What a difference a week makes for Berkshire Hathaway-backed BYD, the world’s leading manufacturer of new energy vehicles. Just a week after BYD proposed building a $1 billion battery and automotive facility in India in partnership with Hyderabad-based Megha Engineering and Infrastructures Ltd., the plan now looks to be dead.
The Modi government has reportedly rejected the joint proposal citing security concerns “security concerns” in regards to Chinese investments in India.
BYD and Megha had proposed building up to 15,000 EV automobiles annually in the facility. The proposed joint venture would have combined Megha’s capital and BYD’s expertise in EV manufacturing.
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.
Few can hope to reach the heights of investing genius embodied by Warren Buffett. However, Buffett himself humbly suggests that the majority of profitable investments do not spring from extraordinary brilliance, but rather arise from astutely capitalizing on the missteps of others. In essence, success in the realm of investment hinges on an ability to recognize and seize upon the errors committed by one’s counterparts. This notion underscores the critical importance of a shrewd and discerning mindset in navigating the complex and ever-shifting terrain of financial markets.
“What gives you opportunities is other people doing dumb things,” Buffett said at the 2023 Berkshire Hathaway annual meeting. “Well, the 58 years we’ve been running Berkshire, I would say there’s been a great increase in the number of people doing dumb things. And they do big, dumb things, and the reason they do it to some extent is because they can get money from other people so much easier than when we started.”
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.
Berkshire Hathaway Specialty Insurance (BHSI) has announced the appointment of David Corrigan as the Head of Property for the UK. In his new role, Corrigan will be responsible for overseeing the underwriting of BHSI’s comprehensive line of property coverage, which encompasses a wide range of risks, including Construction, Energy, and Mining.
Corrigan’s appointment comes as BHSI aims to grow its customer and broker relationships in the region and drive growth across its property portfolio in the UK and Europe. Nick Major, the UK Country Manager at BHSI, expressed his enthusiasm for working with Corrigan, highlighting his extensive experience and alignment with BHSI’s technical underwriting approach.
With over 25 years of experience in the UK large corporate property market and the London Market wholesale segment, Corrigan brings a wealth of expertise to BHSI. He previously served as the Head of Property for Global Corporate & Specialty at Aviva for a period of five years.
Corrigan will be based in London, further positioning BHSI to effectively serve its customers and stakeholders in the region. His appointment reflects BHSI’s commitment to attracting top talent and leveraging their skills to support the company’s growth objectives.
As BHSI continues to expand its presence in the UK and Europe, the addition of David Corrigan as the Head of Property demonstrates the company’s dedication to providing comprehensive property coverage and further solidifying its position in the insurance 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 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.
BYD, the Chinese automobile manufacturer backed by Berkshire Hathaway, has made a significant stride in the Brazilian market with the official launch of the BYD DOLPHIN, its first pure electric model featuring its Ocean Aesthetics design.
Notably, during the launch day, an average of two units were sold every five minutes.
Having led the electric vehicle market in China for nine years and selling over 4.3 million new energy vehicles worldwide, BYD now extends its electrification wave to Brazil with the arrival of the BYD DOLPHIN.
Stella Li, the Executive Vice President of BYD and CEO of BYD Americas, expressed pride in being the first manufacturer to cease production of cars powered solely by internal combustion engines.
Tyler Li, the General Manager of BYD Brazil, emphasized the company’s commitment to providing competitive new energy models for Brazilian consumers. He stated with confidence that the BYD DOLPHIN is an excellent choice and serves as a gateway for those aspiring to own an electric car. By combining quality, advanced technology, and sustainability, BYD aims to meet the needs and preferences of the Brazilian market.
The BYD DOLPHIN, the first model designed with the Ocean Aesthetics design language, was created under the guidance of Wolfgang Egger, the Design Director of BYD. Drawing inspiration from marine elements, the vehicle showcases a vibrant and dynamic overall style. With a 2,700 mm wheelbase, the BYD DOLPHIN offers an exceptional interior space, ensuring heightened passenger comfort.
