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Johns Manville

Berkshire’s Johns Manville to Add Over 350 Jobs with New Insulation Production Line in Georgia

(BRK.A), (BRK.B)

Johns Manville (JM), a global building and specialty products manufacturer and a Berkshire Hathaway company, has announced plans to build a new Climate Pro blowing wool production line in Winder, GA.

“This new production line in Winder will help JM meet our customers’ growing demand for blowing wool,” said Bob Wamboldt, President and CEO of Johns Manville.

Construction is set to begin early next year, with operations expected to start by mid-2027. Upon completion, JM will employ over 350 people in Winder.

Greg Clarke, President of JM’s Insulation Systems business, emphasized the strategic location, noting that increased capacity in the Southeast will enhance service to East Coast and Central U.S. markets.

Climate Pro blown-in fiberglass insulation provides consistent coverage, filling hard-to-reach spaces for better energy efficiency and comfort in homes. It is widely used in attics and net-and-blow systems, offering quick and efficient installation by professionals.

© 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 Energy Storage and Saudi Electricity Company Sign Landmark Energy Storage Deal

(BRK.A), (BRK.B)

BYD Energy Storage, a subsidiary of Berkshire Hathaway-backed BYD, has signed the world’s largest grid-scale energy storage project contract with Saudi Electricity Company. The agreement covers a capacity of 12.5GWh, bringing their total cooperation to 15.1GWh, including a previously delivered 2.6GWh project. This milestone significantly advances Saudi Arabia’s renewable energy goals under Vision 2030.

The partnership highlights Saudi Electricity Company’s commitment to integrating advanced energy storage technologies to optimize energy efficiency. The new Battery Energy Storage Systems (BESS) will be installed across five sites, utilizing BYD’s cutting-edge MC Cube-T ESS equipped with CTS (Cell-to-System) technology. With a Vcts index exceeding 33%, the systems will bolster grid stability, support peak energy demands, and facilitate the transition to renewable energy.

With 17 years of expertise in energy storage, BYD has delivered over 75GWh of BESS equipment across 350 projects in more than 110 countries. This latest collaboration marks a new milestone, reinforcing BYD’s leadership in the global energy storage industry.

© 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: Growth Is a Key Component of Value

Amid debates about growth versus value stocks, Warren Buffett emphasizes that growth itself is a form of value. Using GEICO as an example, he explains that projected growth can enhance a company’s assets and, in the case of insurers, its float—provided the growth is predictable.

Speaking at the 2012 Berkshire Hathaway Annual Meeting, Buffett highlighted GEICO’s potential: “I think it’s quite rational to assume a significant underwriting profit at GEICO over the next decade or two, and I think it’s likely that it will have significant growth. Both of those are items of enormous value.”

By adding projected growth to the current float value, Buffett underscores how future expansion can contribute meaningfully to a company’s overall valuation.

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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Acquisitions

Berkshire’s Marmon Aerospace & Defense Acquires Marine Tech Wire & Cable

(BRK.A), (BRK.B)

Marmon Aerospace & Defense Group, a division of Marmon Holdings, Inc. and a Berkshire Hathaway company, has successfully acquired Marine Tech Wire & Cable, Inc., a specialized manufacturer of circuit integrity cables used in U.S. Navy ships.

Founded in 2000 and based in York, PA, Marine Tech enhances Marmon A&D’s portfolio with its expertise in power, specialty, lightweight, low smoke, silicone, and watertight cabling for mission-critical shipboard applications. The acquisition strengthens Marmon’s ability to provide high-performance solutions with increased capacity and reduced lead times.

Charles Clement, President of Marmon A&D Group, highlighted the benefits of the acquisition, stating that it complements their newly opened Hooksett, NH marine power cable facility. Senior Vice President Robert Canny emphasized that Marine Tech’s expertise aligns perfectly with Marmon’s shipboard product line, enhancing support for Navy ship contracts.

Marine Tech owners Mark Lindsay and Kostanis Contanious expressed enthusiasm for joining Marmon, noting that the partnership will add value for customers. Both will remain with the business to support its ongoing 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.

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Jazwares

Berkshire’s Jazwares Partners with Yo Gabba Gabba! for Global Toy Launch

(BRK.A), (BRK.B)

Berkshire Hathaway’s Jazwares, a leading toy company, has announced a multi-year global licensing agreement to produce an extensive range of toys, costumes, and accessories inspired by the beloved children’s franchise Yo Gabba Gabba!. The agreement was signed with franchise owner Gabbacadabra LLC—co-owned by Yo Gabba Gabba, LLC and WildBrain—and facilitated by Golden Sombrero Licensing.

