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GEICO

North Texas Becomes Key Hub for GEICO’s Expanding Business

(BRK.A), (BRK.B)

GEICO, a subsidiary of Berkshire Hathaway, announced the creation of 500 new jobs in North Texas as part of its expanding commercial insurance business. During a ceremony marking the occasion, the company revealed that 300 positions will support its Richardson office, now a main hub for serving small business customers alongside locations in Katy, Texas, and Fredericksburg, Virginia. The remaining 200 roles will focus on sales, service, and claims for other insurance lines.

The expansion comes on the heels of significant growth in GEICO’s commercial insurance segment, fueled by new offerings like long-haul trucking coverage. The new roles aim to support the company’s increasing customer base and ensure continued growth.

Jason Andrukonis, GEICO’s Head of Commercial Insurance Operations, emphasized the strategic importance of North Texas, a region with a strong talent pool and vibrant business community. “This investment positions GEICO as a premier destination for small business insurance, helping businesses save money and safeguard their livelihoods,” he said.

Richardson Mayor Bob Dubey praised the expansion, noting its positive impact on the local economy and workforce. “This is a testament to our community’s ability to attract and support thriving businesses,” he stated.

GEICO is actively hiring for commercial insurance sales and service positions, with opportunities for leadership development and career growth.

© 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.

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Lessons From Warren Buffett

Lessons From Warren Buffett: We Don’t Pay Attention to What People Say

The world of investing is full of endless advice, opinions, and strategies, often making it difficult for investors to stay focused. However, Warren Buffett, one of the world’s most successful investors, has long emphasized the importance of consistency in building wealth. At the 1994 Berkshire Hathaway Annual Meeting, he put it simply: “You cannot get rich with a weather vane.”

“We don’t pay attention to what people say,” Buffett notes. Buffett’s point is that constantly shifting strategies based on market predictions or analysts’ opinions is a poor approach to investing. He believes in sticking to a well-considered, long-term strategy, regardless of market chatter. In his view, reacting to every new piece of investment advice, especially about the future direction of the economy or stock prices, is likely to lead to poor results. Instead, Buffett encourages investors to ignore the noise and stay committed to their own approach.

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.

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Berkshire Hathaway Specialty Insurance

Berkshire Hathaway Specialty Insurance Welcomes New Leaders in UK Operations

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has announced two notable leadership changes in its UK operations. Andrew Hopper has joined as Head of Financial Institutions, UK, while Chris Nixon has been promoted to Underwriting Manager, Executive & Professional Lines, UK.

These appointments follow the upcoming retirement of Chris Warrior, the current Underwriting Manager for Executive & Professional Lines, UK, who will step down at the end of the year after a distinguished 42-year career in the financial lines market.

Jessica Kirby, Head of Executive & Professional Lines, UK, expressed pride in BHSI’s reputation and looked forward to working with the new appointees. She also commended Warrior for his impactful contributions, including building a strong team and fostering market relationships over the past five years.

Andrew Hopper brings over two decades of experience in financial lines, with expertise in financial institutions. He was previously Head of Financial Institutions, UK and Europe, at another insurer. Chris Nixon, with over ten years in the industry, has been with BHSI since 2019, advancing through various roles and earning his expanded responsibilities.

Both executives are based in London and will focus on continuing BHSI’s commitment to excellence in the UK market.

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 Rolls Off 10-Millionth NEV, Setting a Global Benchmark

(BRK.A), (BRK.B)

Berkshire Hathaway-backed BYD, the world’s leading manufacturer of new energy vehicles (NEVs) and power batteries, marked its 30th anniversary with a historic achievement: the roll-off of its 10-millionth NEV at the Xiaomo Production Base in Shenzhen-Shanwei. This milestone makes BYD the first automaker to produce 10 million NEVs, achieving the second 5 million in a record 15 months after taking 15 years for the first 5 million.