Distinguished as the first mass-produced pure electric model built on the e-platform 3.0, the BYD DOLPHIN leverages an 8-in-1 electric powertrain, significantly enhancing safety and cruising range. Equipped with the ultra-safe Blade Battery, the model boasts a pure electric cruising range of 405 km under NEDC conditions, providing consumers with a reliable and secure driving experience. Additionally, the Blade Battery charges from 30% to 80% in an impressive 30 minutes using DC charging.
The BYD DOLPHIN also offers an enjoyable and futuristic driving experience. Its intelligent cockpit system, featuring a 12.8-inch rotatable touchscreen, enables intelligent voice control, CarPlay System integration, and remote vehicle control via mobile devices. Furthermore, the model’s vehicle-to-load (VTOL) charging function caters to various outdoor power needs, further enhancing convenience for users in different scenarios.
The BYD DOLPHIN is the fifth new energy passenger car introduced by BYD in the Brazilian market. Building upon the success of previous models such as the BYD TANG, BYD HAN, BYD YUAN PLUS, and BYD SONG PLUS.
In the passenger vehicle segment, BYD has already established 24 dealership stores throughout Brazil. Looking forward, BYD aims to expand its presence even further, with plans to reach a total of 100 stores by the end of this year. This strategic expansion highlights BYD’s commitment to providing top-notch sales and after-sales services to meet the demands and expectations of Brazilian customers.
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.
Warren Buffett, in his characteristic wisdom, emphasizes that investors need not dwell on a business’s past actions but should instead focus on its future endeavors. He understands that the past is not always a reliable predictor of a company’s trajectory. For Buffett, true investing lies in peering into the horizon, discerning the opportunities that lie ahead. As he aptly puts it, “That’s what investing is, is seeing out.”
“You don’t get paid for what’s already happened. You only get paid for what’s going to happen in the future,” Warren Buffett said at the 2007 Berkshire Hathaway Annual Meeting. “The past is only useful to you in the extent to which it gives you insights into the future, and sometimes the past doesn’t give you any insights into the future.”
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.
Berkshire Hathaway’s BNSF Railway has been recognized as a “Best Place to Work for Disability Inclusion” by the esteemed Disability Equality Index (DEI). With an impeccable score of 100, BNSF has showcased its unwavering dedication to cultivating an inclusive workplace that honors the talents and contributions of every individual, including those with disabilities.
The Disability Equality Index, an all-encompassing benchmarking tool collaboratively developed by the American Association of People with Disabilities (AAPD) and Disability:IN, commends organizations that actively champion disability inclusion and parity. By attaining the highest score, BNSF secures its position among the industry’s foremost companies committed to constructing diverse and inclusive work environments.
Debra Ross, BNSF’s Assistant Vice President of Talent Management, expressed her profound pride in the company’s remarkable accomplishment.
“At BNSF, we firmly subscribe to the belief that diversity and inclusion must encompass everyone,” asserted Ross. “We feel deeply honored to receive this prestigious accolade, a testament to our unwavering endeavors in supporting individuals with disabilities and forging an environment where every employee feels empowered to embrace their authentic selves wholeheartedly, every single day.”
BNSF’s commitment to nurturing a diverse and inclusive workforce is unmistakable through its array of business resource groups, notably the Disability Inclusion Alliance. These groups work tirelessly to promote awareness, education, and equitable access to resources within the organization.
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.
BYD, the Chinese automobile manufacturer backed by Berkshire Hathaway, announced the signing an agreement to establish its presence in Brazil’s state of Bahia. What makes this endeavor truly remarkable is that BYD will simultaneously commence operations in three factories within the Camaçari complex, located just 50 kilometers away from the vibrant city of Salvador.
This groundbreaking venture, with an investment exceeding R$ 3 billion (US$620 million), sets a historic milestone in the Brazilian automotive industry. However, it goes beyond mere vehicle production. BYD’s audacious mission, encapsulated in the slogan “Cool the Earth by 1°C,” represents a resolute commitment to energy transition and sustainable mobility. In essence, it signifies an irreversible green revolution.
