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Lessons From Warren Buffett

Lessons From Warren Buffett: There’s No Simple Formula for Investing

Many investors search for a clear-cut formula to guide their decisions—something that can signal exactly when to buy. But according to Warren Buffett, successful investing isn’t that mechanical.

“People always want a formula,” Buffett said at the 2002 Berkshire Hathaway Annual Meeting. “They go to The Intelligent Investor and they think, you know, somewhere they’re going to give me a little formula and then I can plug this in and I know I’ll make lots of money. And it really doesn’t work that way.”

Instead, Buffett emphasizes a deeper, more thoughtful approach: estimate the total cash a business will generate over its lifetime, discount it appropriately, and only invest when the price is well below that value. “I wouldn’t want to have a single yardstick, or a…relative P/E that I went by,” he added.

The lesson? Real investing success requires judgment, patience, and a willingness to think beyond shortcuts.

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2026 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 Invests Millions to Transform Wickliffe Headquarters Ahead of Centennial

(BRK.A), (BRK.B)

Lubrizol, a Berkshire Hathaway company, has announced a multi-million-dollar investment to modernize and expand its global headquarters in Wickliffe, Ohio, as it approaches its 100th anniversary in 2028. The project underscores the company’s commitment to Northeast Ohio and positions Lubrizol for its next century of innovation, collaboration, and global impact.

The investment will consolidate Lubrizol’s Brecksville employees and capabilities into the Wickliffe campus, bringing more than 1,000 Northeast Ohio employees together at a single location. By uniting teams under one roof, the company aims to enhance collaboration, speed decision-making, and expand professional development opportunities in a modernized workplace designed to support breakthrough science and innovation.

Planned improvements include upgraded laboratories, expanded innovation capabilities, and the addition of a Lubrizol experience center. Renovations will also enhance the employee experience through interactive workspaces, updated on-site cafeterias, and flexible multipurpose areas for meetings and events. Construction will be completed in phases over the next two years.

“By uniting our teams under one roof, we’re building an even more connected and agile organization to drive lasting impact,” said Rebecca Liebert, Lubrizol President and CEO, noting the company’s roots in Northeast Ohio dating back to its founding in a Cleveland garage nearly a century ago.

State and local leaders praised the investment as a major economic development milestone for Lake County and the region. The project reinforces Lubrizol’s role as one of the area’s largest employers while strengthening its global reach, with innovations from Northeast Ohio supporting customers in nearly 100 countries. Lubrizol will continue to maintain operations in Painesville and Avon Lake as part of its broader regional footprint.

© 2026 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

Berkshire’s Pilot and Tesla Team Up to Expand Heavy-Duty EV Truck Charging Network

(BRK.A), (BRK.B)

Berkshire Hathaway–owned Pilot Travel Centers, the nation’s largest operator of travel centers, has partnered with Tesla to deploy high-powered charging infrastructure for heavy-duty electric trucks. Under the agreement, Tesla Semi Chargers will be installed at select Pilot locations along major freight corridors, including I-5, I-10, and other high-demand routes. The first sites are expected to open in summer 2026.

Construction will begin in the first half of 2026 at Pilot travel centers across California, Georgia, Nevada, New Mexico, and Texas. Each location will feature four to eight charging stalls powered by Tesla’s V4 cabinet technology, delivering up to 1.2 megawatts per stall. Initially designed to support Tesla’s Semi trucks, the network may later expand to accommodate heavy-duty electric vehicles from other manufacturers. Tesla says most of the Semi’s 500-mile range can be replenished in about 30 minutes—roughly the length of a required rest break for professional drivers.

“Helping to shape the future of energy is a strategic pillar in meeting the needs of our guests and the North American transportation industry,” said Shannon Sturgil, Pilot’s senior vice president of alternative fuels. The initiative builds on Pilot’s broader push into alternative fuels, including electrification, hydrogen, renewable diesel, and higher-blend biodiesel, as demand for cleaner transportation solutions continues to grow across North America.

© 2026 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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BNSF

BNSF Announces $3.6 Billion Capital Investment Plan for 2026

(BRK.A), (BRK.B)

BNSF Railway has unveiled a $3.6 billion capital investment plan for 2026, reinforcing its commitment to operating a safe, reliable, and future-ready rail network.

“Our 2026 capital plan focuses on strengthening and modernizing our network so we can continue to meet our customers’ evolving needs,” said BNSF President and CEO Katie Farmer. She emphasized that the investments are aimed at improving efficiency, expanding capacity, and ensuring the railroad is well positioned to support long-term growth while delivering consistent, resilient service.

The largest share of the 2026 investment—$2.8 billion—will be directed toward maintenance of the existing network. These efforts are designed to keep infrastructure in top condition, reduce unscheduled service disruptions, and preserve system capacity. Maintenance work will include rail and track upgrades, ballast and rail tie replacement, and rolling stock upkeep. Planned projects include surfacing or undercutting approximately 13,000 miles of track, replacing 2.5 million rail ties, and installing more than 400 miles of new rail.

An additional $358 million will be invested in expansion and efficiency projects, building on the $2.6 billion BNSF has invested in network expansion over the past five years. Key initiatives include continued development of the Barstow International Gateway project in California and the start of construction activities for a future intermodal facility in the Phoenix area. Line expansion projects at the Galesburg, Illinois, and Winslow, Arizona, yards will also enhance switching capacity, supporting improved service performance and asset productivity across the network.

