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Berkshire Hathaway Specialty Insurance

BHSI Expands into UK Programs Market, Appoints Rob Munden as Head of Programs

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has officially entered the UK Programs market with the appointment of Rob Munden as Head of Programs, UK. This strategic move marks a significant step in the company’s efforts to broaden its reach beyond large enterprises to include small and midsized businesses across the UK and Europe.

“This move further rounds out our capabilities in the UK and Europe, and reflects our long-term strategy to expand our business,” said Mark Walker, Head of National Business, UK, at BHSI. “With Rob at the helm, we look forward to building a robust Programs business.”

In his new role, Munden will lead the development of BHSI’s Programs business in the UK, leveraging the firm’s underwriting strengths in property, casualty, marine, executive and professional lines, and accident and health insurance. He will also support expansion efforts across Europe.

With 30 years of insurance industry experience and deep expertise in the Programs space, Munden brings strong MGA relationships and a proven track record. He most recently served as CEO of a specialist managing general agent and is based in London.

© 2025 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.

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Pilot Flying J

Pilot Travel Centers to Hire Over 7,500 Team Members Nationwide

(BRK.A), (BRK.B)

Pilot, a Berkshire Hathaway company and one of the nation’s leading travel center operators, is launching a major hiring initiative to bring more than 7,500 new team members on board. The company is recruiting for a wide range of positions across its travel centers, on-site restaurants, and tanker fleet, aiming to fuel exceptional guest experiences for the 1.2 million travelers it serves daily.

Open roles include hourly jobs, leadership positions, maintenance technicians, and fuel tanker drivers. Pilot offers competitive weekly pay and a robust benefits package designed to support and uplift its team members. Perks include gas discounts, meal credits, paid time off, comprehensive health plans, parental leave, tuition assistance, and 24/7 on-demand healthcare for U.S. employees.

“At Pilot, we’re more than a workplace — we’re a community of journey makers,” said Julius Cox, executive vice president and chief people officer. “We’re looking for driven, reliable, authentic, and welcoming individuals to join our team this summer and beyond.”

With a strong commitment to a people-first culture, Pilot continues to invest in its workforce through training, recognition programs, and support services like the Pilot Cares hardship assistance program. Whether beginning a new career or seeking the next step, Pilot welcomes applicants ready to make a difference in the journeys of others.

© 2025 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.

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Lessons From Warren Buffett

Lessons From Warren Buffett: The Power of Flexibility

While many mutual funds and ETFs focus on specific market segments, Warren Buffett takes a different approach. He prioritizes flexibility, ensuring that investment decisions are driven by opportunity rather than restrictions.

At the 2007 Berkshire Hathaway Annual Meeting, Buffett explained his stance:

“We think the most logical fund is the one we have at Berkshire where, essentially, we can do anything that makes sense and are not compelled to do anything that we don’t think makes sense.”

Buffett believes that funds limited to a specific asset class, such as bonds or futures, operate at a disadvantage compared to those with broad authority—provided they have the right leadership. By maintaining an open investment strategy, Buffett ensures that Berkshire Hathaway can capitalize on the best opportunities across all financial markets, rather than being confined to any single category.

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2025 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.

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Brooks

Brooks Running Sets the Pace with Record-Breaking Q1 Performance

(BRK.A), (BRK.B)

Berkshire Hathaway-owned Brooks Running posted a record-breaking first quarter in 2025, with global revenue climbing 15% year-over-year. All regions contributed double-digit growth or better, marking a strong start to the year for the performance running brand.

In North America, Brooks continued its eight-year growth streak, with Q1 revenue rising 13% and an impressive 38% surge in Canada. Internationally, the brand saw record quarterly revenue in the Europe, Middle East, and Africa (EMEA) region, up 11% on a currency-neutral basis, and a staggering 221% year-over-year growth in Asia Pacific and Latin America (APLA).

Brooks also claimed the top spot in the U.S. adult performance running footwear market, with seven of the top 25 best-selling styles. In the highly competitive U.S. specialty retail channel, Brooks grew 20% year-over-year. The brand saw notable success in Europe as well, with Q1 growth of 37% in France and 28% in Germany for adult running shoes priced above €90. In Germany, Brooks reached a milestone by tying for No. 1 in the high-end running footwear segment—a first in any European market.

“Our record results are an outcome of real product innovation, brand demand at an all-time high, and execution excellence across our teams,” said CEO Dan Sheridan. “I am so proud of the Brooks team and the strategy we’re executing to invite more people into the brand.”

© 2025 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.

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Corporate

Buffett Explains Berkshire’s Buyback Pause

(BRK.A), (BRK.B)

At Saturday’s Berkshire Hathaway annual meeting, Warren Buffett addressed the company’s noticeable pause in share repurchases. Berkshire hasn’t bought back any stock since May 2024, marking its longest break from buybacks since 2018. Buffett explained that the company only repurchases shares when they are clearly undervalued—a condition not currently met, with Berkshire stock reaching an all-time high on May 2. He also cited the new 1% tax on repurchases as an added hurdle, making buybacks less appealing from a capital allocation standpoint.

© 2025 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.

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Commentary

Greg Abel, the Right Man for All of Berkshire’s Seasons

(BRK.A), (BRK.B)

Greg Abel, long-time Berkshire Hathaway executive and current vice chairman of non-insurance operations, is set to take the reins as CEO by year’s end. At 62, Abel brings two decades of steady leadership, having risen through the ranks since Berkshire acquired MidAmerican Energy. He’s earned a reputation as a tireless and capable operator, overseeing not just Berkshire Hathaway Energy, but also a vast portfolio that includes BNSF Railway, NetJets, and Duracell. Despite his growing influence, Abel remains grounded—still based in Des Moines and proud of coaching his kids’ sports teams. With a background in accounting and a clear eye for value, he’s well-equipped to steer Berkshire through complex, high-stakes acquisitions that match the scale of the trillion-dollar conglomerate. Humble, analytical, and deeply aligned with Berkshire’s principles, Greg Abel isn’t just a good choice to succeed Warren Buffett—he’s an excellent one.