The establishment of domestic production facilities by BYD holds the promise of more competitive prices and opens up the possibility for the car-loving population to realize their modern-era consumer dream: owning an electric vehicle parked in their garages.
The ambitious complex will comprise three distinct manufacturing units, each serving a specific purpose. One unit will be dedicated to the production of chassis for electric buses and trucks, providing a solid foundation for the future of sustainable transportation. The second unit will focus on manufacturing hybrid and electric automobiles, with an estimated capacity of 150,000 units per year during the initial phase. Lastly, the third unit will specialize in the processing of lithium and iron phosphate, catering to the global market.
Leveraging the existing port infrastructure at the location, this unit will play a crucial role in meeting the growing demand for these essential materials.
Stella Li, the Executive Vice President of BYD and CEO of BYD Americas, emphasizes the significance of this moment for BYD in the Americas. She states, “These new factories in Bahia will bring innovation and the highest standards in technology. This will enable the introduction and acceleration of electromobility in the country, a pivotal movement in combating climate change and enhancing people’s quality of life.”
The three factories are scheduled to commence operations in the second half of 2024, heralding a new era of sustainable automotive manufacturing in Brazil. In addition to the positive impact on the environment, this endeavor is expected to generate over 5,000 jobs in the coming years. Tyler Li, the President of BYD Brazil, stresses the social contribution of the project, saying, “We aim to hire local labor starting this year to provide them with the necessary training and knowledge transfer. At BYD, we are deeply committed to creating value and making a meaningful difference in the lives of Brazilians.”
BYD’s new complex is poised to attract suppliers from various sectors, including technical parts and services. The company is determined to contribute to regional development by giving priority to local suppliers. Furthermore, for civil construction works, BYD plans to prioritize hiring established companies in the region, fostering economic growth and synergy within the local business community.
As BYD forges its path in Bahia, it not only brings an unprecedented manufacturing venture to Brazil but also carries with it a vision of a greener future. With its resolute commitment to energy transition and sustainable mobility, BYD is setting a new standard in the automotive industry, paving the way for a world where innovation and environmental responsibility go hand in hand.
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Dimitry Zilberud as the Senior Vice President and Head of Marine, Retail U.S. This additional role adds to his current position as Head of Marine, Australasia at BHSI.
Cathy Miller, the Head of Property, U.S. and Canada at BHSI, highlighted the immense potential for profitable growth in the U.S. marine market. Miller stated, “To fully seize the opportunities present in the U.S. marine market, we have decided to focus separately on the wholesale broker and retail broker channels.” Kristen Hunter and her team will continue to concentrate on the wholesale broker channel, while Dimitry Zilberud will lead the development of the retail broker channel. Miller expressed her enthusiasm to collaborate with both Dimitry and Kristen as they expand their marine relationships in the United States.
Dimitry Zilberud brings more than 25 years of valuable experience in the insurance industry to his new role. He joined BHSI in 2015 as the Head of Marine for Australia and was subsequently promoted to Head of Marine, Australasia. In his new position, Zilberud will report to Mark Lingafelter, the Head of Australasia at BHSI, while also reporting to Cathy Miller. He is based in Sydney.
BHSI offers a comprehensive range of coverage options in inland marine, ocean marine, and transport and logistics liability both in the United States and across the globe. With Dimitry Zilberud leading the marine division in the retail broker channel, BHSI aims to strengthen its position and foster new relationships in the thriving U.S. marine 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 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.
Berkshire Hathaway Energy has successfully executed an agreement to acquire Dominion Energy’s 50% limited partnership stake in the Cove Point LNG, LP business.
Pending regulatory approvals, the purchased interest will be held under the umbrella of BHE GT&S, LLC, a subsidiary of Berkshire Hathaway Energy. A subsidiary of BHE GT&S already serves as the general partner and operator of the Cove Point natural gas pipeline and its liquefied natural gas terminal, both situated in Lusby, Maryland.
