007, he was listed among Time's 100 Most Influential People in the world. [27] He then transferred to the University of Nebraska where at 19, he graduated with a Bachelor of Science in Business Administration. The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislatures. Address 1 Address 2 Address 3 City Contractor Phone Fax EMP Certficated by Bonding Machining Plasma Spraying Type Maintenance Training FAA-Certificated [195], In May 2018, BYD's shares had a substantial fall with a total net investment loss of $9 billion. Both of the men's values dropped, to $40 billion and $37 billion respectively—according to Forbes, Buffett lost $25 billion over a 12-month period during 2008/2009. In addition to himself, Buffett named Walter J. Schloss, Tom Knapp, Ed Anderson (Tweedy, Browne LLC), William J. Ruane (Sequoia Fund), Charlie Munger (Buffett's partner at Berkshire), Rick Guerin (Pacific Partners Ltd.), and Stan Perlmeter (Perlmeter Investments). [26] There he worked closely with Walter Schloss. In June 2010, Buffett defended the credit-rating agencies for their role in the US financial crisis, claiming: Very, very few people could appreciate the bubble. Bush With Medal of Freedom", "Gates: Buffett gift may help cure worst diseases", "Buffett to Give Bulk of His Fortune to Gates Charity", "Gates Foundation to Get Bulk of Buffett's Fortune", "Most of Susan Buffett Estate to Go to Foundation", "Lunch With Warren Buffett? He also stated that initial public offering (IPO) of stock are almost always bad investments. In September the Royal Navy had captured several German merchant ships that had sought refuge in the Wouri estuary. Laurentic called at Simon's Town 17–19 July, bunkered in Cape Town on 20 July and then on 23–24 July loaded bullion to take to Canada. [22] Warren studied there for two years and joined the Alpha Sigma Phi fraternity. $650,100, Charity Auction Winner Bids Big Money For Steak Lunch With Billionaire Buffett", "uk.reuters.com, Warren Buffett lunch sells for record $2.11 mln", "cnbc.com, Warren Buffett Charity Lunch Auction Ends with High Bid of $2,110,100", "Buffett hopes lunch auction again draws big bids", "Cost to lunch with Warren Buffett: $3.5 million", "Ralph Nader: Books, Quotes, Education, History, Accomplishments, Legacy - YouTube", "Buffett donates $3.4 billion to Gates' and family charities", "Warren Buffett donates $2.8 billion ... again", "Buffett Boosts Commitment to Children's Family Foundations", "Doris Buffett's Learning by Giving Foundation: 'It All Started at Davidson, "How Warren Buffett's fortune is going directly to those in need", "Transcript of second McCain, Obama debate", "Obama appoints Buffett as economic adviser", USA Today: Schwarzenegger taps Buffett as finance advisor, Warren Buffett Endorses Hillary Clinton and Calls for Higher Taxes on Wealthy, "Warren Buffett Challenges Trump to Show Tax Returns, Says He's 'Afraid, "Donald Trump says general election may be 'rigged, "Buffett Just Released His Own Tax Data to Hammer Trump", "Warren Buffett: Will judge Trump by results but 'unlikely' he'll vote for him in 4 years", "Warren Buffett: Here's why I haven't been criticizing Donald Trump", "Warren Buffett On CNBC: Health Care Is Like An 'Economic Tape Worm' (WATCH)", "The Cost Conundrum – What a Texas town can teach us about health care", "Billionaire club in bid to curb overpopulation", "Billionaires Try to Shrink World's Population, Report Says", "How One Abortion Research Megadonor Forced the Supreme Court's Hand", "In Class Warfare, Guess Which Class Is Winning", "Plain Talk: There's class war, and rich are winning", "Warren Buffett fires back at Donald Trump's comments about his taxes", "Buffett tells Senate Finance panel 'dynastic' wealth on the rise in U.S.", "Buffetted. [34], Buffett returned to Omaha and worked as a stockbroker while taking a Dale Carnegie public speaking course. [95] In his November 1999 Fortune article, he warned of investors' unrealistic expectations:[96]. [166] Later, in the third and final presidential debate, Obama mentioned Buffett as a potential economic advisor. [89], Interim publisher James W. Hopson announced on July 18, 2013, that the Press of Atlantic City would be sold to Buffett's BH Media Group by ABARTA, a private holding company based in Pittsburgh, U.S. At the Berkshire shareholders meeting in May 2013, Buffett explained that he did not expect to "move the needle" at Berkshire with newspaper acquisitions, but he anticipates an annual return of 10 percent. [4], By 1912 Laurentic was equipped for wireless telegraphy, operating on the 300 and 600 metre wavelengths. In 1990, a scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced. In 1924 Damant presented the bell from her bow to All Saints' parish church, Portsalon, County Donegal, the port from which Racer and her salvage crew operated. "[97] In 2007, Buffett made a bet with numerous managers that a simple S&P 500 index fund will outperform hedge funds that charge exorbitant