Category Archives: Precision Castparts

Commentary: Buffett’s Cash Pile Not a Source of Ridicule Anymore

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Up until a few weeks ago, Berkshire Hathaway’s enormous pile of cash, which had reached $125 billion, and was growing $1.5 billion a month, was taken by many as a sign of failure on the part of Warren Buffett.

Increasing cries for a dividend, or increased buybacks (despite the stock sitting at or near record highs) was just some of the popular chatter.

What a difference a few weeks makes.

With the markets experiencing extreme volatility, and many businesses forced to close or facing plummeting demand, Buffett’s patience finally looks like it has met conditions where his value investing strategies can excel.

As share prices fall, Buffett clearly has the chance to use his elephant gun to bag his elephant, as he likes to call the acquisition of a major company, which is something he hasn’t done since acquiring Precision Castparts in 2016.

The opportunities are many, as valuations have retreated so significantly that Berkshire now holds more cash than the market valuations of more than 450 companies in the S&P 500, over 80 in the Nasdaq 100, and 11 that make up the Dow 30.

In addition to acquiring his elephant or two, Buffett will certainly have opportunities to help companies shore up their balance sheets through his favorite method—receiving preferred stock that pays generous interest, and receiving warrants for common stock purchases.

The latter, as in the case of his rescue of Bank of America during the Great Recession, pays off handsomely once the economy and stock prices have recovered. As proof, Berkshire now owns just over 9.9% of the bank.

It will be interesting to see what strategies Buffett employs, and whether there are more opportunities in the purchase of whole companies, or in grabbing generous chunks of a wide range of companies. He might even increase his buyback of Berkshire stock, because owning more of one of the world’s healthiest and diversified conglomerates makes sense at these prices.

Perhaps investors big and small should do the same, as Berkshire’s P/E ratio of sat at only 5.38 as of Friday, March 27.

Let’s not forget that in addition to being poised for Berkshire’s expansion while others are contracting, Buffett has also insured the short term and long term health of Berkshire itself. He has always held $20-$25 billion in reserve for the conglomerates own needs during the worst of times.

These might be the worst of times for some, but for Buffett, who famously said in his 1986 Letter to Shareholders, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful,” these are the best of times to invest.

In a couple of months, Berkshire’s next 13F filing will reveal just how much stock he and his trust lieutenants Todd Combs and Ted Weschler have acquired, and we may know even sooner if an elephant comes within range.

It will be interesting to see how greedy Buffett gets.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway’s Precision Castparts Plans 737 Max Layoffs

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Berkshire Hathaway’s aerospace company Precision Castparts has given pink slips to 150 workers in Oregon.

The layoffs are due to the suspension production of Boeing’s 737 Max.

The company has positions across a broad swath of next-generation commercial platforms, including Boeing’s 737 MAX, 777X, 787, and Airbus’s A320neo and A350 XWB.

There is still no firm date on the resumption of production, however, the latest estimates stretch into the summer of 2020 with some deliveries running up to two years late.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Precision Castparts to Build $128 Million Innovation Center in Mason, Ohio

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After a global search, Precision Castparts Corp. has announced a new Mason, Ohio, campus to house a concept research and development integration center for its PCC Aerostructures division and a manufacturing innovation center for its SPS Technologies business.

PCC’s campus will anchor the US Route 42 entrance of the new Mason R&D Park East, where they will invest $128 million in two facilities on 31 acres. The new campus is expected to bring 190 new employees to the city.

The site in Mason’s new 400-acre R&D Park was, in part, selected for its connectivity to complementary aerospace clients and partners along Innovation Way and southwest Ohio.

“We were really impressed with the strong industry partnerships Mason has established in the business community, as well as the state and local collaboration. This is exactly the type of environment we were seeking,” said Blake Ray, Vice President of Advanced Manufacturing at PCC.

“It was really important for us to test this new integration model in an environment where we were in close proximity to vendors and diverse engineering firms, which strengthen the talent pool,” Mark Gancevich, VP of Technology & Innovation for PCC Aerostructures.

PCC is one of the largest build-to-print manufacturers of complex structural and mechanical assemblies in the aerospace industry. With few exceptions, every aircraft in the sky flies with parts made by PCC. The new Mason engineering campus is designed to create innovative concepts in vertical integration and seamless process improvement.

“We are honored PCC and SPS chose to locate in Mason,” said City of Mason Mayor Kathy Grossman. “This announcement is a continued reinforcement of the strong economic position of our city and a reflection of our positive partnership with JobsOhio, REDI and Mason City Schools. We look forward to helping these innovative technology companies grow here.”

