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Acquisitions HomeServices of America

HomeServices of America Acquires 5 Companies

(BRK.A), (BRK.B)

Berkshire Hathway’s HomeServices of America, Inc., the nation’s largest homeownership company, has announced that it closed 2021 with simultaneous acquisitions of five companies.

The acquisitions add 1,400 sales associates, 15,000 transactions, and nearly $8 billion in closed sales volume to HomeServices’ 2021 portfolio and strengthen its commitment to fulfilling a “customer-for-life” business model. Financial terms were not disclosed.

The acquisitions included four brokerage companies and a moving company:

  • Bennion Deville Homes
  • Berkshire Hathaway HomeServices Alliance Real Estate and Alliance Title Group
  • Berkshire Hathaway HomeServices Beach Properties of Florida
  • Hegg Realtors®
  • Joe Moholland Moving

“Since HomeServices was founded in 1998, our growth strategy has focused on acquiring market-leading companies with strong brands and experienced leaders,” said Gino Blefari, CEO of HomeServices. “Our newest family members fit these exacting standards and we proudly welcome them to HomeServices today. Each company brings a sterling reputation and is led by proven leaders. who have built extraordinary organizations with their team of managers, sales associates, and employees. We look forward to working with each company and are committed to supporting their continued growth and success,” said Blefari.

The companies joining the HomeServices family are:

Bennion Deville Homes. Founded in 2001 by Bob Bennion and Bob Deville, Bennion Deville Homes is the top-ranking real estate brokerage based on units and sales volume in California’s Coachella Valley (Greater Palm Springs Area). Led by industry veterans Bob Deville, CEO, and Chris Anderson, General Manager, Bennion Deville Homes has experienced year-over-year market-share growth and is widely recognized for its collaborative culture, client-first approach, and top-producing agents. States Deville, “By joining HomeServices of America, we are ensuring the legacy of Bennion Deville Homes continues for generations to come. We are honored to join HomeServices and excited about bringing the strengths from each of our respective companies together to serve our clients and our agents. This allows us to build upon what makes Bennion Deville Homes unique in the industry in new and exciting ways.”

In 2021 Bennion Deville Homes closed nearly 4,400 transactions and $3.1 billion in sales volume.

Berkshire Hathaway HomeServices Alliance Real Estate and Alliance Title Group. Founded by Andrea Lawrence and led by President Kevin Goffstein and general manager Bob Bax, Berkshire Hathaway HomeServices Alliance Real Estate and Alliance Title Group has provided quality, service, and state-of-the-art technology to the St. Louis area and surrounding communities for more than 40 years. “HomeServices of America is known for its strength and stability, and we are honored to become a part of their family,” said Kevin Goffstein, president of Alliance Real Estate. “By aligning ourselves with ReeceNichols and Berkshire Hathaway HomeServices Kansas City Realty we now have access to greater resources and services which will be a tremendous benefit to all of our associates as they better serve the real estate needs of their clients.”

In 2021, Alliance Real Estate’s sales associates closed nearly 4,000 transactions and $1.3 billion in sales volume. The company will join HomeServices’ Kansas City-based brokerages — ReeceNichols and Berkshire Hathaway HomeServices Kansas City Realty — in serving clients in Missouri.

Berkshire Hathaway HomeServices Beach Properties of Florida. Headquartered in Santa Rosa Beach, Florida, Beach Properties began in 2007 as a boutique real estate brokerage serving the towns and communities along northwest Florida’s scenic Gulf Coast. Under the leadership of broker and owner Hunter Harman, and owners, Price Ranier, John David Sullivan and Jimmy Burgess, who is assuming the role of CEO, Beach Properties of Florida has experienced exponential, organic growth and has tripled its number of sales associates since 2017. “We are thrilled to be joining forces with HomeServices of America and offer even greater opportunity and access for our agents and their clients to what we believe is the best real estate network in the country. This acquisition is much more than a transaction – it represents a new season of growth and prosperity for Beach Properties of Florida,” said Harman.

In 2021, the company’s agents closed more than 2,700 transactions and $2.1 billion in sales volume.