fees. No matter what kind of academic paper you need, it is simple and affordable to place your order with My Essay Gram. [38], After two months Damant's crew completed their shaft and one part of the gold. [53], During a 2005 investigation of an accounting fraud case involving AIG, Gen Re executives became implicated. [11], In July 1910 Metropolitan Police DCI Walter Dew used Laurentic's speed to reach Rimouski ahead of murder suspect Hawley Harvey Crippen and his lover Ethel Le Neve, who were travelling aboard the Canadian Pacific liner Montrose. She is an early and influential example of a ship whose propulsion combined reciprocating steam engines with a low-pressure steam turbine. In October 2008, Buffett invested $230 million for 10% of battery maker BYD Company (SEHK: 1211), which runs a subsidiary of electric automobile manufacturer BYD Auto. [23], Despite the difficult conditions Laurentic's crew launched lifeboats and tried to row ashore, guided by Fanad Head Lighthouse. [28], A few of the dead are buried elsewhere to be near their families or place of birth, including Holywood[29] and Tullylish[30] in County Down, Arklow in County Wicklow[31] and West Derby in Liverpool.[32]. She reached Plymouth on 14 October. The crew included Laurentic's own diver, P/O Augustus Dent, who had survived the sinking. Davidson would eventually become Buffett's lifelong friend and a lasting influence,[33] and would later recall that he found Buffett to be an "extraordinary man" after only fifteen minutes. [8], Megantic was built with twin screws driven by conventional quadruple-expansion engines, but Laurentic was built with three screws and a turbine drove her middle screw. A dislodged beam struck Commander Mathias, fracturing his skull. [109] He continued to live in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, a fraction of today's value. January Jan. 1. 3. On 2 December the crew finished removing coal from the hold and threw 150 tons of charred coal overboard. [14], In winter Laurentic also served New York City. Graham was a tough boss. The best of order prevailed after the explosion. [177] Buffett said "If you want the very best, I mean if you want to spend a million dollars to prolong your life 3 months in a coma or something then the US is probably the best", but he also said that other countries spend much less and receive much more in health care value (visits, hospital beds, doctors and nurses per capita). ALL YOUR PAPER NEEDS COVERED 24/7. [50], Buffett became a billionaire when Berkshire Hathaway began selling class A shares on May 29, 1990, with the market closing at $7,175 a share. The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind. He asked one of his partners, a doctor, to find ten other doctors willing to invest $10,000 each in his partnership. SS Laurentic was a UK transatlantic ocean liner that was built in Ireland and launched in 1908.She is an early and influential example of a ship whose propulsion combined reciprocating steam engines with a low-pressure steam turbine.. Laurentic was one of a pair of sister ships that were ordered in 1907 by Dominion Line but completed for White Star Line.Her regular route was … [23], At 1700 hrs Laurentic left Buncrana[24] in a bitterly cold blizzard. On a westbound crossing to New York on 22 January 1910 a storm hit Laurentic that broke portholes on her upper deck, flooded her bridge and officers' quarters and disabled her engine order telegraphs. [15], Laurentic also made winter cruises to the Mediterranean Sea and the West Indies. [92], Warren Buffett's writings include his annual reports and various articles. [50], In 2007 a team of divers from Sheephaven Bay recovered one of Laurentic's guns. I in no way anticipated the dramatic fall in energy prices that occurred in the last half of the year. They are commemorated on Royal Navy monuments at Chatham, Plymouth and Portsmouth. [189] In 2007, Buffett testified before the Senate and urged them to preserve the estate tax so as to avoid a plutocracy. [53], Being in the territorial waters of the Republic of Ireland and more than a century old, the wreck is automatically protected by the National Monuments (Amendment) Act, 1987, section 3, sub-section (4). [174][175], Buffett described the health care reform under President Barack Obama as insufficient to deal with the costs of health care in the US, though he supports its aim of expanding health insurance coverage. [125] Buffett reads five newspapers every day, beginning with the Omaha World Herald, which his company acquired in 2011. In 1954, Buffett accepted a job at Benjamin Graham's partnership. Do yourself a favor and read the papers again, because you are clueless. [185] "How can this be fair?" Buffett often plays the instrument at stockholder meetings and other opportunities. "[173], Buffett has said he would judge President Donald Trump by his results on national safety, economic growth and economic participation when deciding if he would vote for him in the 2020 presidential election. On 26–30 December Laurentic discharged prize crews from five of the captured ships. My own boat was almost full of water when we were picked up by a trawler the next morning, but all the men in the boat survived. The weight, and the awkward angle of the wreck, made it hard to move each box to the entry port to be hoisted to the surface. He developed an interest in business and investing in his youth, eventually entering the Wharton School of the University of Pennsylvania in 1947 before transferring to and graduating from the University of Nebraska at 19. Even if prices should rise, moreover, the terrible timing of my purchase has cost Berkshire several billion dollars.