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HomeServices of America

HomeServices of America and Zillow Team Up

(BRK.A), (BRK.B)

Berkshire Hathaway’s HomeServices of America, one of the nation’s leading providers of homeownership services, has announced a new partnership with Zillow Group aimed at giving real estate listings earlier and greater exposure.

Through the collaboration, eligible “coming soon” properties from agents affiliated with HomeServices will be featured in Zillow’s Preview program before officially going live. These listings will appear on both Zillow and Trulia, offering buyers an early look at homes and creating additional lead opportunities for agents.

Zillow, which attracts an average of 235 million monthly users and operates the top real estate app in the U.S., provides significant reach. The partnership extends to HomeServices-owned companies as well as the Berkshire Hathaway HomeServices franchise network, collectively representing more than 75,000 agents and nearly 200,000 listings.

Listings included in the Preview program will receive enhanced placement in search results, prominently displaying brokerage information and direct contact options for listing agents. This setup allows prospective buyers to connect directly with agents even before homes officially hit the market.

After the preview period, listings will transition to standard display once they are entered into local Multiple Listing Services (MLS), in accordance with local rules and regulations.

Executives from both companies emphasized the benefits of the partnership. Chris Kelly highlighted the added exposure for sellers at the start of the sales process, while Jeremy Wacksman noted the shared commitment to transparency and empowering consumers with better information.

The initiative reflects a broader effort to modernize how homes are marketed, giving both buyers and sellers more timely access to critical real estate data.

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 Breaks Ground on Major Logistics Center in Gunter, Texas

(BRK.A), (BRK.B)

BNSF Railway and city officials in Gunter, Texas, have officially broken ground on the new Logistics Center North Dallas, marking the start of construction on a major industrial development designed to support regional economic growth.

Local leaders, including Gunter Mayor Karen Souther, Grayson County Judge Bruce Dawsey, community representatives, and public-private partners attended the ceremony celebrating the launch of the project.

The 944-acre logistics center will be located about an hour north of Dallas and roughly 30 minutes from Frisco. Positioned near State Highway 289, the site will operate as a multi-customer, multi-commodity industrial park with direct rail service, giving businesses expanded access to transportation and supply chains across North Texas.

According to BNSF, the ready-to-build facility will also provide companies with a speed-to-market advantage by cutting an estimated nine to 12 months from typical development timelines.

“Gunter is well-placed in one of the fastest-growing corridors in the country,” said BNSF Assistant Vice President of Economic Development and Real Estate Scot Bates. “This logistics center allows customers to expand their supply chain reach faster and more efficiently.”

Mayor Karen Souther described the groundbreaking as a key milestone for the city. She emphasized that the project was made possible through collaboration among local leaders and partners committed to balancing community protection with new economic opportunities.

Officials say the development is expected to bring several community benefits, including lower transportation costs through rail shipping, well-paying long-term logistics and supply-chain jobs, and reduced truck traffic on regional roadways. By shifting more freight to rail, the facility could also help decrease congestion and emissions.

BNSF and the City of Gunter will continue working together on zoning and platting requirements as the project moves forward. Construction of the first phase is expected to take about 19 months.

© 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: Graham’s Three Timeless Lessons

Warren Buffett, widely regarded as Benjamin Graham’s most successful student, has often credited Graham’s book The Intelligent Investor as the foundation of his investing philosophy. At Berkshire Hathaway’s 1995 annual meeting, Buffett summed up Graham’s teachings into three timeless principles.

First, he emphasized the importance of maintaining the right attitude toward the stock market, as outlined in Chapter 8 of Graham’s book. “If you’ve got that attitude toward the market, you start ahead of 99 percent of all people,” Buffett noted.

Second, he highlighted the concept of a margin of safety — buying with a cushion to protect against errors or unforeseen risks — a principle he said applies far beyond investing.

Finally, Buffett urged investors to view stocks not as trading vehicles but as ownership in real businesses. Together, these principles form the bedrock of value investing and continue to guide Buffett’s approach today.

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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Berkshire Hathaway Specialty Insurance

Rory O’Broin Joins BHSI to Lead Global Transactional Liability Business

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has appointed Rory O’Broin as Global Head of Transactional Liability, strengthening its leadership team amid growing demand for specialized risk solutions in global dealmaking.

