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Lessons From Warren Buffett

Lessons From Warren Buffett: Go Where the Puck Is Going

Warren Buffett says investors should focus less on rigid formulas like price-to-earnings ratios and more on where a company is headed. Speaking at Berkshire Hathaway’s 1995 annual meeting, Buffett drew on advice from hockey great Wayne Gretzky: “Go where the puck is going to be, not where it is.”

“It’s the future that counts,” Buffett emphasized, “It isn’t a multiple of today’s earnings that are primarily determinative of things.” He underscored that long-term success in investing comes from anticipating future performance rather than relying solely on current metrics.

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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Brooks

Brooks Caps Ninth Straight Growth Year With 16% Revenue Increase

(BRK.A), (BRK.B)

Brooks Running, a Berkshire Hathaway company, closed 2025 with record-breaking global revenue, posting 16% year-over-year growth and marking its ninth consecutive year of expansion. The performance reinforces a nearly 25-year growth trajectory for the brand, delivering a 14% compound annual growth rate since 2001.

Growth was broad-based across regions. North America revenue increased 13%, while Europe, the Middle East, and Africa (EMEA) grew 22%. Asia Pacific and Latin America (APLA) led the way with 66% growth, fueled by a 245% surge in China sales. Momentum in China was driven in part by Brooks’ ranking as the No. 1 international brand among sub-three-hour finishers at the Shanghai Marathon, one of the country’s largest races.

“Running continues to gain extraordinary momentum around the world as more people choose movement as part of their approach to health and wellness,” said Dan Sheridan, Brooks CEO.

In North America, Brooks achieved the No. 1 market position in performance running footwear at U.S. specialty retail in the fourth quarter. The Brooks Run Club loyalty program surpassed 2 million members, doubling year over year. In EMEA, Brooks outpaced overall market growth in key countries, growing 22% in France and 28% in Germany. In Germany, the brand secured the No. 1 position in adult performance running footwear priced above €90.

Globally, Brooks’ running communities also expanded rapidly. On Strava, Brooks’ combined North America and EMEA run clubs exceeded 785,000 members—more than any other running brand on the platform—while the number of Brooks-affiliated clubs more than tripled in 2025.

Product innovation remained a key growth driver. Ten Brooks footwear styles delivered year-over-year revenue growth of 20% or more. The Glycerin franchise, powered by the new DNA Tuned midsole foam, grew revenue 33% and unit sales 27%, with a 46% revenue surge in the fourth quarter. The Adrenaline GTS celebrated its 25th anniversary with double-digit full-price growth, while Brooks also introduced the all-new Glycerin Flex, featuring an industry-first articulated, segmented midsole.

Following a record year, Brooks enters 2026 with continued investment in innovation, community, and performance-driven design for runners worldwide.

© 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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Berkshire Hathaway Specialty Insurance

BHSI Promotes Kim Schumacher to Head of General Property in Germany

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has announced the promotion of Kim Schumacher to Head of General Property in Germany, reinforcing its leadership team in the region.

In her new role, Schumacher will oversee BHSI’s general property business in Germany, drawing on nearly 20 years of insurance industry experience. She joined BHSI in 2024 as Senior Property Underwriter and brings extensive expertise in complex property and technical lines risks.

Commenting on the promotion, Andreas Krause, Head of DACH at BHSI, said Schumacher combines strong technical knowledge with a shared commitment to high-quality service for customers and brokers, as well as BHSI’s “Claims is Our Product” philosophy, from underwriting through claims.

Schumacher continues to be based in Hamburg. In Germany, BHSI offers all-risk and technical property insurance, including machinery breakdown and Difference in Conditions/Difference in Limits coverage, as well as specialty property solutions such as terrorism, cyber, contingent business interruption, and BH FastCAT parametric insurance.

© 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 Railway Reports Safest Year in Company History

(BRK.A), (BRK.B)

BNSF Railway announced its safety results for 2025, marking the safest year in the company’s 177-year history. One of North America’s largest freight transportation providers, BNSF achieved record-setting performance across key safety metrics.

Operating a 32,500-mile network with approximately 35,000 employees, the company reported its lowest-ever employee injury frequency rate—10 percent lower than its previous record set in 2023. BNSF also recorded a 13 percent reduction in rail equipment incidents, exceeding its 2025 target and reinforcing its position as an industry safety leader for more than a decade.

BNSF President and CEO Katie Farmer credited the achievement to the dedication of the entire workforce and the company’s ongoing commitment to its vision of operating a railroad free of accidents and injuries. Vice President of Safety Chad Sundem echoed that sentiment, highlighting strong collaboration between labor and management and a shared belief that safety guides every decision.

© 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: 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.