[80]. [18] On a westbound crossing that year she passed where RMS Titanic had sunk on 15 April. ", "Shares in a Buffett-Backed Chinese Car Company Are Getting Crushed", "Utah Petition Encouraging Energy Diversification", "Buffett again rebuffs advocates who want Klamath dams out", "Klamath Dam Removal Advocates Call on Buffett's Company To Close the Deal, Remove Klamath Dams", "Buffett on Facebook and Google: hard to estimate future value", "Buffett on cryptocurrencies: 'I can say almost with certainty that they will come to a bad ending, "Warren Buffett would like to clarify something about his 'Entourage' cameo", "Book titles like to play the Warren Buffett name game,", "Books of The Times: The Richest Man and How He Grew (and Grew His Company, Too),", "Warren Buffett's Letters to Shareholders", "Warren Buffett collected news and commentary", Warren Buffett collected news and commentary, https://en.wikipedia.org/w/index.php?title=Warren_Buffett&oldid=1013157203, American chief executives of financial services companies, Woodrow Wilson High School (Washington, D.C.) alumni, Wikipedia indefinitely move-protected pages, Wikipedia indefinitely semi-protected biographies of living people, Short description is different from Wikidata, All Wikipedia articles written in American English, Articles containing potentially dated statements from March 2021, All articles containing potentially dated statements, Wikipedia articles with BIBSYS identifiers, Wikipedia articles with CANTIC identifiers, Wikipedia articles with PLWABN identifiers, Wikipedia articles with SELIBR identifiers, Wikipedia articles with SNAC-ID identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Srpskohrvatski / српскохрватски, Creative Commons Attribution-ShareAlike License, Bill or Melinda Gates must be alive and active in BMGF, BMGF must continue to qualify as a charity, Each year BMGF must give away an amount equal to the prior year's Berkshire gift plus the additional 5% of net assets as required of all US foundations, This page was last edited on 20 March 2021, at 10:15. [179] He cited Atul Gawande's 2009 article in the New Yorker[180] as a useful consideration of US health care, with its documentation of unwarranted variation in Medicare expenditures between McAllen, Texas and El Paso, Texas. [100][101] Susan had arranged for the two to meet before she left Omaha to pursue her singing career. If I had to pick the most probable return, from appreciation and dividends combined, that investors in aggregate—repeat, aggregate—would earn in a world of constant interest rates, 2% inflation, and those ever hurtful frictional costs, it would be 6%! "[188], Buffett favors the inheritance tax, saying that repealing it would be like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics". This led IMM to specify a similar three-screw combination of two triple-expansion engines and one low-pressure turbine for the Olympic-class ocean liners that Harland and Wolff launched in 1910 and 1911. [69] The operation included special incentives: He received an option to buy three billion shares of GE stock, at $22.25, over the five years following the agreement, and Buffett also received a 10% dividend (callable within three years). It is now displayed at the pier in Downings, County Donegal. He worked in his grandfather's grocery store. They found the wreck at a depth of 120 feet (37 m), listing 60 degrees to port. [48], In 2018 Derry City and Strabane District Council bought the bell from her bridge at an auction and exhibited it in Derry Guildhall. I'm on my way to an unknown destination in Asia where I'm going to look for a cave. Laurentic produced 20 percent more power than her sister for the same coal consumption. [12] Research published at the University of Oxford characterizes Buffett's investment methodology as falling within "founder centrism", defined by a deference to managers with a founder's mindset, an ethical disposition towards the shareholder collective, and an intense focus on exponential value creation. But large parts, such as her Scotch boilers, are still recognisable. Browse the latest styles and trends in women's clothing at Virtual Outfits. Shop for clothes for women, put them into your virtual closet and get feedback on your favorite outfits through