Hegg Realtors®. Founded in 1945, Hegg Realtors® is the largest real estate brokerage in South Dakota, and proudly serves the real estate needs of buyers and sellers throughout South Dakota. Under the leadership of Bill Hegg, its chairman, and Gregg Gohl, its chief executive officer, the company’s 200-plus agents closed nearly 4,000 transactions and $1.2 billion in sales volume. “We’re eager to leverage Edina Realty’s unbelievable resources to offer leading-edge technology, tools, security and support to our agents,” said Gregg Gohl, CEO. “And the opportunity to expand our network and business opportunities for our agents in a way that maintains our local brand and legacy is really exciting.” Hegg Realtors® will join the Edina Realty family of brands, significantly expanding Edina Realty’s footprint in the Midwest and making it HomeServices’ first wholly-owned brokerage located in South Dakota. It will operate as Hegg Realtors, an Edina Realty company.

Joe Moholland Moving. Founded in 1987, Joe Moholland Moving predominantly serves northern Virginia, Maryland, and the Washington D.C. area, and provides its customers with national and international relocation services. The company has strong hauling capacity, top-ranking customer satisfaction scores, and supports residential household goods moving for local, national, and international moves. Joe Moholland Moving will operate within Tailored Move, a Long & Foster company. “We are thrilled to join forces with Tailored Move and become part of the broader Long & Foster and HomeServices of America families,” said Rob Garr, president of Joe Moholland Moving. “The values and cultures of our two companies perfectly align: We both believe in delivering the highest level of customer service while removing any stress and worry from the moving process. Our partnership will allow us to expand our services across the Mid-Atlantic and Northeast, and we are eager to get started.”

These new acquisitions exemplify HomeServices’ mission to growing its national footprint with distinguished real estate companies and establish it as the undisputed premier provider of homeownership services in the United States. After these acquisitions, HomeServices will have more nearly 46,000 sales associates operating in 33 states and the District of Columbia. For 2021, HomeServices sales associates facilitated nearly $203 billion in residential real estate sales, nearly 395,000 home sale transactions, and more than 253,000 mortgage, title and escrow and insurance transactions.

© 2022 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.

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Acquisitions BNSF

BNSF Taking Over Montana Rail Link

(BRK.A), (BRK.B)

BNSF Railway Company is taking over the route served by Montana Rail Link. MRL has had a lease on the track from BNSF since 1987.

Based in Missoula, Montana, Montana Rail Link (MRL) is a Class II regional railroad that operates over 900 route miles of track in Montana and Idaho and has nearly 1,200 employees.

MRL President Derek Ollmann announced the change in a memo to his employees where he detailed that BNSF will resume operation and maintenance of MRL, and will provide for the continued employment of all MRL employees.

“BNSF operating the line as part of their network will ensure competitive access to global markets while continuing to provide the consistent and reliable service for our customers,” Ollmann wrote in his letter to employees.

Ollmann noted that 90% of the volume on MRL was BNSF trains.

The transfer is subject to government approval.

© 2022 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 HomeServices Real Estate

Berkshire Hathaway HomeServices Adds 11th Location in South Carolina

(BRK.A), (BRK.B)

Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network, has added a franchise in the coastal Southeastern region with the addition of Berkshire Hathaway HomeServices Coastal Real Estate.

This marks the Berkshire Hathaway HomeServices brand’s continued growth with its 11th location in the state of South Carolina.

Jim Parker and John Jobson, real estate entrepreneurs, local influencers, and community differentiators, have taken the next step in their careers as broker-owners of Berkshire Hathaway HomeServices Coastal Real Estate. “The relationship-driven approach and laser-like focus on quality service and industry ratings align perfectly with our culture,” said Jim. “Building memorable experiences that help make the comprehensive process of buying and selling real estate an invaluable journey worth celebrating.”

“Jim and John have a long history of making an impact on the lives of the people and families they work with, and their local philanthropic work is unmatched,” said Christy Budnick, CEO, Berkshire Hathaway HomeServices. “We are thrilled to welcome them to our global network. This is wonderful news for us but more importantly, it’s even better news for the clients and customers they serve in eastern South Carolina.”

By joining the network, Berkshire Hathaway HomeServices Coastal Real Estate’s agents gain access to Berkshire Hathaway HomeServices’ active referral and relocation networks, and its “FOREVER Cloud” technology suite, a powerful source for lead generation, marketing support, social media, video production/distribution and more.

The brand also provides an exclusive Luxury Collection marketing program for premier listings. Its Prestige Magazine showcases network members’ premium listings with a strong lineup of feature stories covering topics that appeal to high-end real estate clients.

Gino Blefari, Chairman of Berkshire Hathaway HomeServices, also welcomed the company to the network, “It is with great pleasure that we welcome Jim and his extraordinary team of agents to our global network. We look forward to supporting them in their mission of continued growth and expansion.”