“We are fortunate to have a strong, progressive partnership with Mason City Schools, who work seamlessly with our team to support thoughtful economic growth in the city,” said Mason City Manager Eric Hansen. “They are a critical part of our economic development success, which ultimately benefits Mason taxpayers through a reduced share of the tax burden.”

“We have the highest concentrations of aerospace talent in the country, which played a major part in bringing the largest capital investment from an aerospace company to our region so far this year,” said Kimm Lauterbach, President and CEO, REDI Cincinnati. “Seeing complex projects like PCC’s come to fruition for Mason and the Cincinnati region reinforces the fact we have the right people and partnerships in place to help businesses achieve their goals and set their sights on continued growth.”

The State of Ohio, JobsOhio, and Mason City Council each approved incentive packages for the new PCC Campus investment. Mason City Council approved an ordinance authorizing an economic agreement with the company for an incentive package to include a Community Reinvestment Area (CRA) Tax Abatement, Mason Port Authority Infrastructure and Wellness Incentives, which will bring 190 jobs within four years with a $14.55 million payroll and overall investment of $128 million. In addition, the State of Ohio approved a Jobs Creation Tax Credit, and JobsOhio plans to offer assistance, which will be made public after a final agreement is executed.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Precision Castparts Making Progress on Pollution Mitigation

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Berkshire Hathaway’s Precision Castparts is making progress on its mitigation of heavy metals pollution at its Portland, Oregon plant, according to the Department of Environmental Quality.

The DEQ’s report notes that stormwater testing shows that water discharged into Johnson Creek is no longer contaminated thanks to the water filtration tank system that Precision Castparts installed in 2016.
Under the supervision of the EPA, contaminated soil on the property has been removed.

“In a portion of the site, there were some impacted areas affected by PCBs — or polychlorinated biphenyl — contamination so we had some sampling done there and discovered that there were impacts,” DEQ NW Region Cleanup and Site Assessment Manager Paul Seidel said on KOIN TV. “So that has been cleaned up in part under US-EPA oversight. There’s still more work to do there but there’s been a substantial amount of work completed in the last several years.”

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Strike Over at Berkshire Hathaway-Owned Plant

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The strike is over at a Berkshire Hathaway-owned metals plant in upstate New York.

More than 200 workers at Berkshire Hathaway’s Specialty Metals spent three weeks walking a picket line. At issue were the long hours workers put in at the plant, which runs 24-hours a day, seven days a week.

Workers ratified a new contract on Saturday morning and they will be back to work as of Monday.

The Special Metals plant in New Hartford, New York, produces premium quality nickel base superalloys for both static and rotating aerospace and land-based gas turbine applications.

Specialty Metals is owned by Berkshire Hathaway’s Precision Castparts Corp., which is a global conglomerate operating in more than a dozen countries that manufactures complex metal components and products, high-quality investment castings, forgings and fastener systems for power generation, aerospace, space exploration, military and other mission-critical applications.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Workers on Strike at Berkshire Hathaway-Owned Plant in Upstate New York

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More than 200 workers at Berkshire Hathaway’s Specialty Metals have gone on strike. At issue are the long hours workers are working at the plant, which runs 24-hours a day, seven days a week.

The Special Metals plant in New Hartford, New York, produces premium quality nickel base superalloys for both static and rotating aerospace and land-based gas turbine applications.

The strike began on Saturday, and there are 211 employees, along with 25 technicians, that are walking a picket line.

Ron Zegarelli, chief steward at Special Metals, explained that the company is requiring workers to work 60-hour, six day weeks.

“Our guys are fed up,” Zeigler told the Observer-Dispatch, “I told (management) it wasn’t going to work.” He noted that some employees had marital problems, including divorce, due to the demands of a job that keeps them away from home for so much of the week.

The plant is continuing to operate during the strike.

“Special Metals negotiated in good faith and made a fair and equitable offer,” David Dugan, director of communications for Special Metals. “As a result of the vote, we are executing our contingency plans, including having our salaried employees operate our equipment. Through these and other actions, such as leveraging other production facilities, we are well positioned to meet our customers’ needs as negotiations continue.”

Specialty Metals is owned by Berkshire Hathaway’s Precision Castparts Corp., which is a global conglomerate operating in more than a dozen countries that manufactures complex metal components and products, high-quality investment castings, forgings and fastener systems for power generation, aerospace, space exploration, military and other mission-critical applications.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Lawsuit Against Precision Castparts Could Become a Class-Action Suit

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Since 2016, Berkshire Hathaway’s Precision Castparts, a manufacturer of investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries, has been facing a lawsuit over pollution from its South Portland, Oregon, operations.

