Month: September 2024

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Berkshire Hathaway Specialty Insurance

BHSI Announces Key Leadership Appointments to Drive Growth in Canada

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has announced key leadership appointments in Canada as part of its continued growth in the region. Andrew Knight has been named Country Manager, while Amanda Sorsak has been appointed Head of Claims, and Paul Emerson will serve as Head of Customer & Broker Engagement.

Sanjay Godhwani, Head of North America at BHSI, praised the company’s growth in Canada, crediting the brand’s strength and the expertise of its team. “Andrew, Amanda, and Paul have been instrumental in our success, and their new roles will help us further enhance our offerings and relationships with customers and brokers,” he said.

Andrew Knight, who joined BHSI in 2016, will continue to lead the Executive & Professional Lines division while also overseeing BHSI’s expansion into new markets and product lines across Canada. Based in Toronto, Knight brings over 20 years of industry experience to his expanded role.

© 2024 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 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: Key Lessons from “The Intelligent Investor”

If you’re searching for a book to guide you to financial success, Warren Buffett recommends Benjamin Graham’s “The Intelligent Investor” as the essential read.

At the 2012 Berkshire Hathaway Annual Meeting, Buffett highlighted two chapters as particularly crucial: “Chapters 8 and 20 are really all you need to do to get rich in this world.”

In Chapter 8, Graham introduces the concept of “Mr. Market,” a metaphor for the stock market’s volatility. Buffett explained, “In the market, you’re going to have a partner named ‘Mr. Market,’ and the beauty of him as your partner is that he’s kind of a psychotic drunk. He will do very weird things over time, and your job is to remember that he’s there to serve you, not to advise you.”

Buffett emphasized the importance of maintaining a rational perspective: “If you can keep that mental state, then all those thousands of prices that Mr. Market is offering you every day on every major business in the world, practically, he is making lots of mistakes. He makes them for all kinds of weird reasons. All you have to do is occasionally oblige him when he offers to either buy or sell from you at the same price on any given day, any given security.”

By understanding and applying these principles, investors can leverage market fluctuations to their advantage and achieve financial success.

Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2024 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
Berkshire Hathaway Energy

BHE Renewables and Powin Partner on Landmark Solar Microgrid in West Virginia

(BRK.A), (BRK.B)

Berkshire Hathaway’s BHE Renewables has partnered with Powin, a global energy storage leader, to develop one of the largest solar and storage microgrids in Ravenswood, West Virginia. This innovative project will supply renewable energy to Titanium Metals Corporation (TIMET), a Berkshire subsidiary, to support titanium production for the aerospace industry.

Powin will provide a 50 MW Centipede™ Stack800 battery system as part of the microgrid, which also includes a 106 MW solar array. The battery system can discharge energy continuously for 10 to 12 hours, highlighting the capability of lithium-ion phosphate batteries for long-duration use. This is one of Powin’s first projects that align with domestic content requirements under the Inflation Reduction Act, supporting U.S. economic growth.

The microgrid project will be completed in phases, with initial deliveries in 2025 and full capacity by 2027. This is the second collaboration between Powin and BHE Renewables, further advancing renewable energy solutions and economic revitalization in the U.S.

© 2024 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 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.

Categories
Berkshire Hathaway Energy

Biden Administration Greenlights NV Energy’s Major Transmission Project

(BRK.A), (BRK.B)

The Biden administration has approved Berkshire Hathaway’s subsidiary, NV Energy, to move forward with the Greenlink West project, a major transmission initiative aimed at boosting Nevada’s energy infrastructure. This project is part of a broader plan to enhance energy reliability, support renewable energy development, and promote economic growth across the state.

Greenlink West, a 525 kV line, will span approximately 350 miles from Las Vegas to Yerington, with construction slated to begin in early 2025. It is expected to be operational by May 2027.

Another part of the initiative, which is still in the permitting stage, Greenlink North, will stretch 235 miles from Ely to Yerington and is set to be completed by December 2028. Additionally, three 345 kV lines will connect Yerington to the Reno area.

The Greenlink project will significantly improve energy reliability by allowing NV Energy to efficiently transport electricity across the state. This expanded infrastructure will help Nevada meet growing energy demands driven by its rapid population and business growth.

Greenlink will also unlock access to over 4,000 megawatts of untapped renewable energy resources, enabling Nevada to expand its renewable energy portfolio and meet its decarbonization goals. Economically, the project is expected to generate $690 million in economic activity and create nearly 4,000 jobs, many of which will be unionized and located in rural areas.