Jim’s commitment to the community began over 43 years ago when Jim was stationed at the Myrtle Beach Air Force Base from 1978-1983. After leaving the USAF in 1983, he remained in the area, understanding the significance of being embedded in the community. John came to Myrtle Beach during the golf development boom in 1988 as a new golf course development project coordinator. Jim and John began their partnership in their commercial and land sales efforts in 1993. “Real estate has been at the center of our success, and our desire has always been to connect, promote and support local businesses, consumers, and heroes. The company plans to continue giving back to the community under the new brand,” Jim added.

© 2022 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.

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Lessons From Warren Buffett

Lessons From Warren Buffett: Combining These Two Things is Dangerous

If you look at the mistakes that investors commonly make, one is not truly understanding their investment, and another is leveraging a poorly understood investment through borrowing. Combining those two, as Warren Buffett points out, usually means that investors are really heading for trouble.

“Any time you combine ignorance and borrowed money, you can get some pretty interesting consequences,” Warren Buffett said at the 1994 Berkshire Hathaway Annual Meeting. “The ability to borrow enormous amounts of money combined with a chance to get either very rich or very poor very quickly, has historically been a recipe for trouble at some point.”

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2022 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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Minority Stock Positions Stock Portfolio

1,000th BYD Pure-Electric Tang SUV Sold in Norway

Berkshire Hathaway-backed BYD has sold its 1,000th pure-electric Tang SUV in Norway. The customer took delivery via BYD’s Norwegian distributor, RSA.

The pure-electric all-wheel-drive BYD Tang SUV is gaining widespread recognition in Norway with positive feedback from customers, and the motoring industry alike. The family-sized, zero-emission SUV encapsulates the perfect blend of space, performance, design and driving range.

The BYD Tang is available to order through 43 RSA dealerships located in key cities across Norway, providing sales, aftersales, parts and service support to BYD Tang customers throughout the country. The pure-electric BYD Tang SUV is priced at 599,900 NOK.

While the spacious seven-seater BYD Tang SUV is especially appealing to families, its versatility and stylish design is also garnering strong interest from different types of consumers. Being an all-wheel-drive vehicle, the Tang is ideal for those looking for a more adventurous drive; a perfect solution for Norway’s mountainous terrain and winter conditions.

Designed by Wolfgang Egger, the BYD Tang combines sleek and sporty lines with the very latest vehicle technology. Competitively priced within its category, the BYD Tang is fast establishing its position in Norway as an all-round value for money pure-electric SUV.

Globally, BYD has enjoyed a record-breaking November for sales across the range of its pure-electric NEV passenger cars, reinforcing its longstanding position as the world’s leading New Energy Vehicle manufacturer. It follows a period of nine consecutive months of sales growth for BYD. By the end of November, the cumulative annual sales of BYD NEV passenger vehicles topped 500,922 units, underscoring its leadership in the global NEV sector.

Pivotal to the success of the Tang is BYD’s 26 years of experience in pioneering battery research and development. The Tang is equipped with BYD’s revolutionary 86.4kWh ultra-safe Blade Battery which powers the car from 0-100km/h in just 4.6 seconds and provides an unparalleled driving range of 325 miles. It also benefits from impressively fast charging from 30% to 80% in 30 minutes using a DC power output of 110kW.

Frank Dunvold, CEO of RSA, said: “We have enjoyed fantastic demand for the BYD Tang in just a few months since its launch, and we see this escalating at pace in 2022. The people of Norway are very environmentally conscious, and the pure-electric zero-emission Tang SUV is the perfect fit. It is stylish, comfortable and offers great driving performance, while being practical too. We don’t see demand slowing down and we are fortunate to have good levels of supply coming through, which means customers are not having to wait for extended periods of time for delivery.”

Michael Shu, Managing Director, BYD Europe, said: “We are delighted with the positive customer reaction to the Tang, our very first electric passenger car sold in Norway. We always listen to customers and the feedback has been superb. Our goal is to continually exceed customer expectations, so we are truly motivated and inspired by the results achieved in the first four months of sale. The Tang features BYD’s very latest innovation in ultrasafe, high-performance battery technology stemming from our long-established world-leading expertise in this field. Our Blade Battery is a real game-changer for the industry and this, along with the use of BYD’s highly advanced integrated electronic technology, makes the Tang stand out in the pure-electric SUV market.”

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares for $232 million. It’s an investment that has paid off handsomely. Berkshire’s original investment of $232 million had grown in value to $5.897 billion as of December 31, 2020.

