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BNSF

BNSF Reaches Major PTC Safety Milestone on Montana Lines

(BRK.A), (BRK.B)

BNSF marked a significant rail safety achievement on Dec. 9, 2025, with the full implementation of positive train control (PTC) technology on the former Montana Rail Link (MRL) lines. The rollout began in June with 36 miles placed into service, followed by three additional segments, bringing the total to more than 216 miles of PTC protection on the MRL Subdivision within BNSF’s Montana Division.

The milestone reflects more than two decades of investment by BNSF in PTC, a critical safety system designed to prevent train-to-train collisions, derailments caused by excessive speed, and unauthorized train movements. PTC also protects employees working on the track and ensures trains do not move through switches that are improperly aligned.

Across its network, BNSF has installed PTC on nearly 17,000 miles of track—well above the approximately 15,000 miles mandated by the Federal Railroad Administration. According to Phil Mullen, director of Network Control Systems, BNSF chose early on to exceed regulatory requirements to enhance safety for employees, the public, and the communities it serves. The MRL installation was completed four months ahead of the federal deadline through close coordination between network control, signal teams, and Montana Division leadership.

PTC integrates digital wireless communications, GPS, and onboard computing to provide locomotive crews with real-time information on speed limits, authority boundaries, work zones, and upcoming signals and switches. By issuing warnings and automatically stopping trains when necessary, the system not only prevents violations but also improves situational awareness and operational efficiency. As BNSF continues to refine and expand PTC, the technology remains a cornerstone of the company’s commitment to safe and efficient rail operations.

© 2026 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: Missing the Top Isn’t a Mistake

Conventional wisdom suggests investors should aim to buy low and sell high—ideally at a stock’s peak. But Warren Buffett takes a different view.

At the 1998 Berkshire Hathaway Annual Meeting, Buffett explained that he’s unbothered when stocks he’s sold go on to climb higher. In fact, he sees it as a positive sign.

“I would worry, frankly, if I sold a bunch of things right at the top,” he said. “That would indicate that I was practicing the bigger fool-type approach to investing, and I don’t think that can be practiced successfully over time.”

Instead, Buffett believes selling a stock that later rises even more is often a sign that you’ve invested in strong businesses—exactly what a long-term investor should aim to do.

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 Hathaway Completes OxyChem Acquisition

(BRK.A), (BRK.B)

Berkshire Hathaway has completed the acquisition of OxyChem from Occidental Petroleum in a deal valued at $9.7 billion, subject to customary post-closing purchase price adjustments. The transaction brings one of North America’s leading chemical producers into Berkshire Hathaway’s portfolio.

Headquartered in Dallas, Texas, OxyChem operates across the United States, Canada, and Latin America and is a top-three U.S. manufacturer of polyvinyl chloride (PVC), chlor-alkali products, chlorinated organic chemicals, and calcium chloride. The company produces essential chemicals used in a wide range of everyday and industrial applications, including water treatment, pharmaceuticals, healthcare, manufacturing, automotive production, personal hygiene products, and residential and commercial construction.

Following the acquisition, OxyChem will continue to operate under its existing leadership. Wade Alleman will remain president and CEO, ensuring continuity in management and strategy as the company moves forward under Berkshire Hathaway’s ownership.

© 2026 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

Forest River’s Cardinal/Wildcat Lines Open New Production Home in Wakarusa

(BRK.A), (BRK.B)

Berkshire Hathaway’s Forest River has announced that its Cardinal and Wildcat fifth-wheel RV lines have officially relocated to a new production facility in Wakarusa, Indiana. The move was celebrated last month with a luncheon and open house on Friday, Nov. 21, at the plant located at 200 Indiana 19, northeast of downtown.

According to Group General Manager Jason Hershberger, the new site offers much-needed room to support future growth. The Cardinal/Wildcat lines had outgrown their former Elkhart facility, and the Wakarusa location—just eight miles away—provides expanded production space across roughly 150 acres of Forest River property.

The facility, which previously sat vacant, required extensive preparation before production could begin. Despite the challenges, the transition was completed quickly. Production Plant Manager Keith Yoder said the entire operation was moved into the new building in just seven days.

With inventory underway and production that began ramping up after Thanksgiving, Forest River leaders expressed confidence that the new facility positions the Cardinal and Wildcat brands for long-term success as the RV market rebounds.