© 2024 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 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.

Categories
Berkshire Hathaway Specialty Insurance

Theresa Biedermann Promoted to SVP at Berkshire Hathaway Specialty Insurance

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has promoted Theresa Biedermann to Senior Vice President, Head of Commercial Lines (Public) and Financial Institutions Claims for Executive & Professional Lines Claims in the U.S.

“At BHSI, we believe claims are our core product, and that mindset drives us to achieve the best outcomes for our customers,” said Robert Romeo, Head of Claims, North America at BHSI. “Theresa embodies this commitment, and her expanded role will enhance BHSI’s service even further.”

Theresa joined BHSI in 2016 and has held various roles, including Vice President of Executive & Professional Lines Claims. She will continue to work from the New York office.

© 2024 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 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.

Categories
Lessons From Warren Buffett

Lessons From Warren Buffett: How Speculation Derails Markets

Excessive speculation has repeatedly been the downfall of investors and markets. As Warren Buffett points out, it often starts innocently enough when early investors discover a previously overlooked opportunity. Initially driven by sound fundamentals, the opportunity begins to spread. But as more people get involved, it loses its connection to reality and turns into pure speculation, inevitably leading to a bad outcome.

At the 2006 Berkshire Hathaway Annual Meeting, Buffett illustrated this with a timeless observation: “What the wise man does in the beginning, the fool does in the end.” He explained that when any asset class experiences a significant rise, initially due to fundamentals, it eventually attracts speculative interest. Over time, this speculation can overshadow the fundamentals. He referenced the famous example of tulip bulbs, noting that while they may have initially been valued for their beauty, it was the speculative frenzy that drove prices to absurd levels. As people saw others profiting effortlessly, envy and greed took over, leading to inevitable disaster.

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2024 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
Berkshire Hathaway Energy

BHE Montana to Develop 100-Megawatt Solar Park and 75-Megawatt Battery System

(BRK.A), (BRK.B)

BHE Montana, a subsidiary of Berkshire Hathaway Energy, is set to develop two new clean energy projects in Montana: the Glacier Solar Park, a 100-megawatt solar project, and the Glacier Battery System, a 75-megawatt battery storage facility. The company will also open a new office and control room in Great Falls, Montana.

Nancy Murray, president of BHE Montana, expressed excitement about these new developments, emphasizing the company’s commitment to expanding energy resources in Montana and supporting local communities with a clean, resilient energy grid.

Montana Governor Greg Gianforte welcomed the investment, highlighting Montana’s leadership in energy innovation and its commitment to affordable and reliable energy.

The Glacier Battery System, located near Ethridge, Montana, will support real-time scheduling of renewable energy from BHE Montana’s wind and solar assets, enhancing grid resilience. It is expected to be operational by the end of 2025. The Glacier Solar Park, to be built on 1,000 acres in north-central Montana, will feature 200,000 solar panels, adding 100 megawatts of renewable energy to the state’s grid by the end of 2026. Both projects will connect to the Montana-Alberta Tie Line.

The new Great Falls office will support 15 employees and include a 24/7 control room to manage BHE Montana’s generation assets and provide services to other energy generators and transmission providers.

In addition to these projects, BHE Montana operates several wind farms in the region, including the 189-megawatt Rim Rock windfarm and the Glacier I and II windfarms, which collectively contribute over 200 megawatts of clean energy to Montana’s grid.

© 2024 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 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.

Categories
BNSF

BNSF Railway Secures Early Labor Agreements with Boilermakers and Firemen’s Unions

(BRK.A), (BRK.B)

Berkshire Hathaway’s BNSF Railway, in collaboration with Norfolk Southern Corporation, has announced tentative five-year collective bargaining agreements with The International Brotherhood of Boilermakers (IBB) and The National Conference of Firemen and Oilers (NCFO).

This development follows recent agreements with four other labor unions, providing 17 percent of BNSF’s union-represented workforce with pending tentative agreements. The timing of these agreements, four months before the next bargaining round, ensures covered employees enhanced pay, health care, and vacation benefits.

BNSF President & CEO Katie Farmer emphasized the importance of employee well-being and praised the swift collaboration in reaching these agreements. The deals include a 3.5 percent average annual wage increase, improved vacation policies, and enhanced health care benefits.

IBB and NCFO leaders expressed their satisfaction with the agreements, highlighting the positive impact on their members’ quality of life and commending BNSF’s proactive approach to labor negotiations.

© 2024 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.