© 2022 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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Minority Stock Positions Stock Portfolio

BYD’s Car Sales Rise 75.4% YoY and Up 77.9% in December

(BRK.A), (BRK.B)

Berkshire Hathaway-backed BYD reported it sold 97,990 passenger vehicles in December, up 77.9% year-on-year, and BYD’s passenger vehicles sales reached 730,093 for 2021, up 75.4% YoY.

BYD’s annual passenger new energy vehicle (NEV) sales grew by 231.6% YoY to 593,745, setting a new sales record in China. NEV sales rose sharply by 236.4% YoY and reached 92,823 units in December.

In December, BYD EV and hybrid models sold 48,317 and 44,506 units with YoY growth of 148.0% and 448.6%, respectively. BYD sales volume has achieved record high, thanks to the core technologies including the blade battery, DM-i (BYD’s super hybrid system), as well as the e-platform 3.0. The annual EV and DM model sales reached 320,810 and 272,935 with YoY growth of 144.9% and 467.6%, respectively.

BYD sold 13,701 units of Han model, a leading position among mid-to-large size sedans from Chinese local brands in December. In particular, 10,301 units of the Han EV were sold. The Tang SUV series sold 9,000 units last December, with almost 100% YoY growth, which showed its outstanding product power with a total of 54,204-unit sales in 2021.

The Yuan series sold 8,577 units last December and over 41,000 units in 2021, making it a leader in the small all-electric SUV segment. The Yuan Plus started its pre-sales in China on 2022 New Year’s Day. As the very first SUV built on the e-platform 3.0, the Yuan Plus will be launched to the Singapore market in 2022.

In December, the sales of EA1 surpassed 10,000 units easily, reaching 10,016 units in only one month. The EA1 has met the market demands precisely and become the most popular vehicle in the segment.

In 2021, BYD has accomplished monthly sales growth for 10 consecutive months. In response to China’s strategic goals of peaking carbon dioxide emissions before 2030 and achieving carbon neutrality, as well as to make contributions to the “Cool the Earth by 1℃” initiative. BYD, as the Chinese NEV industry leader, will leverage its unique advantages to offer more NEVs and other green solutions in 2022.

BYD is aiming to sell 1.2 million vehicles in 2022.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares for $232 million. It’s an investment that has paid off handsomely. Berkshire’s original investment of $232 million had grown in value to $5.897 billion as of December 31, 2020.

© 2022 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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Nebraska Furniture Mart

Berkshire to Build Second NFM Store in Texas

(BRK.A), (BRK.B)

Berkshire Hathaway is doubling-down on its mega-store strategy in Texas. Berkshire’s NFM (formerly Nebraska Furniture Mart) will build a second store located 200 miles from its Grandscape development located in The Colony in the Dallas-Fort Worth area.

The new store will be located in Cedar Park, a town that is 16 miles to the north-west of Austin.

While Berkshire’s plans are big, they are not the scale of its 433 acre Grandscape development.

The Cedar Park Development will feature a 250-room, full-service hotel that includes a 30,000-square-foot, city-owned convention center; a 250,000 square feet of commercial development; a 500,000-square-foot NFM store; and a 700,000-square-foot warehouse servicing NFM.

NFM’s CEO Tony Bolt began searching for a second Texas location in 2019, and finally settled on Cedar Park, which at roughly 200 miles from its Grandscape development in The Colony in Dallas-Fort Worth, will not pull away any business. The new location is close enough to benefit from NFM’s strong name recognition that it established when it built not only the largest furniture and appliance retail store in the U.S., but also a retail and mixed-use development that includes hotels, offices, entertainment.

© 2022 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: There Is Nothing Special About Gold as an Inflation Hedge

Whenever inflation kicks up, gold always gets touted as an inflation hedge. However, Warren Buffett is quick to point out that there is nothing special about gold in that regard, and, most importantly, that he always prefers productive assets to non-productive assets.

