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Lessons From Warren Buffett

Lessons From Warren Buffett: Barriers to Entry and Business Longevity

New businesses emerge constantly, reflecting the dynamic nature of the entrepreneurial world. However, for long-term investors like Warren Buffett, the focus is on businesses with high barriers to entry—features that protect them from being overwhelmed by competition.

At the 2012 Berkshire Hathaway Annual Meeting, Buffett emphasized the importance of these barriers. “There are some industries that are just never going to have barriers to entry,” he noted. “In those industries, you better be running very fast because there are a lot of other people…looking at what you’re doing and trying to figure out…what they can do a little bit better.”

In industries with low barriers, businesses must innovate and adapt quickly to stay ahead, making them less appealing for long-term investment. Buffett’s advice underscores the importance of choosing enterprises that are shielded from relentless competition.

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 Surges Ahead: Record Growth and Innovation in 2024

(BRK.A), (BRK.B)

Brooks Running, a subsidiary of Berkshire Hathaway, concluded 2024 with record-breaking global revenue, marking a 9% year-over-year increase. This milestone represents eight consecutive years of growth, with a 13% compound annual growth rate over that period. The brand’s international expansion played a significant role, with standout performances in Europe and Asia. In France and Germany, Brooks outpaced the performance running market, while in China, sales surged by an impressive 228%.

Dominance in the U.S. Market

For the third year in a row, Brooks maintained its status as the No. 1 adult performance running footwear brand in U.S. national retail. The brand also led in the specialty retail channel, experiencing a 19% year-over-year increase in Q4. The growing global interest in running was evident, with an 8% rise in race participation in the U.S. and running emerging as the fastest-growing sport on Strava.

Innovation Drives Sales

Brooks introduced updated versions of all its core footwear franchises in 2024, marking the first refresh since 2021. This innovation led to a 12% increase in active sales. The Ghost and Adrenaline GTS lines captured over 10% of the U.S. performance running market, while the Ghost Max saw a 203% revenue increase in its first full year. The launch of the Glycerin Max in September further bolstered sales, becoming the top-selling shoe on Tmall in China on its debut day. Additionally, the Hyperion speed franchise gained traction, with sales climbing 41% in China.

Expanding Brand Presence

In 2024, Brooks launched its global brand platform, “Let’s Run There,” reinforcing its mission to inspire runners. The campaign, featuring actor Jeremy Renner, won multiple Clio Awards and earned recognition in Fast Company’s “Brands That Matter” list. Brooks also engaged new audiences through collaborations, including a partnership with Extra Butter for exclusive sneaker designs and a sponsorship with the Seattle Kraken as their Official Off-Ice Performance Partner. Additionally, runDisney named Brooks its official running shoe sponsor.

Digitally, the Brooks Run Club surpassed 1 million members in North America and expanded into the U.K., with plans for further international growth in 2025. Brooks Running Clubs on Strava also saw remarkable growth, with membership increasing by 165% in the U.S. and 346% in Europe.

Investing in Running Communities

Brooks’ commitment to the sport extended beyond sales, supporting both elite athletes and grassroots initiatives. In 2024, Brooks Beast Josh Kerr secured an Olympic silver medal in the 1500m and set a new course record at the 5th Avenue Mile. Fellow athlete Michael Roeger also earned silver in the men’s 1500m T46 category, while the Brooks Beasts team set a new world record in the distance medley relay.

The company invested over $6 million in community impact programs, benefiting more than 800,000 runners worldwide. This included $4 million in gear and financial support for organizations like parkrun and $2 million through the Future Run program, which expands youth access to running.

With record-breaking growth, innovative product launches, and increased community engagement, Brooks Running continues to solidify its position as a global leader in performance running footwear.

© 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

Berkshire Hathaway Specialty Insurance Expands in Italy with Key Appointment

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has strengthened its presence in Italy by appointing Francesco Longobardo as Head of Casualty in Milan. This move marks the company’s expansion into the Italian casualty market, reinforcing its commitment to local underwriting expertise.

“We are excited to continue our expansion, with Francesco leading our entrance into the casualty market in Italy,” said Leonardo Castrichino, Country Manager, Italy, BHSI. “He will also continue to build out the team that will bring our financially strong casualty capacity and CLAIMS IS OUR PRODUCT advantage to customers and brokers in Italy.”