Announcing the appointment, Hilary Browne, Global Chief Underwriting Officer at BHSI, said the company is pleased to welcome O’Broin and highlighted the significant contribution he is expected to make to the global transactional liability business. She noted that the move reflects BHSI’s ongoing commitment to enhancing its global capabilities in a rapidly evolving market and delivering tailored, high-quality solutions to clients.

O’Broin brings extensive international experience spanning M&A transactional liability, contingent risk, and tax liability insurance. He also offers deep legal expertise in supporting complex cross-border transactions. He will be based in the company’s London office.

© 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 Two Questions Every Investor Should Ask

Warren Buffett has long emphasized simplicity and discipline when evaluating potential investments. At Berkshire Hathaway’s 1995 annual meeting, he explained the two threshold questions he always asks before committing capital.

“The first question is, can I understand it?” Buffett said, noting that he avoids businesses outside his circle of competence, such as software or biotech. “There’s no sense kidding myself into thinking that I’m going to understand some software company … what the hell am I going to know about it?”

Once he clears that hurdle, Buffett turns to the second question: does the business have strong economics? Specifically, he looks for companies that consistently earn high returns on capital.

These two principles—understandability and solid economics—remain cornerstones of Buffett’s investing approach.

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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Berkshire Hathaway Specialty Insurance

BHSI Appoints Marcus Portbury as Regional President, Asia Middle East

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has announced the appointment of Marcus Portbury as Regional President, Asia Middle East (AME), reinforcing its leadership presence across the region. Subject to regulatory approval, Portbury will also assume the role of Chief Executive of the company’s Hong Kong Branch.

Portbury succeeds Marc Breuil, who is retiring from both the company and the insurance industry after a distinguished career.

Peter Eastwood, President and CEO of BHSI, said Portbury has been instrumental in expanding the company’s footprint across Asia and the Middle East since its regional launch. He credited Portbury with upholding BHSI’s underwriting discipline, financial strength and commitment to customer service.

Eastwood also paid tribute to Breuil’s leadership, noting that he helped establish a strong and stable portfolio while building a high-performing team across the region.

Portbury joined BHSI in 2014 and most recently served as Regional Head of Third-Party Lines, Asia. With more than 30 years of insurance industry experience — including over two decades in senior leadership roles across Asia — he will continue to be based in Hong Kong.

© 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

Berkshire Hathaway Specialty Insurance Names New Property Leadership Team

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has announced three promotions within its property leadership team, appointing Ryan Abelli and Chris Lemoine as Co-Heads of Wholesale General Property and naming JP Ahlgren as Senior Vice President, Property.

Abelli and Lemoine step into their new roles following the retirement of Chris Dalby, who spent more than a decade with the company. Greg Freeman, SVP and Head of Property at BHSI, credited the trio with playing a key role in building the insurer’s wholesale general property business and strengthening its national distribution network. He also recognized Dalby’s foundational leadership in establishing the property division from its early days.

Abelli joined BHSI in 2013 and brings 18 years of property underwriting experience, most recently serving as Senior Vice President, Wholesale Property. Lemoine, also hired in 2013, has 19 years of underwriting experience and likewise most recently held the role of Senior Vice President, Wholesale Property. Both are based in Boston.

Ahlgren, who joined BHSI in 2014, has 18 years of property underwriting experience. In his expanded position, he will oversee day-to-day field underwriting operations and report to Abelli. He is also based in Boston.

© 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

LED Reactor Technology Marks New Era in CPVC Production for Lubrizol

(BRK.A), (BRK.B)

Lubrizol, a Berkshire Hathaway company, has introduced LED reactor technology for CPVC manufacturing at its plant in Louisville, marking a significant step forward in resin production performance and efficiency.

The new LED chlorination process improves thermal stability — a critical factor in CPVC resin performance — while also enhancing energy efficiency and supporting more sustainable manufacturing. As industry demands for higher resin stability continue to grow, the upgrade positions Lubrizol to deliver stronger, more consistent product performance.

In addition to manufacturing benefits, the technology provides operational advantages for customers, including longer production runs with reduced downtime, increased formulation flexibility, and improved color performance.