The plaintiffs, Kelley Foster, Juan Prat-Sanchez, Kirk Gayton, and Debra Taevs, allege in their suit that the “South Portland Operations release significant amounts of pollution, including arsenic and nickel, into the surrounding neighborhood. PCC’s emissions have created a hotspot of pollution in South Portland.”

The plaintiffs all live in South Portland, and cite a 2013 study by the United States Forest Service that collected tree moss as a bioindicator of air pollution.

The suit maintains that a map created by the Forest Service “demonstrate that there is a significant air pollution hotspot surrounding PCC’s South Portland Operations, where nickel, arsenic, and other hazardous air pollutants appear in high concentrations.”

As of October 2016, the lawsuit has been consolidated with a similar lawsuit by plaintiffs Brian Resendez, Rodica Alina Resendez, Michelle Francisco and Matthew Talbot that is seeking $10 million in damages.

A motion before the Multnomah County Circuit Court is seeking to certify the litigation against Precision Castparts as a class-action lawsuit, which would potentially add the residents of roughly 5,000 residential properties to the suit.

A jury trial has been tentatively scheduled for mid-July 2020.

© 2019 David Mazor


Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Commentary: Bolt-On Acquisitions Continue to Power Berkshire’s Growth

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With the price of acquiring large businesses high, Berkshire Hathaway has been hard-pressed to spend down its $116 billion cash hoard on a major acquisition or two. Its proposed $143 billion Unilever bid, made in conjunction with 3G Capital Partners, fell on deaf ears, and other than an agreement to acquire Pilot and Flying J travel centers, the big fish have remained elusive.

However, Berkshire’s bolt-on acquisitions, which add capability and value to its existing businesses, have continued unabated, and were highlighted by Warren Buffett in his annual letter to shareholders.

In the letter, Buffett noted some of the larger acquisitions.

“Clayton Homes acquired two builders of conventional homes during 2017, a move that more than doubled our presence in a field we entered only three years ago. With these additions – Oakwood Homes in Colorado and Harris Doyle in Birmingham – I expect our 2018 site built volume will exceed $1 billion.

Clayton’s emphasis, nonetheless, remains manufactured homes, both their construction and their financing. In 2017 Clayton sold 19,168 units through its own retail operation and wholesaled another 26,706 units to independent retailers.

All told, Clayton accounted for 49% of the manufactured-home market last year. That industry-leading share – about three times what our nearest competitor did – is a far cry from the 13% Clayton achieved in 2003, the year it joined Berkshire.

Both Clayton Homes and PFJ are based in Knoxville, where the Clayton and Haslam families have long been friends. Kevin Clayton’s comments to the Haslams about the advantages of a Berkshire affiliation, and his admiring comments about the Haslam family to me, helped cement the PFJ deal.

Near the end of 2016, Shaw Industries, our floor coverings business, acquired U.S. Floors (“USF”), a rapidly growing distributor of luxury vinyl tile. USF’s managers, Piet Dossche and Philippe Erramuzpe, came out of the gate fast, delivering a 40% increase in sales in 2017, during which their operation was integrated with Shaw’s. It’s clear that we acquired both great human assets and business assets in making the USF purchase.

Vance Bell, Shaw’s CEO, originated, negotiated and completed this acquisition, which increased Shaw’s sales to $5.7 billion in 2017 and its employment to 22,000. With the purchase of USF, Shaw has substantially strengthened its position as an important and durable source of earnings for Berkshire.

I have told you several times about HomeServices, our growing real estate brokerage operation. Berkshire backed into this business in 2000 when we acquired a majority interest in MidAmerican Energy (now named Berkshire Hathaway Energy). MidAmerican’s activities were then largely in the electric utility field, and I originally paid little attention to HomeServices.

But, year-by-year, the company added brokers and, by the end of 2016, HomeServices was the second-largest brokerage operation in the country – still ranking, though, far behind the leader, Realogy. In 2017, however, HomeServices’ growth exploded. We acquired the industry’s third-largest operator, Long and Foster; number 12, Houlihan Lawrence; and Gloria Nilson.

With those purchases we added 12,300 agents, raising our total to 40,950. HomeServices is now close to leading the country in home sales, having participated (including our three acquisitions pro-forma) in $127 billion of “sides” during 2017. To explain that term, there are two “sides” to every transaction; if we represent both buyer and seller, the dollar value of the transaction is counted twice.