Under this deal, Jazwares will hold the global master toy rights for Yo Gabba Gabba!, including figures, plush toys, playsets, musical instruments, and Squishmallows, as well as a new line of pet toys and accessories. Additionally, Jazwares will manage North American costume rights for all ages, covering seasonal and dress-up costumes. The new Yo Gabba Gabba! product line is set to launch in 2025.

First premiering in 2007, Yo Gabba Gabba!—created by Christian Jacobs and Scott Schultz—has captivated generations with its mix of music, colorful characters, and animation. Its latest series, Yo Gabba GabbaLand!, debuted in August 2024 on Apple TV+, introducing a fresh world of fun and adventure.

“Yo Gabba Gabba! has inspired millions of kids worldwide, and we’re honored to be part of its next chapter,” said Sam Ferguson, Senior VP of Global Licensing at Jazwares. Co-creator Christian Jacobs added, “Jazwares is an innovative leader, and we couldn’t think of a better partner to bring our characters into kids’ hands.”

With this major partnership, fans can look forward to playing at home with Yo Gabba Gabba! favorites like Muno, Brobee, Foofa, Toodee, and Plex once again.

© 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
Minority Stock Positions

Why Warren Buffett is More Bullish Than Ever on Japanese Stocks

(BRK.A), (BRK.B)

Warren Buffett’s confidence in Japanese stocks remains strong, as Berkshire Hathaway will continue increasing its investments in Japan. In his 2025 annual letter to shareholders, Buffett highlighted Berkshire’s growing commitment to the country, calling it a “small but important exception” to the company’s traditional U.S.-focused investment strategy.

Berkshire’s involvement in Japan began in July 2019, when it first purchased shares in five major Japanese trading houses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo. These firms operate in a manner similar to Berkshire itself—owning stakes in a wide range of businesses both in Japan and globally. Initially attracted by their low valuations, Buffett and Berkshire’s Vice Chairman of Berkshire – Non-Insurance Operations, Greg Abel, have grown increasingly impressed with their capital allocation strategies, management discipline, and shareholder-friendly policies.

A key factor in Berkshire’s admiration for these companies is their prudent approach to capital deployment. Buffett noted that the five firms increase dividends when appropriate, conduct share buybacks when sensible, and exhibit more restrained executive compensation practices compared to their U.S. counterparts. As a result, Berkshire has committed to being a long-term investor and an active supporter of their boards.

While Berkshire originally agreed to keep its ownership stake in each company below 10%, the firms have since agreed to moderately relax this limit, paving the way for further investment. At the end of 2024, Berkshire’s total cost basis in the five firms stood at $13.8 billion, while the market value of its holdings had grown to $23.5 billion—a testament to their strong performance.

In addition to stock investments, Berkshire has also steadily increased its yen-denominated borrowings at fixed interest rates, maintaining a currency-neutral position. While Berkshire does not speculate on future exchange rate movements, GAAP accounting rules require it to recognize currency gains and losses. In 2024 alone, Berkshire recorded $850 million in after-tax gains due to the strengthening U.S. dollar, contributing to a cumulative $2.3 billion currency gain.

Buffett sees Berkshire’s Japanese investments as a long-term commitment, expecting Greg Abel and future successors to hold and expand these positions for decades. Looking ahead, Berkshire also anticipates exploring new ways to collaborate productively with the five companies, strengthening its presence in Japan’s corporate landscape.

With Berkshire’s growing stake and its disciplined investment philosophy, Buffett’s bet on Japan continues to pay off—solidifying his reputation as one of the world’s most patient and strategic investors.

© 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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Financial Reports

Buffett’s Empire Thrives: Berkshire Hathaway Posts $47.4B in Earnings

(BRK.A), (BRK.B)

Berkshire Hathaway, the conglomerate led by Warren Buffett, reported a substantial increase in its annual earnings for 2024, driven by strong performance in its insurance businesses and foreign currency gains. The company’s operating earnings surged to $47.4 billion, marking a significant rise from $37.35 billion in 2023.

The standout performer was the insurance underwriting segment, which saw its profits jump to $9.02 billion, up from $5.43 billion the previous year. This increase was fueled by improved underwriting results and disciplined risk management. Additionally, insurance investment income rose sharply to $13.67 billion, compared to $9.57 billion in 2023, benefiting from higher interest rates and strong investment performance.

Berkshire’s railroad subsidiary, BNSF, remained relatively stable, generating $5.03 billion in earnings, slightly down from $5.09 billion in 2023. Meanwhile, Berkshire Hathaway Energy posted an impressive rise, contributing $3.73 billion, up from $2.33 billion, thanks to improved utility earnings and renewable energy investments.

Among Berkshire’s other controlled businesses, including manufacturing, retail, and services, earnings held steady at $13.07 billion, a marginal decrease from the previous year’s $13.36 billion. However, earnings from non-controlled businesses, which include stakes in Kraft Heinz and Occidental Petroleum, declined to $1.52 billion from $1.75 billion.