our unique social shopping experience. [41] In the summer of 1920 they retrieved only seven gold bars, but in the summer of 1921 they cleared many hundreds of tons of the wreck's structure and retrieved another 43 bars. On August 20, 2014, Berkshire Hathaway was fined $896,000 for failing to report December 9, 2013, purchase of shares in USG Corporation as required. All three were close and Christmas cards to friends were signed "Warren, Susie and Astrid". The Japanese Minister for Foreign Affairs, Ishii Kikujirō, said that the Japanese Government was investigating. Cheap paper writing service provides high-quality essays for affordable prices. He went on to graduate from Columbia Business School, where he molded his investment philosophy around the concept of value investing pioneered by Benjamin Graham. Despite the change of owner, Laurentic and Megantic were still to serve the route between Liverpool and Montreal. He merged these partnerships into one. They arrested nine Indian nationals "travelling without bonafides of any description",[20] who were suspected of being Hindu nationalists. [165] During the second 2008 U.S. presidential debate, McCain and Obama, after being asked first by presidential debate mediator Tom Brokaw, both mentioned Buffett as a possible future Secretary of the Treasury. He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway, which provided $3 billion, underlining his instrumental role during the crisis in debt and equity markets. The gold bullion had been stowed in Laurentic's second class baggage room. I'll tell you why I like the cigarette business. It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation, or pays no income taxes during years of 5 percent inflation. He was inspired by a book he borrowed from the Omaha public library at age seven, One Thousand Ways to Make $1000. [160][161] Warren Buffett was also supportive of his sister Doris Buffett's Letters Foundation and Learning By Giving Foundation. He is considered one of the most successful investors in the world[3][4] and has a net worth of over US$85.6 billion as of December 2020,[5] making him the world's fourth-wealthiest person. [20], In December 1914 Laurentic sailed from Liverpool via Sierra Leone and Lagos to Kamerun, where she assisted in the Kamerun Campaign. [20], From September 1915 to January 1916 Laurentic the Bay of Bengal, voyaging to Port Blair, the Hooghly River, the coast of Balasore and Rangoon. The cancellations came in the wake of pressure from regulators and citizen groups. Anyone watching from Mars would be scratching their head. Buffett was raised as a Presbyterian, but has since described himself as agnostic. He sold this stake soon afterwards, sparing him the billions of dollars he would have lost had he held on to the company in the midst of the steep drop in oil prices beginning in the summer of 2008. By September the weather was worsening and Damant suspended work again. Japanese newspapers claimed that the action violated international law. [57], Buffett ran into criticism during the subprime mortgage crisis of 2007 and 2008, part of the Great Recession starting in 2007, that he had allocated capital too early resulting in suboptimal deals. Called "The Good Club" by an insider, the billionaires had given away $45 billion to philanthropic causes and included well known names such as Oprah Winfrey, Michael Bloomberg and David Rockefeller, Jr..[182] The meeting has drawn critism from some right-wing alarmists, with some fringe elements believing the group to be a part of a secret sterilization society. In one of his first business ventures, Buffett sold chewing gum, Coca-Cola bottles, and weekly magazines door to door. Buffett also said he had made more than $2.8 billion worth of donations last year. The economy of the business may be fine, but that doesn't mean it has a bright future. [168], On December 16, 2015, Buffett endorsed Democratic candidate Hillary Clinton for president. She was armed with eight QF 6-inch naval guns and two 6-pounder guns. She patrolled Chinese waters until 15 March, then spent a week in Hong Kong before returning to Singapore, where she arrived on 30 March.[20]. Unresolved: Release in which this issue/RFE will be addressed. [35], The gale lasted a week. After the fourth box was raised a gale began which forced Damant to suspend work. Within months, they owned several machines in three different barber shops across Omaha. In the 1960s two brothers called Ray and Eric Cossum bought the salvage rights. Divers used explosives to force the ceiling back up, and they then shored it up. There were reports that a U-boat had been sighted near the mouth of Lough Swilly. Buffett asked, regarding how little he pays in taxes compared to his employees. But so far I have been dead wrong. [134], In 1999, Buffett was named the top money manager of the Twentieth Century in a survey by the Carson Group, ahead of Peter Lynch and John Templeton. Buffett helped finance the deal in return for a 25% stake in the combined company. Who We Are. [60] Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his later deals suffered large mark-to-market losses. [63] The scale of the potential loss prompted the SEC to demand that Berkshire produce, "a more robust disclosure" of factors used to value the contracts. [35] Using what he learned, he felt confident enough to teach an "Investment Principles" night class at the University of Nebraska-Omaha. 