© 2026 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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BNSF

BNSF, Hobby Lobby Open New Oklahoma City Intermodal Facility

(BRK.A), (BRK.B)

BNSF Railway and Hobby Lobby Stores, Inc. celebrated the opening of BNSF’s new intermodal facility in Oklahoma City on Thursday with a ribbon-cutting ceremony attended by state and city leaders, including Oklahoma Department of Transportation Executive Director Tim Gatz and Oklahoma City Mayor David Holt.

The 42-acre Class I railroad facility, which officially opened Dec. 31, is designed to provide a more efficient and cost-effective supply chain solution for Hobby Lobby. The arts and crafts retailer sought a streamlined way to move loaded containers from the ports of Los Angeles and Long Beach directly to its network of Oklahoma City distribution centers.

BNSF Executive Vice President and Chief Marketing Officer Tom Williams said the expansion reflects the railroad’s commitment to customer-driven growth. Hobby Lobby Senior Vice President and Chief Financial Officer Jon Cargill called the facility “a new day” for both the company and Oklahoma City, noting it will allow goods to reach stores more efficiently while expanding access to global markets for Oklahoma businesses.

City and state leaders emphasized the project’s long-term economic and environmental benefits. At full capacity, the facility could remove up to 40,000 truck trips annually from highways between Dallas–Fort Worth and Oklahoma City, reducing congestion and emissions. In the future, the site will also offer Oklahoma farmers and other businesses new opportunities to export goods to the West Coast.

© 2026 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: Why Beta Doesn’t Matter to Me

Warren Buffett has long been known for steering clear of Wall Street trends, and one metric he’s never relied on is beta—a measure of a stock’s historical volatility. Speaking at the 1998 Berkshire Hathaway Annual Meeting, Buffett made his position clear: “We don’t pay any attention to beta or any of that sort of thing. It just doesn’t mean anything to us.”

Instead, Buffett emphasized a focus on intrinsic value and price, saying, “We’re only interested in price and value. And that’s what we’re focusing on all the time. Any kind of market movements or anything don’t mean anything.”

Buffett’s remarks highlight a core principle of his investment philosophy: long-term value outweighs short-term volatility.

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2026 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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BNSF

BNSF Plans Steady $3.8 Billion Capital Investment for 2026

(BRK.A), (BRK.B)

At the Midwest Association of Rail Shippers winter meeting on January 14, 2026, BNSF CEO Katie Farmer signaled a steady approach to capital investment for the year ahead. She indicated that BNSF’s 2026 capital spending is expected to be in line with 2025 levels, which totaled approximately $3.8 billion.

The investment will focus on maintaining the railroad’s infrastructure while continuing to enhance safety and improve the customer experience. Farmer’s comments underscore BNSF’s commitment to long-term reliability and service quality, even as the broader transportation and economic environment evolves.

© 2026 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 Best Investment Is in Yourself

When people begin exploring the world of investing, it’s common to ask: Should I put my money in stocks, real estate, commodities, or currencies? For Warren Buffett, the answer is surprisingly personal—he believes the best investment you can make is in yourself.

“I think that the best investment you can have, for most people, is in your own abilities,” Buffett said at the 2005 Berkshire Hathaway Annual Meeting.

To underscore the value of personal potential, Buffett offered a striking analogy: “I would be glad to pay [a student] one hundred thousand dollars, cash up front, for ten percent of all their future earnings… I’m valuing the whole person at a million dollars.”

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2026 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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Insurance

Berkshire Hathaway Claims Top Spot in AM Best Global Insurance Ranking

(BRK.A), (BRK.B)

Berkshire Hathaway Inc. has moved into the No. 1 position in AM Best’s ranking of the world’s 25 largest insurance companies by nonbanking assets, surpassing Allianz SE. Berkshire Hathaway reported nonbanking assets of $1.15 trillion, marking a significant milestone in the latest global insurance industry standings.

The rankings were released in the January 2026 issue of Best’s Review and are based on AM Best’s BestLink data and additional research. Allianz SE, which held the top position for five consecutive years, slipped to No. 2 despite growing its nonbanking assets by 6.2% to $1.09 trillion.

The remainder of the top five insurers by nonbanking assets remained unchanged, with China Life Insurance (Group) Co., Ping An Insurance (Group) Co. of China Ltd., and Prudential Financial Inc. ranking third through fifth, respectively. Several major Chinese insurers continued to post asset growth, though gains were partially offset by a weaker yuan against the U.S. dollar.

While Berkshire Hathaway led by assets, UnitedHealth Group Inc. continued its dominance by net premiums written (NPW), holding the top spot for the 11th straight year. UnitedHealth grew NPW by 6.2% in 2024 to $308.8 billion. Berkshire Hathaway ranked ninth globally by NPW, reflecting its diversified insurance operations across property, casualty, and specialty lines.

Berkshire Hathaway’s rise to the top of AM Best’s asset-based ranking underscores the company’s scale, financial strength, and long-term growth strategy, further cementing its position as a global leader in the insurance industry.

© 2026 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: Why the Moat Matters More Than Management

While strong leadership is valuable, Warren Buffett believes that the true cornerstone of a great investment is a business with a powerful competitive moat.

“If you have a big enough moat, you don’t need as much management,” Buffett said at the 1999 Berkshire Hathaway Annual Meeting, echoing a core principle of his investment philosophy.

He referenced investor Peter Lynch’s famous line about preferring companies so resilient that “an idiot can run it, because sooner or later one will.” The point, Buffett explained, is that truly great businesses are those protected by enduring advantages—moats that safeguard profitability regardless of who’s at the helm.

Such businesses are rare, Buffett admits, but when found, they offer investors the kind of long-term security that even top-tier management alone can’t guarantee.

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2026 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.