© 2025 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.

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Financials

Berkshire Hathaway’s Q1 Profits Fall, But Core Businesses Stay Strong

(BRK.A), (BRK.B)

Berkshire Hathaway, the giant conglomerate led by Warren Buffett, reported lower profits in the first quarter of 2025, mainly due to fluctuations in its stock investments. The company posted $4.6 billion in net earnings—down sharply from $12.7 billion during the same period last year.

But the drop doesn’t tell the whole story. Much of it stems from accounting rules that require Berkshire to include paper losses on stocks it hasn’t sold yet. This quarter, those unrealized losses totaled about $7.4 billion.

To give a clearer picture of business performance, Berkshire also reports “operating earnings,” which leave out those investment swings. On that front, the company earned $9.6 billion in Q1—still strong, but slightly below the $11.2 billion it earned a year ago.

Some business highlights:

Insurance operations had mixed results, with investment income rising but underwriting profits falling.

The company’s railroad, BNSF, and energy division both posted solid gains.

Insurance float—a key financial cushion built from premiums Berkshire holds before paying claims—grew to $173 billion.

Earnings per share also reflected the dip: Class A shares earned $3,200 in Q1, compared to $8,825 last year, while Class B shares earned $2.13, down from $5.88.

Berkshire reminded investors that quarterly investment gains and losses don’t always reflect the company’s true strength. Long-term performance and solid fundamentals remain the real story.

© 2025 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.

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Financial Reports

Berkshire Hathaway Shares Hit Record High Ahead of Annual Meeting

(BRK.A), (BRK.B)

Excitement is in the air as Berkshire Hathaway shareholders flock to Omaha for the company’s annual meeting on May 3. The mood is especially upbeat with the stock hitting record highs—Class A shares closed Friday at $809,808.50, and Class B shares reached $539.80.

The annual meeting, often called “Woodstock for Capitalists,” will feature Berkshire’s first-quarter earnings release and a Q&A session with CEO Warren Buffett, along with top executives Greg Abel and Ajit Jain, offering insights into the company’s future.

This year’s event is also a time for reflection, marking the second annual meeting without Charlie Munger, Buffett’s longtime business partner. Though gone, Munger’s influence and wisdom remain deeply woven into Berkshire’s culture.

© 2025 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.

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Lubrizol

Lubrizol and Palmer Holland Partner to Expand Nutraceutical Reach in Northeastern U.S.

(BRK.A), (BRK.B)

Berkshire Hathaway’s Lubrizol has announced a new distribution partnership with Palmer Holland, Inc., aiming to expand access to its innovative ingredient solutions across the nutraceutical, dietary supplement, and food and beverage markets in the Northeastern United States.

The collaboration is set to meet rising demand for Lubrizol’s microencapsulation technology, which enhances ingredient delivery and bioavailability—key factors in creating effective and enjoyable nutraceutical products. Lubrizol’s European-manufactured portfolio includes branded microcapsules such as LIPOFER™ (iron), MAGSHAPE™ (magnesium), ZINCNOVA™ (zinc), CURCUSHINE™ (curcumin), NEWCAFF™ (caffeine), LIPOPHYTOL™ (phytosterols), and LIPOCAL™ (calcium).

“Recent clinical and consumer studies have confirmed the benefits of our microencapsulation technology in both taste and absorption,” said Ricardo Pereira, Senior Director at Lubrizol. “Through our partnership with Palmer Holland, we can bring these innovations to more consumers.”

Palmer Holland’s Vice President of Consumer & Life Sciences, Bret Horace, added, “Lubrizol’s focus on quality aligns perfectly with our mission to deliver forward-thinking ingredient solutions. Together, we’re enabling the creation of healthier, better-tasting nutraceutical products.”

The partnership marks a strategic step in enhancing product performance and accessibility across a growing health-focused market.

© 2025 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.

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Pilot Flying J

Pilot Launches ‘Miles of Good’ to Drive Community Impact

(BRK.A), (BRK.B)

Pilot, a Berkshire Hathaway company and North America’s leading energy and travel center operator, has introduced a new corporate giving initiative called Miles of Good. Rooted in the company’s purpose of showing people they matter, the program aims to create meaningful change through charitable donations, volunteerism, and local partnerships.

“At Pilot, people matter — and giving is another way we can show them that’s true,” said CEO Adam Wright. Miles of Good will focus on three core areas: safety, education, and support for veterans.

The initiative will fund and support safety programs, expand access to education — especially in STEM fields — and honor veterans by helping them transition to civilian life and careers. In 2023 alone, Pilot donated over $5.5 million to causes aligned with these values.

“What makes Miles of Good special is how it empowers our team members to make a difference,” said Meg Counts, Director of Corporate Giving and Events. The initiative encourages Pilot’s 30,000 team members to volunteer and contribute directly to their communities.

Complementing the new program, Pilot has also launched Pilot Cares, an assistance fund to help employees facing personal hardships, such as medical emergencies or disaster recovery.

With Miles of Good, Pilot is reinforcing its commitment to people and communities, paving the way for a more positive and connected future. More information is available at pilotflyingj.com/miles-of-good.

© 2025 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.