Despite its recent acquisitions, HomeServices is on track to do only about 3% of the country’s home-brokerage business in 2018. That leaves 97% to go. Given sensible prices, we will keep adding brokers in this most fundamental of businesses.

Finally, Precision Castparts, a company built through acquisitions, bought Wilhelm Schulz GmbH, a German maker of corrosion resistant fittings, piping systems and components.”

But Wait, There’s More!

Sometimes Berkshire’s bolt-on acquisitions get little attention. Such was the case in the summer of 2017, when Berkshire acquired Warren, Michigan-based MRO distributor Production Tool Supply, and created a new wholesale division, Berkshire eSupply.

At the time, the company was ranked 34th on Industrial Distribution’s 2017 Big 50 List.

And the Bolt-On Acquisitions Continue in 2018

QS Partners, the aircraft brokerage subsidiary of Berkshire Hathaway’s NetJets, acquired aircraft brokers Cerretani Aviation Group of Boulder, Colorado.

Berkshire’s Vanderbilt Mortgage and Finance, a financier of manufactured and modular homes, acquired Silverton Mortgage. Silverton Mortgage has 22 locations and is licensed in Alabama, Colorado, District of Columbia, Florida, Georgia, Louisiana, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia.

And, Berkshire’s Marmon Holdings acquired Sonnax Industries, Inc. and formed a newly-created subsidiary called Sonnax Transmission Company. Sonnax is an industry leader in the cutting edge design, manufacture and distribution of the highest quality products to the automotive aftermarket, commercial vehicle industries, and industrial sectors utilizing drivetrain technology.

So, if you think that Berkshire Hathaway is sitting still, think again.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Commentary: For Berkshire Hathaway, Precision Castparts is Easy as One, Two, Three

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Now that Berkshire Hathaway has acquired aerospace manufacturer Precision Castparts, exactly what has Berkshire got for all its billions?

One: Berkshire gets a fast-growing company. Precision Castparts’ annual growth rate has been 23% over the past ten years.

Two: Berkshire gets a company with a wide moat, as the costs associated with the aerospace industry create high barriers to entry.

Three: Berkshire gets a company that will benefit from the explosive growth in commercial air travel in India and China over the next two decades.

About Precision Castparts

Precision Castparts manufactures structural investment castings, forged components, and airfoil castings for aircraft engines and industrial gas turbines. It is a world-leading producer of complex forgings and high-performance alloys for aerospace, power generation, and general industrial applications, and its customers include Airbus, Boeing, GE, and Rolls-Royce, among others.

With annual revenues of approximately $10 billion, the company reported $2.412 billion of revenue in the second quarter of 2015. Of that revenue, 72% came from aerospace, 15 % came from power, and 13% came from general industrial and other sales. Operating margins in the last quarter were a healthy 25.7%. The company has a 15% return-on-equity.

The company has 29,350 employees at 157 manufacturing plants.

Strong Management in Place

Unlike both Heinz and Kraft, where 3G Capital took on the duties of replacing senior management, Berkshire is lokking to leave Precision Castparts’ management in place. After all, traditionally that has been one of Berkshire’s acquisition criteria, stating, “Management in place (we can’t supply it).”

In the case Precision Castparts, the company has a strong leader in CEO Mark Donegan, who during his thirteen years at the helm, has led the company to an 11-fold return. Among his strengths, Donegan has a keen eye for the type of “bolt-on” acquisitions that Buffett likes.

An Area Growth for Berkshire

With the Great Recession now in the rear view mirror, airlines are placing large orders to replace aging fleets. These orders, which are primarily to Airbus and Boeing, benefit Precision Castparts as it supplies key components to both the A320neo and 737 MAX.

Doubling the Market

While Precision Castparts manufactures everything high-pressure blades for power generators to medical prosthetics, it is complex metal components for the aerospace industry that not only brings in the majority of its revenues, but also offers solid opportunities for growth.

As large as the commercial market for jets already is, it is expected to double by 2030 due to strong demand from India and China. By 2030, the Asia-Pacific market is expected to grow to 30% of all world-wide passenger mileage.

Boeing predicts that 38,050 new aircraft with a total value of $5.6 trillion will be needed in the next two decades. Roughly 10,500 commercial jets are needed just to replace fleets of old, fuel-guzzling aircraft that are aging out of service.