1. Dominion Line planned to call the ships Alberta and Albany. Antitrust charges started, instigated by its rival, the Buffalo Courier-Express. "[17] After finishing high school and finding success with his side entrepreneurial and investment ventures, Buffett wanted to skip college to go directly into business but was overruled by his father. Buffett invested in and eventually took control of a textile manufacturing firm, Berkshire Hathaway. The two companies also owned several radio stations in the same markets. Warren Edward Buffett (/ ˈ b ʌ f ɪ t / BUFF-itt; born August 30, 1930) is an American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway.He is considered one of the most successful investors in the world and has a net worth of over US$85.6 billion as of December 2020, making him the world's fourth-wealthiest person. But he said he would not take a short position on bitcoin futures.[205]. [47] Buffett became Chairman of Salomon until the crisis passed. Her call sign was MIC. But the temperature dropped as low as −13 Â°C (9 Â°F), and many men in the lifeboats died of hypothermia before reaching the shore. Buffett took control of Berkshire Hathaway at a board meeting and named a new president, Ken Chace, to run the company. [39] To date, the salvage is the largest recovery of sunken gold by weight in history. As the season progressed it proved harder to find,[38] but their total haul for 1919 was 315 bars[39] worth a total of £470,000. She spent September and the first half of October patrolling the east coast of Canada and then south to Bermuda, where she spent 14–27 October in port and loaded specie. In 1957, Buffett operated three partnerships. In 1977, Berkshire indirectly purchased the Buffalo Evening News for $32.5 million. Buffett was not compensated for this advertisement. [141] He pledged about the equivalent of 10 million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately $30.7 billion as of June 23, 2006),[142] making it the largest charitable donation in history, and Buffett one of the leaders of philanthrocapitalism. Laurentic and Megantic were sisters whose only significant difference was their engines. On his first income tax return in 1944, Buffett took a $35 deduction for the use of his bicycle and watch on his paper route. [179] Buffett raised the problem of lobbying by the medical industry, saying that they are very focused on maintaining their income. Gen Re also made a commitment to implement "corporate governance concessions," which required Berkshire Hathaway's Chief Financial Officer to attend General Re's audit committee meetings and mandated the appointment of an independent director. [99], In 2006, on his 76th birthday, Buffett married his longtime companion, Astrid Menks, who was then 60 years old—she had lived with him since his wife's departure to San Francisco in 1977. The White Star ships were Laurentic and Megantic. He would have preferred to focus on his business ventures, but his father pressured him to enroll. In Accra and Sekondi she embarked German civilian internees. The Sage of Omaha loves the estate tax – as well he might", "Shareholder Proposal Regarding Berkshire's Investment In PetroChina", "Warren Buffett's 500% Return from BYD: The Show Just Begun? The trade deficit induced Buffett to enter the foreign currency market for the first time in 2002. In October 2008, USA Today reported at least 47 books were in print with Buffett's name in the title. [17], In 1911 Laurentic set a westbound record time for the route of 13 days and four hours from Liverpool to Montreal. Buffett wanted to work on Wall Street but both his father and Ben Graham urged him not to. [124] In February 2020, Buffett revealed in a CNBC interview that he had traded in his flip phone for an iPhone 11. [9][10] But Otaki lacked a sister ship for direct comparison. When this was brought to Gutfreund's attention, he did not immediately suspend the rogue trader. [181], Buffet has been reported to have concerns about unchecked population growth. Dominion Line ran a transatlantic liner service between Liverpool, Quebec, Montreal and Boston. [56], In 2007, in a letter to shareholders, Buffett announced that he was looking for a younger successor, or perhaps successors, to run his investment business. Sell it for a dollar. Damant and his team used guncotton to blow open a watertight door called the "entry port" mid-way down the ship's side, and an iron gate in the companionway leading to the baggage room. 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