Month: December 2025

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BNSF

BNSF Calls on Federal Regulators to Enforce Decades-Old Merger Conditions

(BRK.A), (BRK.B)

BNSF Railway has asked the Surface Transportation Board (STB) to immediately review and enforce conditions established during the 1996 Union Pacific–Southern Pacific merger, saying Union Pacific (UP) has spent decades undermining competition and limiting customer choice.

In a new petition, BNSF argues that UP has repeatedly obstructed efforts to preserve competitive rail service that the STB required as a condition of approving the historic merger. Despite negotiations, oversight proceedings, and formal petitions over the years, BNSF says many shippers now have fewer rail options than before UP absorbed Southern Pacific.

“With UP now proposing another unprecedented merger, this time with Norfolk Southern, the stakes for shippers nationwide could not be higher,” said Jill Mulligan, BNSF’s Executive Vice President and Chief Legal Officer. She urged the STB to ensure that commitments made nearly 30 years ago are honored before regulators consider any new consolidation.

BNSF’s filing asks the STB to review how the original merger conditions have been implemented, enforce BNSF’s competitive access rights, and modify existing conditions if necessary to protect the public interest. The railroad is also seeking a procedural schedule so all parties can fully present evidence.

BNSF argues that fair competition is essential for reliable service and reasonable rates, and says UP’s persistent resistance to the 1996 conditions must be resolved before any new merger reshapes the industry and impacts supply chains nationwide.

© 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: When Accounting Is Confusing, Stay Away

When it comes to investing, Warren Buffett doesn’t believe in guesswork—especially when it comes to financial statements. At the 1995 Berkshire Hathaway Annual Meeting, Buffett cautioned investors against putting money into companies with confusing or unclear accounting.

“I would say that when the accounting confuses you, I would just tend to forget about it as a company,” he said. “We have never had any great investment results from companies whose accounting we regarded as suspect. I can’t think of a one. It’s a very bad sign.”

Buffett’s message is simple: if a company’s financials aren’t transparent, it’s not worth the risk.

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.

Categories
Lubrizol

Lubrizol’s First Asia-Pacific Innovation Summit, Showcases Breakthrough Technologies for Sustainable Growth

(BRK.A), (BRK.B)

Berkshire Hathaway’s Lubrizol marked a major milestone with its inaugural Asia-Pacific Innovation Summit in Shanghai, bringing together more than 150 industry leaders, technical experts, and partners. The event highlighted how material science is evolving from technology-led development to a collaborative, value-driven catalyst for sustainable industry growth.

Henry Liu, Vice President of Lubrizol Asia Pacific, emphasized the region’s unique role in shaping next-generation innovation.

“Diversified and rapidly evolving market demands are reshaping traditional industry models,” he said, noting that Asia-Pacific’s fast innovation cycles and rich application scenarios make it fertile ground for breakthroughs. Liu reiterated Lubrizol’s commitment to combining global expertise with local engagement, describing the company’s “R&D–manufacturing–co-creation” model as key to accelerating the path from ideas to real-world solutions.

The summit follows Lubrizol’s recent regional investments, including the launch of its Southeast Asia Innovation Center in Singapore, a new office in Jakarta, and expanded medical-grade TPU production capacity in Shanghai.

Breakthrough Technologies Debut in Asia-Pacific

Lubrizol unveiled several innovations aimed at advancing sustainability and performance across multiple industries:

Next-Generation Mobility Additives: New additive packages address China VII commercial vehicle standards and evolving needs in hybrid and electric vehicles. The CV1150 diesel engine oil solution delivers low-ash durability with proven field performance, while the PV3610 platform provides balanced lubrication for internal combustion, PHEV, and range-extended engines.

Sustainable Packaging Coatings: A new PFAS-free, PE-film-free waterborne acrylic emulsion for food packaging offers high oil and water resistance with recyclability, biodegradability, and compliance with China GB9685, U.S. FDA, and EU food-contact regulations.

Biotech Skincare Innovation: Lectroglaze™, the first cosmetic active ingredient powered by electrogenic bacteria, helps neutralize free radicals by stimulating bioelectricity production in the skin microbiome. Clinical tests showed visible reductions in pore size after four weeks.

Advanced TPU Foam for Footwear: New ESTANE® BCX TPU grades support lightweight, high-rebound midsoles using physical foaming processes, promoting both performance and circularity. Lubrizol’s Foam Application Centers in China and Korea will help accelerate sustainable footwear development.

Through panel discussions and technical showcases, the summit underscored the industry’s shift toward collaborative innovation. Lubrizol reaffirmed its long-term commitment to the Asia-Pacific region, aiming to turn emerging ideas into scalable, sustainable solutions that drive future growth.

© 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.