“People, historically, have felt that was the first refuge from a currency that was going to decline in value. But, so is a barrel of oil. So is an acre of land. So is a piece of Coca-Cola. So is See’s Candy,” Warren Buffett noted at the 2005 Berkshire Hathaway Annual Meeting. “See’s candy, if the dollar goes down fifty percent, we will be selling See’s candy for double the present price. We’ll be getting the same real price for See’s candy. People will work the same number of minutes or hours per week in order to buy a pound or two-pound box of the candy. So we would much prefer some asset that is going to be useful whether the currency is worth what it is today, or ten percent of what it is today, or whether people are using seashells in order to transact business. Because people will go on eating and they’ll go on drinking and doing various things. And their preferences will translate, in real dollars, into more or less the same economics for us. And we would not trade the ownership of those kind of assets for us for a hunk of yellow metal, which has very little real utility except for people who are looking to flee from the dollar and, in our view, really haven’t thought through the consequences of what fleeing would — where they should flee… My dad was a huge gold enthusiast. So I sat around the dinner table…We sat around listening to the virtues of gold, and that was in, we’ll say, 1940. And gold, at that time, was $35 an ounce. And we would’ve had some storage and insurance costs. And, you know, here it is, 65 years later. World wars, nuclear bombs, all kinds of things. And the compound rate from $35 to a little over $400, less those expenses, is not something that causes me to salivate.”

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2022 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 Stock Portfolio

BYD to Sell Yuan Plus EV in Singapore

(BRK.A), (BRK.B)

Berkshire Hathaway-backed BYD will launch its fully electric SUV BYD Yuan Plus in Singapore in the second quarter of 2022 with its official dealer in Singapore, E-Auto.

The Yuan Plus was first unveiled at the 2021 Guangzhou Auto Show in China, attracting wide attention from young-generation consumers. This SUV marks a new era of BYD vehicles in Singapore, promising improved power, a new design language, and an excellent battery range.

E-Auto is a division of Vantage Automotive and a member of the Sime Darby Motors group. The partnership with E-Auto is an important milestone for BYD to develop passenger vehicles in Singapore.

“With the EV market boom, we’ve seen growing interest in BYD passenger cars in Singapore,” said Mr. Christopher Chin, Managing Director of Vantage Automotive Limited. “We are proud to partner with BYD to offer the Singapore market an alternative EV model that’s backed by a proven and revolutionary technology. The Yuan Plus is also one of the most exciting models in BYD’s line-up and is sure to appeal to drivers here.”

Mr. James Ng, Managing Director of BYD Singapore, said: “We are anticipating strong interest in this newly launched BYD Yuan Plus in Singapore as it features BYD’s latest e-platform 3.0 and highly regarded Blade Battery technology. We believe that the Yuan Plus will appeal to a wider audience and please drivers with its improved power and modern design.”

Embodying BYD’s new design language – Dragon Face 3.0 – and a sporty themed interior, the Yuan Plus will feature a modern design and will be packed with a 150kW and 310Nm electric drive motor. The Yuan Plus will come in two options. The entry-level is available in ‘standard’ with a 250 mile range and 50kWh battery, while the premium variant is available in an extended range with a 310 mile range and 60kWh battery.

The BYD Yuan Plus offers a large space akin to standard A-SUVs with a wheelbase of 8 feet, 11 inches. BYD’s revolutionary Blade Battery technology will come as a standard in the Yuan Plus, which offers drivers industry-leading safety levels, a longer life cycle, and extensive single-charge range capabilities.

BYD’s e-platform 3.0 is designed for the next generation of high-performance smart EVs and offers four major advantages: safety, efficiency, intelligence, and aesthetics. It will further integrate and standardize core components in a brand-new body structure, digital and electrical architecture, and a revamped BYD vehicle operating system.

BYD’s Blade Battery elevates safety levels for EVs while increasing the space utilization of the battery pack by over 50%, compared with conventional lithium iron phosphate block batteries. This helps reduce the total weight of the car, which in turn improves energy efficiency and the range.

Specific details of the car will be announced closer to the launch.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares for $232 million. It’s an investment that has paid off handsomely. Berkshire’s original investment of $232 million had grown in value to $5.897 billion as of December 31, 2020.

© 2021 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.

Categories
Lessons From Warren Buffett

Lessons From Warren Buffett: You Don’t Get Paid for Activity, You Only Get Paid for Being Right

Warren Buffett’s legendary patience flies in the face of the market’s need to have activity. How long is he willing to wait for an opportunity?

“The question of how long we wait, we wait indefinitely. We are not going to buy anything just to buy something. We will only buy something if we think we’re getting something attractive,” Warren Buffett said at the 1998 Berkshire Hathaway Annual Meeting. “If the money piles up, the money piles up. And when we see something that makes sense, we’re willing to act very fast, very big. But we’re not willing to act on anything that doesn’t check out in our view. . . . You don’t get paid for activity, you only get paid for being right.”

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2021 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.