With a transaction value of $3.3 billion, the deal will primarily be funded through the utilization of existing cash reserves, including proceeds from the liquidation of specific investments. Once the transaction is finalized, Berkshire Hathaway Energy will bolster its ownership by securing a 75% limited partnership stake in Cove Point LNG, LP. It is worth noting that the remaining 25% limited partnership interest in Cove Point LNG, LP will be retained by a subsidiary of Brookfield Infrastructure Partners.
Paul Ruppert, the president of BHE GT&S, expressed his pride in the operations conducted at Cove Point and shared his excitement regarding this new opportunity to enhance their ownership in these globally renowned facilities. He emphasized that the dedicated Cove Point team would continue to prioritize providing secure, affordable, and dependable service to their esteemed customers.
Located on the western shore of the Chesapeake Bay, the facility is the first such facility on the East Coast. It is recognized as one of the most technically advanced and environmentally sensitive LNG facilities in the world, and has a storage capacity of 14.6 billion cubic feet (BCF) and a daily send-out capacity of 1.8 BCF.
Cove Point produces LNG under 20-year contracts for ST Cove Point, a joint venture of Sumitomo Corporation and Tokyo Gas, and for Gail Global (USA) LNG, the U.S. affiliate of GAIL (India) LTD.
Since the facility first entered commercial service in April 2018 for natural gas liquefaction and export, LNG produced from the facility has supported the energy needs of 28 countries, including many in Europe in recent months. And Cove Point LNG loaded its 300th commercial cargo at the end of July.
With this strategic move, Berkshire Hathaway Energy continues to expand its portfolio of world-class assets. This acquisition not only aligns with the company’s long-term growth strategy but also reinforces its position as a prominent player in the ever-evolving energy sector.
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.
Brooks Running, a subsidiary of Berkshire Hathaway, has unveiled a new initiative known as ReStart, a recommerce program aimed at reviving and reselling gently used Brooks footwear in the United States. This strategic move not only keeps functional gear in circulation but also allows the brand to tap into the burgeoning recommerce market.
With sustainability at the core of its ethos, Brooks has been steadfast in its commitment to safeguarding the environment upon which we run. The introduction of ReStart represents a significant stride towards achieving these goals by prolonging the lifespan of gently used Brooks gear and generating revenue to fund future sustainability endeavors.
Dave Kemp, Director of Corporate Responsibility at Brooks, emphasized the importance of recommerce, stating, “Recommerce allows us to keep gear on the run while supporting our aim to take responsibility for the impact of our business. The launch of ReStart is an important step in the brand’s long-term, science-backed approach to sustainability.”
The global resale industry currently stands at a staggering $100 billion, growing at a rate five times faster than traditional retail. Experts project that by 2030, recommerce will account for a remarkable 23% of all retail transactions. In line with this market trend, the ReStart program will offer three different condition categories: Like New, Great, and Good. These categories will cover a wide range of Brooks footwear styles, including beloved favorites like the Ghost and Glycerin, as well as speed-oriented products like the Hyperion franchise. Prices for these refurbished items start at an enticing 35% off the manufacturer’s suggested retail price (MSRP).
To power the ReStart program and ensure a seamless shopping experience for consumers, Brooks has teamed up with Trove, a trailblazer in the field of branded resale for over a decade. Trove serves as the recommerce partner for leading brands worldwide, enabling them to reach new customers while also fostering accessibility and choice within their existing communities. By leveraging its proprietary Recommerce Operating System, Trove is spearheading the transition toward more lucrative and sustainable business models. Through their partnership, Trove processes over one million items annually for brand partners, prolonging the life of countless products and preventing greenhouse gas emissions. In fact, between 2016 and 2022, Trove-powered resale and trade-in programs helped avoid a
staggering three million kilograms of greenhouse gas emissions.
Brooks Running’s entry into the recommerce market with the launch of ReStart highlights their dedication to sustainability. By embracing the recommerce model, the company not only ensures that high-quality gear remains in circulation but also solidifies its position as a leading force in the pursuit of environmentally responsible business practices.
As a company, Brooks has shown strong momentum in 2023 in the U.S. specialty run channel, with a year-over-year revenue increase of 42% in the first quarter. The direct e-commerce sales for Brooks grew by an impressive 33% year over year in Q1.
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.