Month: September 2024

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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.