According to Griffin Rial, Vice President, Lubrizol TempRite, the Louisville installation is the company’s first implementation of LED chlorination in CPVC production and represents a pivotal advancement for its global operations. The enhanced flexibility allows Lubrizol to adjust output based on market needs — either increasing production speed or optimizing resin stability — while laying the groundwork for broader adoption of LED technology across its global CPVC manufacturing 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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Letter to Shareholders

Stewardship and Continuity: Greg Abel’s First Letter to Berkshire Shareholders

(BRK.A), (BRK.B)

In his first annual letter as CEO of Berkshire Hathaway, Greg Abel pays tribute to Warren Buffett’s extraordinary legacy while outlining how he intends to carry the company forward. Abel emphasizes that Buffett’s greatness extends beyond investing skill: alongside Charlie Munger, he built Berkshire into a durable enterprise defined by disciplined capital allocation, decentralized management, and a deep partnership with long-term shareholders.

Abel highlights Buffett’s patient, selective investment style—likened to baseball legend Ted Williams waiting for the perfect pitch—as a model for Berkshire’s enduring success. But he stresses that the company’s real strength lies in its culture: treating shareholders as partners, communicating candidly, and focusing relentlessly on long-term intrinsic value per share.

Now entrusted with leadership, Abel underscores continuity rather than change. Berkshire’s culture and foundational values—decentralization, integrity, financial strength, capital discipline, risk management, and operational excellence—remain intact. He reaffirms the company’s decentralized model, in which operating managers have wide autonomy paired with strict accountability, and he reiterates Buffett’s long-standing principle that reputation is paramount.

Financially, Berkshire remains exceptionally strong. In 2025, operating earnings reached $44.5 billion, and the company generated $46 billion in operating cash flow. Its insurance operations produced an outstanding 87.1% combined ratio, and insurance float grew to $176 billion. Abel credits the disciplined underwriting culture shaped by Vice Chairman Ajit Jain as central to this performance.

Outside insurance, major subsidiaries including BNSF railroad and Berkshire Hathaway Energy delivered solid cash flows while facing industry-specific challenges. Abel notes progress in operational improvements at BNSF and careful capital deployment at the energy business amid wildfire risks and rising electricity demand.

Capital allocation remains the centerpiece of Berkshire’s strategy. Abel reiterates the company’s preference for owning high-quality businesses with durable advantages and strong managers, citing 2025 acquisitions such as OxyChem and Bell Laboratories as examples. Berkshire continues to concentrate a large portion of its equity portfolio in a handful of long-term holdings, including Apple Inc., American Express, Coca-Cola, and Moody’s Corporation, as well as major Japanese trading houses. Share repurchases remain an important tool when shares trade below intrinsic value, while dividends will be paid only if retained earnings cannot create superior long-term value.

Abel also addresses governance and leadership transitions, noting the planned retirement of CFO Marc Hamburg and the appointment of new corporate leaders, while reaffirming Berkshire’s commitment to transparent, simultaneous communication with all shareholders.

Throughout the letter, Abel’s message is steady and deliberate: Berkshire’s scale may slow the pace of compounding, but its culture, balance sheet strength, insurance core, and disciplined capital allocation provide a foundation for continued long-term growth. Honoring Buffett’s legacy, Abel positions himself not as a departure from the past, but as a steward of the same enduring principles designed to guide Berkshire for decades to come.

© 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.

Categories
Lessons From Warren Buffett

Lessons From Warren Buffett: Why Speculation Doesn’t Create Wealth

If you take a company that, in the end, never makes any money, but trades, changes hands, representing a valuation of $10 or $20 billion for some time, there’s no wealth created. There’s a tremendous amount of wealth transferred.

…but in the end the only wealth creation comes about through what the business creates.

There’s no magic to it. If a company that’s not worth anything sells for $20 billion and 5 percent of it changes hands, somebody takes a billion dollars from somebody else. But investors as whole gain nothing.

They all feel richer. It’s a very interesting phenomenon. But they can’t be richer, except as a group, unless the company makes them richer.

And it’s the same principle as a chain letter. If you’re very early on a chain letter you can make money. There’s no money created by chain letters. In fact, there’s the frictional cost of envelopes, and postage, and that sort of thing.

So the net, there’s some money destroyed a little bit. And there’s money destroyed by the frictional cost of trading and investing, and that comes out of investor’s pockets.

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.