A notable boost came from foreign currency exchange gains, which added approximately $1.1 billion to the bottom line in 2024, compared to just $211 million in 2023. This helped drive a category labeled “Other” from a loss of $175 million in 2023 to a positive $1.4 billion in 2024.

Berkshire’s operating earnings were particularly strong in the fourth quarter, soaring 71% compared to the same period in 2023. Additionally, the company’s cash position reached an all-time high of $334 billion, reflecting Buffett’s disciplined approach to capital allocation and the firm’s strong cash flow generation.

Berkshire Hathaway’s strong performance in 2024 underscores its ability to capitalize on interest rate movements, sound investment strategies, and operational efficiencies across its diverse business portfolio. With a robust balance sheet and a disciplined approach to capital allocation, the conglomerate remains well-positioned for 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.

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Duracell

Battery Giant Duracell to Open State-of-the-Art R&D Facility in Atlanta

(BRK.A), (BRK.B)

Berkshire Hathaway’s Duracell, a global leader in battery manufacturing, will move its Research and Development (R&D) headquarters to Atlanta, Georgia. The new facility, set to open in Summer 2026, will be housed in the cutting-edge Science Square Labs, a state-of-the-art research hub developed by Trammell Crow Company.

“This move is a significant milestone for Duracell as we continue to drive innovation in battery technology,” said Dr. Liben Hailu, Chief Technology Officer at Duracell. “We’re excited about the opportunities Atlanta will bring and confident that this new chapter will strengthen our position as an industry leader.”

The facility will feature advanced laboratories, modern collaborative workspaces, and cutting-edge technology infrastructure to support research and innovation. The relocation is expected to create over 100 jobs, boosting Atlanta’s growing technology sector.

Georgia Tech President Ángel Cabrera welcomed Duracell’s move, emphasizing the benefits of industry-academia collaboration. “This partnership fosters an environment where innovation thrives and leads to groundbreaking advancements,” he said.

Governor Brian Kemp also praised the decision, highlighting Georgia’s strong business environment. “Duracell’s move confirms that our state offers the ideal conditions for companies to grow and succeed,” he said.

Duracell plans to support employees throughout the transition while maintaining high engagement and morale. “Atlanta’s vibrant tech ecosystem and access to top-tier talent will enhance our ability to innovate efficiently and deliver superior products,” added Dr. Hailu.

The move marks a major step in Duracell’s ongoing commitment to innovation and industry leadership.

© 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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Dairy Queen

Dairy Queen Franchisee Closes 25 Texas Stores, Holds Auction

(BRK.A), (BRK.B)

This coming summer will be a bit sadder in a whole bunch of small Texas towns. Famous for its beloved Blizzard® Treat and Dilly® Bar, Dairy Queen has long been a favorite among ice cream and fast-food lovers. However, 25 DQ restaurants in Texas closed last week and 24 were put up for auction by the franchise owner.

Founded in 1940, the first Dairy Queen® restaurant in Joliet, Illinois, and has since become a global brand owned by Berkshire Hathaway.

The contents of the shuttered Texas restaurants are now up for auction, with bidding set for Thursday, February 20, at 12:00 PM CT. Winning bidders must remove their purchases by February 25.

A spokesperson for American Dairy Queen Corporation shared, “We can confirm that 25 DQ restaurants in the Texas Panhandle, North Texas, and West Texas/South Plains–owned by a single franchise owner–closed last week. The franchise owner continues to own and operate other DQ restaurants in Texas. It was this franchise owner’s decision to participate in an online auction.”

The spokesperson further noted that the closures were an isolated event, and that the company refrains from publicly sharing contract terms.

International

Dairy Queen, a subsidiary of Berkshire Hathaway since its $585 million acquisition in 1997, has expanded significantly to over 7,700 DQ restaurants in more than 20 countries, with notable growth in China.

© 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: The Snowball Strategy for Building Wealth

Warren Buffett, widely regarded as one of the most successful investors in history, often shares timeless advice for accumulating wealth. One of his favorite metaphors, inspired by his business partner Charlie Munger, is the “snowball” analogy.

At the 1999 Berkshire Hathaway Annual Meeting, Buffett emphasized the importance of starting early. “Charlie’s always said the big thing is we started building this little snowball on top of a very long hill,” he explained. The metaphor highlights how compound interest works like a snowball rolling downhill, growing larger as it picks up more snow.

“The trick,” Buffett said, “is to have a very long hill.” This means beginning to invest at a young age or living long enough to let compounding do its work. In essence, patience, consistency, and time are the keys to growing your financial “snowball.”

Buffett’s advice underscores the power of compound interest and the importance of a long-term perspective in building lasting wealth.

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.