In a keynote speech at the event, BYD Chairman and President Wang Chuanfu reflected on the company’s transformation from a 20-person startup into a global corporation with nearly one million employees. Wang credited BYD’s success to its engineering-driven culture, relentless innovation, and commitment to shaping the future of mobility. “The soul of BYD’s engineers is the soul of our company,” he emphasized.

Looking ahead, Wang introduced the BYD Basic Guidelines, a strategic framework outlining the company’s principles, experiences, and forward vision. BYD plans to invest 100 billion yuan in integrating artificial intelligence with automotive technologies, enabling comprehensive upgrades across its vehicle lineup. This focus on innovation, sustainability, and cutting-edge technology aims to solidify BYD’s position as a global leader in high-tech and NEV industries.

© 2024 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 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 It Comes to Banks, Strong Management Matters

When it comes to investing in the banking sector, it’s important to recognize that not all banks should be treated the same. Warren Buffett, the renowned investor, has often highlighted this point. He emphasizes the idea that while there are many banks, not all are led by strong management.

Buffett explained that many banks have been poorly managed, leading to their downfall. However, this mismanagement can also create investment opportunities for those who are more discerning. Investors should, therefore, carefully evaluate the leadership and management of banks before making investment decisions.

“We’ve also seen all kinds of banks ruined. I think it was, what was the fellow? M.A. Schapiro, who came up with the statement, he said, ‘There are more banks than bankers,’” Warren Buffett said at the 2002 Berkshire Hathaway Annual Meeting, quoting investment banker Morris Schapiro. “And if you think about that a bit, you’ll see what I mean. There have been a lot of people that have run banks in a very injudicious manner, but that’s made for opportunities for other people.”

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.

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BYD

BYD and Azerbaijan Partner to Build eBus Manufacturing Plant

(BRK.A), (BRK.B)

At COP29, BYD, backed by Berkshire Hathaway, and the Government of Azerbaijan signed a landmark Project Implementation Agreement to establish an electric bus manufacturing facility in the Sumgait Industrial Park. This initiative aims to boost local production capabilities while advancing sustainable transportation in the region. The collaboration underscores a shared commitment to green innovation and economic growth.

BYD’s bus manufacturing plants span the globe, with facilities in Lancaster, California; Newmarket, Ontario; Komárom, Hungary; Beauvais, France; Changsha and Dalian, China; Campinas, Brazil; and Bangna, Bangkok, Thailand.

© 2024 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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Warren Buffett

Warren Buffett Reflects on Wealth and Philanthropy, Transfers Berkshire Shares to Family Foundations

(BRK.A), (BRK.B)

On November 25, Warren E. Buffett converted 1,600 Berkshire Hathaway Class A shares into 2.4 million Class B shares, gifting them to four family foundations. The Susan Thompson Buffett Foundation received 1.5 million shares, while The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation each received 300,000 shares. This move reflects Buffett’s long-term commitment to philanthropy and his gradual transfer of wealth.

Buffett now holds 206,363 Class A shares, marking a 56.6% reduction since his 2006 pledge to give away most of his wealth. In 2004, before the passing of his first wife, Susie, the couple owned 508,998 shares, intending to distribute their fortune through philanthropy. After her death, Susie’s $3 billion estate largely funded their family foundation, with $10 million left to each of their three children.

Buffett emphasized his belief in leaving children “enough so they can do anything but not enough that they can do nothing.” Over the years, his children, Susie Jr., Howard, and Peter, have grown into capable philanthropists, managing foundations and overseeing significant charitable efforts. Buffett trusts them to handle the future distribution of his remaining Berkshire holdings, representing 99.5% of his wealth.

At 94, Buffett acknowledges the inevitability of aging but remains confident in his children’s ability to carry out his philanthropic vision. He also plans for potential successors to ensure the responsible deployment of his fortune. Reflecting on his life, Buffett expressed gratitude for his good fortune and reaffirmed his commitment to using wealth to create equal opportunities for others, rather than perpetuating dynastic riches.