Francesco brings over 20 years of insurance industry experience, including 17 years in senior liability underwriting roles at a global insurer. Earlier in his career, he worked in insurance brokerage, giving him a well-rounded perspective on the industry.

In his new role, Francesco will oversee underwriting for primary and excess casualty insurance across various industry sectors. Based in Milan, he will play a key role in driving BHSI’s growth and service excellence in Italy.

© 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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BYD

BYD to Build $1 Billion EV Plant in Indonesia as Global Expansion Continues

(BRK.A), (BRK.B)

BYD, the electric vehicle giant backed by Berkshire Hathaway, is set to expand its global manufacturing footprint with a new $1 billion EV plant in Indonesia. The facility will have an annual production capacity of 150,000 vehicles, strengthening Indonesia’s role in the EV industry.

The Indonesian government has granted BYD the right to import cars tax-free, making the country an attractive market for expansion. With a population of 278 million—just 16% less than the U.S.—Indonesia offers significant growth potential. The government has also set an ambitious goal of producing 600,000 EVs domestically by 2030, prioritizing foreign investments to accelerate this target.

In addition to its plants in China, BYD has been rapidly expanding its manufacturing presence worldwide. The company opened a factory in Thailand last June and has planned or ongoing facilities in Pakistan, Hungary, Turkey, Brazil, and Mexico. The new Indonesian plant will further solidify BYD’s position as a dominant player in the global EV market.

© 2025 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a 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: You Don’t Get Paid for Being Busy

In a world where markets often promote constant activity, Warren Buffett stands out for his legendary patience. How long is he willing to wait for the right investment opportunity? As long as it takes.

Speaking at the 1998 Berkshire Hathaway Annual Meeting, Buffett explained his approach: “We wait indefinitely. We are not going to buy anything just to buy something. We will only buy something if we think we’re getting something attractive.”

For Buffett, patience isn’t passive—it’s strategic. “If the money piles up, the money piles up,” he said. “When we see something that makes sense, we’re willing to act very fast, very big. But we’re not willing to act on anything that doesn’t check out in our view.”

Buffett’s philosophy highlights the value of discipline in investing. “You don’t get paid for activity,” he noted. “You only get paid for being right.”

For investors, it’s a timeless lesson: patience often leads to better decisions and greater rewards.

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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Jazwares

Jazwares Unveils BLDR: A New Era in Construction Toys

(BRK.A), (BRK.B)

Jazwares, a global toy powerhouse under Berkshire Hathaway, has launched BLDR, an exciting new construction toy brand set to hit retailers this month. Designed for kids aged 8+ and collectors, BLDR offers immersive playsets and highly articulated buildable action figures inspired by some of the world’s most beloved franchises.

The debut lineup includes playsets and minifigures from Squishmallows, Hello Kitty and Friends®, and Adopt Me!, alongside anime-inspired buildable figures from Chainsaw Man and JUJUTSU KAISEN, streaming on Crunchyroll.

Key features include:

Squishmallows playsets with SquishBrik for a squeezable belly experience.

Hello Kitty and Friends® sets with double-sided play for enhanced storytelling.

Crunchyroll figures utilizing QuikBrik design for a stronger, fully customizable 9” build.

Adopt Me! playsets featuring articulated pets, strollers, and themed locations.

“BLDR was born from the opportunity to bring iconic brands into the construction space in a fresh, innovative way,” said Jeremy Padawer, Chief Brand Officer at Jazwares. “From Hello Kitty’s café to fully articulated anime figures, we’re thrilled to bring these beloved properties to life like never before.”

With its unique design elements and expansive play possibilities, BLDR is poised to redefine the construction toy category for fans of all ages.

© 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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BNSF

BNSF Railway Announces $3.8 Billion Capital Investment Plan for 2025

(BRK.A), (BRK.B)

BNSF Railway has unveiled its $3.8 billion capital investment plan for 2025, emphasizing safety, reliability, and future readiness to meet customer needs.

“Our 2025 capital plan reflects BNSF’s commitment to supporting customer growth while operating a safe, efficient, and reliable railroad,” said Katie Farmer, President and CEO.

The majority of the investment—$2.84 billion—will focus on maintenance to keep the network in optimal condition. Projects include replacing 2.5 million rail ties, 410 miles of rail, and conducting surfacing work across 11,400 miles of track. These efforts aim to minimize service disruptions and enhance capacity.