© 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: All Dollars Spend the Same

In the world of investing, it’s easy to get swept up in the excitement of hot sectors or trendy companies. But Warren Buffett reminds investors to stay focused on fundamentals: it’s not about where the money comes from—it’s about how much of it a business can generate over time.

“Whether the money comes from a bank, whether it comes from an internet company, or whether it comes from a brick company, the money all spends the same,” Buffett said at the 2002 Berkshire Hathaway Annual Meeting. What matters, he emphasized, are the economic characteristics that determine how much long-term cash a business can produce.

In other words, don’t chase trends. Focus on businesses with strong fundamentals and predictable cash flows—regardless of how fashionable they seem.

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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BNSF

BNSF Reaffirms Opposition to Proposed UP Merger

(BRK.A), (BRK.B)

On December 19, BNSF President and CEO Katie Farmer issued a statement responding to Union Pacific’s merger application filing with the Surface Transportation Board (STB), reiterating BNSF’s strong opposition to the deal.

Farmer said that while BNSF is still reviewing the filing, nothing seen so far changes the company’s view that the merger would harm competition and pose long-term risks to the U.S. economy and consumers. She warned that the transaction would reduce shipping options, drive up freight rates, and ultimately increase prices for consumers, while delivering benefits primarily to shareholders rather than customers.

Citing past rail mergers, Farmer emphasized the risk of serious service disruptions and broader economic impacts. She noted that the STB’s strengthened merger rules require applicants to prove their deal enhances competition and serves the public interest—standards BNSF believes Union Pacific has failed to meet.

Farmer concluded that BNSF remains focused on achieving operational improvements through partnerships and collaboration, which she said can deliver immediate, tangible benefits to customers without the risks of a merger.

© 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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Lubrizol

Lubrizol Highlights 2025 Innovation and World-Wide Growth

(BRK.A), (BRK.B)

Berkshire Hathaway–owned Lubrizol has outlined its 2025 progress, showcasing a strong pipeline of science-driven innovations and continued investment in local markets worldwide. The company emphasized its customer-first approach, combining advanced chemistry, digital innovation and sustainable processes to address complex global challenges while meeting regional needs.

“At Lubrizol, innovation starts with understanding what matters most to our customers and the end users they serve,” said Julie Edgar, Chief Technology Officer. “As partners to industry leaders, we leverage advanced chemistry, digital innovation and sustainable processes to help solve the world’s toughest challenges—all while responding to local market needs.”

Throughout the year, Lubrizol introduced a range of new solutions across personal care, mobility, industrial and energy markets. Notable innovations include Carbopol® BioSense Polymer and Sensomer™ Cassia 115 Polymer for sustainable personal care formulations, HybriCal™ lithium-free grease technology, and Lubrizol® PV1710, designed to meet the latest passenger vehicle engine oil specifications. Other advancements, such as Sancure™ 942 for wood finishes and SulfrZol® 54 for refinery operations, highlight the company’s focus on performance, sustainability and regional adaptability.

A cornerstone of Lubrizol’s strategy remains its “local-for-local” approach, with targeted investments in research, manufacturing and partnerships across key regions. In Asia Pacific, the company opened new Centers of Excellence in Seoul and Shanghai, launched an innovation hub in Singapore, expanded operations in Indonesia, and introduced ESTANE® BCX TPU for lightweight footwear applications.

In India, the Middle East and Africa, Lubrizol advanced plans for a new Innovation Center, expanded CPVC production capacity, strengthened its medical device partnerships, and introduced region-specific consumer and personal care innovations such as Noverite™ GP250B soap technology.

Latin America also saw significant growth, with the launch of the Beauty Research Institute Brazil and a new São Paulo office to accelerate product development and customer collaboration.

“Through these strategic investments and initiatives, we are empowering local markets with solutions tailored to their unique challenges while driving sustainable growth and global progress,” Edgar said. “Our local-for-local approach ensures we deliver meaningful innovation where it matters most.”

© 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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Lubrizol

Lubrizol Expands Latin American Presence with New São Paulo Office

(BRK.A), (BRK.B)

Lubrizol, a Berkshire Hathaway company and global leader in specialty chemicals, has opened a new office in São Paulo, reinforcing its long-term commitment to Latin America and its focus on innovation and customer collaboration.

The new facility will host a wide range of business functions and corporate teams, including both local and global roles. Equipped with advanced infrastructure, the office is designed to enhance collaboration, support innovation, and deliver added value to customers, while fostering strategic partnerships across the industries Lubrizol serves.