Locking in a Customer

With the needs of the aerospace market highly specialized, whether its engine turbine blades, or the large wing ribs for the Airbus’s giant A380, there is very little company switching among airplane manufacturers. Witness its relationships with both engine makers Pratt & Whitney and GE that go back over 45 years.

As Berkshire plots its course in the 21st century, it is assured of solid growth in an industry that is highly technical, needs manufacturing on a mammoth scale, and has high cost barriers to entry for potential competitors.

© 2016 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Commentary: A Christmas Wish List for Under Warren Buffett’s Tree

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Here’s a Christmas wish list for presents under Warren Buffett’s tree. The items are big, so we’ll fit them under Charlie Munger’s tree as well.

1. Precision Castparts: There’s nothing like getting the present you bought for yourself. The pending acquisition the aerospace manufacturer looks like the gift that will keep on giving.  Demand for new airplanes will double over the next 15 years, as aging fleets are retired and millions more people start to fly regularly in India and China.

2. Duracell: Because everyone likes to get cash for Christmas! With the Duracell acquisition set to close in February 2016, Berkshire will gain not only the leading alkaline battery manufacturer, but will also get a company recapitalized by P&G with $1.7 billion in cash, and will get huge tax savings as it trades in its appreciated P&G stock for the battery maker.

3. More German Companies: Warren Buffett’s admiration for the German economy was on full display at the Berkshire Hathaway annual meeting in May 2015. This past February, Berkshire Hathaway struck a deal to acquire Devlet Louis Motorradvertriebs, a mail-order and retail chain selling motorbike clothing and accessories. The move, according to Buffett, was just the first small acquisition in a country with a strong economy and work ethic. And, with a rising dollar and a shaky euro, will more German companies fit under Berkshire’s tree?

4. Lots of Natural Gas: As the world dumps coal and moves to cheaper and cleaner forms of energy, Berkshire’s on the verge of striking it rich in Australia’s gas fields. Natural gas prices may be cratering now, but it never hurts to have a majority share of four trillion cubic feet of gas-in-place (yes, trillion) in Australia’s Whicher Range and Wonnerup gas fields. A new test well hopefully will bring good news in the new year.

5. More Auto Dealers: When Berkshire Hathaway jumped into the auto retailing business in March 2015, with its acquisition of the Van Tuyl Group, it added a whole new line of business to the mega-conglomerate. The Van Tuyl Group was the largest privately owned auto dealership group in the U.S., and Buffett promised that this was just the start of building a major auto-retailing empire. So, will Herb Chambers Companies, a privately-held, Boston-based dealership group with 55 total dealerships, be the perfect fit for Berkshire Hathaway Automotive? Its owner looks ready to sell. Time to wrap this one up and put a bow on it.

6. Happy Pilots at NetJets: Forget your crazy uncle, there’s nothing like having a happy family at Christmas. This holiday, NetJets’ pilots and its flight attendants will be celebrating their new contracts that bring substantial raises. Hopefully, they’ll use it to buy some of Berkshire’s fine products. How about some jewelry from Borsheims? It’s been a good year. Go for it!

7. More Solar & Wind! Berkshire’s quickly becoming the leading energy producer and distributor of solar and wind energy. This year saw major wind farm projects, including a new wind farm site in Adams County, Iowa, which will produce 162 megawatts of additional wind generation capacity in Iowa. Berkshire’s aggressive expansion of it solar power farms saw its Topaz Solar Farm in San Luis Obispo County, California, become one of the largest photovoltaic solar farms in the world. And, there’s plenty of room under the tree for more such projects, which not only bring cheap energy, but also lower environmental costs as they are emissions free. With the cost of solar energy dropping fast, Berkshire’s been signing amazing deals that are a Christmas present now and for decades to come. In Nevada, it has contracted to buy electricity from First Solar’s soon to be built Playa Solar 2 at the astoundingly low rate of only 3.87 cents a kilowatt-hour, and the deal is a fixed rate contract for twenty years.

8. More Deals with 3G Capital: Because everyone likes surprises. 3G’s aggressive acquisition strategy has been the perfect partner for Berkshire’s cash. 3G brings not only the aggressive cost-cutting (aggressive is an understatement) that is bringing legacy companies such as Kraft-Heinz into the 21st century, but also gives excellent financing and equity opportunities. 3G’s merger of Burger King with Tim Hortons brought Berkshire fat interest payments and made Berkshire a minority owner of the newly formed Restaurant Brands International. Surely, there are more deals to be done.

Hard to fit this all under the Christmas tree? Berkshire’s a big company. There’s room for all this and more.

Merry Christmas everybody!

–David Mazor

© 2015 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.