Buffett concluded with advice for parents: discuss wills openly with children to avoid misunderstandings and foster unity. His own family has embraced his values, prioritizing philanthropy and simple living over materialism. As Buffett continues his journey, he takes pride in the enduring impact of his wealth and the shared commitment of his family to giving back.

© 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.

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Lubrizol

Lubrizol Collaborates with Lore Cycle to Revolutionize 3D-Printed Cycling Shoes

(BRK.A), (BRK.B)

Lubrizol, a Berkshire Hathaway company, has partnered with Lore Cycle to develop custom 3D-printed cycling shoes that redefine comfort and performance. Using Lubrizol’s advanced thermoplastic polyurethane (TPU) materials and expertise in additive manufacturing through its Avid 3D Printing brand, the collaboration delivers footwear tailored to each rider’s unique foot shape.

The innovative process begins with a 3D scan of the customer’s foot, enabling the creation of personalized components that provide unmatched fit, support, and durability. Lubrizol TPU is used to craft lightweight and robust shoe uppers, ensuring durability without compromising on comfort or performance.

“This collaboration exemplifies how Lubrizol’s 3D printing technology disrupts traditional manufacturing processes, enabling onshoring and delivering unprecedented levels of personalization,” said Gert-Jan Nijhuis, General Manager of Lubrizol 3D Printing.

The Lore Two cycling shoe, Lore Cycle’s latest innovation, is a prime example of this groundbreaking technology. CEO Stephan Drake highlighted its unique features, such as a carbon shell that conforms to the sole, relieves pressure, and optimizes biomechanics.

This partnership showcases the potential of additive manufacturing to transform footwear design, blending cutting-edge technology with material science for truly customized performance gear.

© 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.

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Lessons From Warren Buffett

Lessons From Warren Buffett: The Key to Investing Isn’t Just Going Against the Crowd

Warren Buffett is well-known for his advice, “Be fearful when others are greedy and greedy when others are fearful,” but he cautions against simply adopting a contrarian mindset.

At the 2006 Berkshire Hathaway Annual Meeting, Buffett clarified that success in investing doesn’t come from merely going against the crowd. He emphasized that what truly matters is having the right facts and reasoning. “Being contrarian has no special virtue over being a trend follower,” Buffett explained. Instead, the key to sound investing is ensuring that your decisions are based on accurate information and thoughtful analysis.

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

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Forest River

Peter J. Liegl, Founder of Berkshire’s Forest River, Inc., Has Passed Away

(BRK.A), (BRK.B)

Peter J. Liegl, the founder of Berkshire Hathaway’s Forest River, Inc., has passed away. Liegl was a driving force behind the transformation of the RV industry and one of Indiana’s most respected citizens and philanthropists. He is best known for founding Forest River in 1996 and for selling the company to Warren Buffett’s Berkshire Hathaway in 2005, but his legacy in the RV world began long before that.

Liegl’s journey to success began from modest beginnings. After holding various sales and management positions in the RV industry, he co-founded Cobra Industries, a company that went public but saw him ousted. Undeterred, Liegl built his first RV by hand in a barn and sold it outside a Louisville lamp post, marking the beginning of “Where the forest meets the river.” This drive to succeed led him to establish Forest River in Elkhart, Indiana, with a vision to meet a wide range of consumer needs.

Under his leadership, Forest River grew into North America’s largest manufacturer of recreational vehicles, cargo trailers, pontoon boats, and commercial vehicles, including buses and trucks. Headquartered in Elkhart, Indiana, the company employs over 14,000 people across more than 100 facilities.

His management philosophy emphasized empowering employees and always prioritizing the consumer’s needs. As Liegl once said, “We don’t take ourselves too seriously, but we’re very serious about what we do.”

Despite planning a succession for the company, Liegl remained hands-on in the business well into 2024, leading innovation and growth at Forest River.

A proud Elkhart native, Liegl’s philanthropic efforts supported education, healthcare, conservation, and local communities.

© 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.