Additionally, $535 million is allocated for expansion and efficiency initiatives, building on over $2.6 billion invested in similar projects over the past five years. Key developments include:

Completing the Cicero Intermodal Facility expansion in Chicago.

Advancing the Barstow International Gateway project in California.

Initiating plans for a future intermodal facility in Phoenix, Arizona.

BNSF will also continue constructing a third main line track near Needles, California, and increasing siding capacity near Phoenix to boost network capacity and service reliability.

This investment underscores BNSF’s dedication to meeting current and future demands while delivering strong service to its customers.

© 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: No Secrets Required

Is there a hidden formula for stock market success reserved for a select few? According to Warren Buffett, the answer is a resounding no. The legendary investor insists that the tools for success are readily available to anyone willing to put in the effort.

Buffett often points to Benjamin Graham’s classic book The Intelligent Investor as a prime example of accessible wisdom. His advice? “Read everything in sight.” At the 2005 Berkshire Hathaway Annual Meeting, Buffett dismissed the idea of insider knowledge, saying, “There are no secrets in this business that only the priesthood knows.”

He emphasized that investing is straightforward, with all the necessary information “out there in black and white.” For Buffett, the key lies in education and diligence—not exclusivity.

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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Marmon Group

Berkshire Hathaway’s UTLX Partners with 225 Rail to Expand Railcar Services in Houston

(BRK.A), (BRK.B)

Union Tank Car Company (UTLX), a strategic partnership with 225 Rail to provide comprehensive railcar services for owners and shippers. The collaboration will operate out of 225 Rail’s 1,000-car storage terminal in Pasadena, TX, strategically located on the south side of the Houston Ship Channel.

The partnership leverages UTLX’s expertise in railcar cleaning, repair, and requalification services at a centrally located facility served by the PTRA, with access to major railroads like UP, BNSF, and CPKC. This ensures low freight costs and faster turnaround times for customers, improving fleet utilization. The facility is equipped to handle various rail car types, including tank and hopper cars, offering reliable and efficient services to meet the growing demands of the region.

Jay McGill, Marmon Rail President of Repair Services, expressed enthusiasm for the collaboration: “We are extremely excited to work with 225 Rail to deliver a full range of value-added railcar cleaning, inspection, and maintenance services for our customers. This partnership allows us to continue providing industry-leading, high-quality, and cost-effective solutions that meet their needs.”

225 Rail, known for safely managing railcar storage, switching, and transloading, sees this partnership as an opportunity to expand its offerings. “Historically, 225 Rail’s core business has been railcar storage and transloading,” said Deborah Willits, CEO of 225 Rail. “This partnership with UTLX allows us to become a one-stop shop for all rail needs. UTLX’s commitment to safety and customer service makes them a perfect partner for 225 Rail.”

This collaboration signifies a major investment in Houston’s rail infrastructure, boosting operational efficiency and fostering regional economic growth. By combining UTLX’s service expertise with 225 Rail’s strategically located terminal, the partnership aims to set a new standard for railcar maintenance and support in the region.

© 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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BYD

BYD Launches the World’s Largest LNG-Powered Vehicle Carrier

(BRK.A), (BRK.B)

Chinese EV giant BYD, backed by Berkshire Hathaway, has introduced the world’s largest roll-on/roll-off (ro-ro) vehicle carrier, the Shenzhen. Capable of transporting up to 9,200 cars, the Shenzhen surpasses the company’s earlier milestone—the 7,000-car Explorer No. 1 launched less than a year ago.

This marks BYD’s fourth car carrier in its growing fleet, following the recent deployment of the 7,000-car BYD Hefei.

At 219 meters long, 37.7 meters wide, and with a top speed of 18.5 knots, the Shenzhen demonstrates BYD’s growing dominance in the global auto and shipping industries.

Notably, the Shenzhen is also the world’s most environmentally friendly car carrier, utilizing LNG dual-fuel technology and energy-efficient features. Equipped with BYD Box stationary batteries, the vessel can operate in low-emission zones and power itself while docked, minimizing greenhouse gas emissions.

With a fleet of advanced ships ordered 2-3 years ago, BYD has positioned itself as the only automaker globally with its own shipping network.

© 2025 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a 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.