As part of the same complex, Lubrizol is expanding its Beauty & Home applications laboratory and will open a new in vivo research lab dedicated to hair and skin research. Scheduled to open in March 2026, this facility will become the company’s third Beauty Research Institute worldwide, strengthening its global R&D capabilities and leveraging the region’s ethnic diversity to drive locally relevant innovation.

“Latin America plays a crucial role in our global strategy, particularly due to its growth potential, diverse talent, and rich ethnic and biodiversity,” said Bernardo Medeiros, Vice President of Lubrizol Latin America. “The opening of our new São Paulo office reaffirms our commitment to this important market and to working closely with customers and partners to deliver innovative solutions.”

Lubrizol has operated in Brazil for nearly 50 years and is recognized for its technical leadership and strong customer partnerships. The company operates two manufacturing plants in Belford Roxo (RJ) and Paulínia (SP), maintains an office in Rio de Janeiro, and runs R&D laboratories in São Paulo and Paulínia. The new São Paulo office will collaborate closely with these locations to ensure the continued delivery of high-value solutions and excellence in local customer service.

© 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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McLane

McLane Company Highlights 2025 Charitable Giving Efforts

(BRK.A), (BRK.B)

Berkshire Hathaway’s McLane Company, Inc., one of the nation’s largest distributors, announced its 2025 charitable giving highlights, showcasing a year of impactful service and generosity. Together with its teammates, supplier partners and customers, McLane raised more than $1 million to support nonprofit organizations nationwide, including Children’s Miracle Network Hospitals, Folds of Honor North Texas and the North Texas Food Bank.

“Service has always been at the core of who we are as a company,” said Tony Frankenberger, chief executive officer at McLane. “The generosity of our teammates and partners continues to make an extraordinary difference, strengthening the communities we serve.”

A major contributor to this year’s impact was the McLane Retail Charity Golf Classic, held in April in San Antonio, Texas. The annual event raised more than $830,000 for Children’s Miracle Network Hospitals, continuing a decades-long commitment to supporting hospitals that provide critical care to children and families.

In September, McLane built on that momentum with the McLane Restaurant Charity Golf Classic in Trophy Club, Texas, benefiting Folds of Honor North Texas and the North Texas Food Bank. Earlier in the year, McLane’s Restaurant team surpassed $1 million in total donations to Folds of Honor North Texas, which provides educational scholarships to families of fallen or disabled service members.

McLane also launched its inaugural Month of Giving in November, uniting distribution centers across the country to support local nonprofits aligned with the company’s key focus areas, including child health and welfare, veterans, education, food security, food waste reduction and disaster relief. Beneficiaries included United Way chapters, Boys & Girls Clubs, Habitat for Humanity, Ronald McDonald House, Salvation Army, local children’s hospitals and food banks.

Through fundraising events, volunteer efforts and direct contributions, McLane teammates demonstrated a strong commitment to service in 2025. These efforts reflect a long-standing culture of giving that has generated more than $100 million in charitable support over the years.

© 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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NetJets

NetJets to Equip 600 Aircraft With Starlink High-Speed Internet by 2026

(BRK.A), (BRK.B)

Berkshire Hathaway’s NetJets has signed a multi-year agreement with Starlink to bring high-speed, low-latency internet to 600 aircraft across its global fleet by the end of 2026. The deal marks a significant upgrade in onboard connectivity, aimed at enhancing both productivity and comfort for passengers traveling for business or leisure.

NetJets President Patrick Gallagher said the partnership reinforces the company’s commitment to delivering a seamless travel experience. “With Starlink, travel is elevated with reliable connectivity…critical to the experience our Owners need and deserve,” he noted.

Installations are expected to begin this month across NetJets aircraft in the U.S. and Europe. The rollout will include Cessna Citation Latitudes, Embraer Praetor 500s, Cessna Citation Longitudes, Bombardier Challenger 350s and 650s, and the full Bombardier Global fleet.

Starlink, operated by SpaceX, uses a vast low-Earth-orbit satellite network—now numbering more than 8,000 satellites—to deliver broadband speeds up to 500 Mbps, even on remote global routes. “With Starlink onboard your NetJets flight, you’ll be able to boost productivity, have seamless video calls, stream on demand, and game just as you can on the ground,” said Jason Fritch, VP of Starlink Enterprise Sales.

The agreement positions NetJets to offer one of the most advanced in-flight connectivity experiences in private aviation, setting a new benchmark for the industry.

© 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.