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Lessons From Warren Buffett

Lessons from Warren Buffett: Don’t Try to Predict the Market

“Where Are Markets Headed? Six Pros Take Their Best Guess,” read a headline in The Wall Street Journal—a familiar question in the world of investing. From financial news shows to market commentaries, speculation about whether stocks are peaking or bottoming is constant. But Warren Buffett has long warned against trying to time the market.

“I know of no one that has been successful at, and really made a lot of money, predicting the actions of the market itself,” Buffett said at the 1999 Berkshire Hathaway annual meeting. “I know a lot of people who have done well picking businesses and buying them at sensible prices.”

Buffett’s message is clear: real investment success comes not from guessing market moves, but from identifying strong businesses and buying them at good value. While market predictions may grab headlines, long-term discipline and business-focused investing remain the timeless strategy.

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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Marmon Group UTLX

UTLX Donates Rail Tank Car to Enhance First Responder Training in Chicagoland

(BRK.A), (BRK.B)

Berkshire Hathaway’s Union Tank Car Company (UTLX), a leading rail tank car manufacturer and lessor, has donated a full-size rail tank car to strengthen hands-on training for the Chicago Fire Department, the Calumet City Fire Department, and neighboring municipalities. The 43-foot-long, 15-foot-high, 61,100-pound car has been permanently installed at the Calumet City Public Safety Training Center.

An official handover ceremony will be held December 8 at the center, located at 24 State St. in Calumet City. The addition of a real tank car will allow first responders to practice emergency response techniques involving rail equipment and hazardous materials in a realistic setting.

UTLX, headquartered in Chicago along with parent company Marmon Holdings, emphasized the importance of supporting local emergency personnel. “This rail tank car donation will provide invaluable hands-on training opportunities for Chicagoland firefighters and emergency personnel,” said Neil Finn, President of UTLX.

First responders say the resource will significantly enhance preparedness. “Rail incidents are complex, and firefighters need to understand the real hazards they’ll face in the field,” said Lt. Matt Drew of the Chicago Fire Department. “This rail tank car gives us the ability to practice safe, methodical response techniques before we ever encounter a true emergency, which ultimately protects both our firefighters and the community.”

© 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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Appointments

Berkshire Hathaway Announces Wide-Ranging Leadership Updates, Exit of Todd Combs

(BRK.A), (BRK.B)

Berkshire Hathaway has unveiled a series of major leadership appointments across its non-insurance, insurance, and corporate divisions, marking a significant evolution in its senior ranks. It also announced the leaving of long-time investment manager and GEICO head Todd Combs.

Non-Insurance Operations
Adam M. Johnson, longtime CEO of NetJets, has been named President of Berkshire’s Consumer Products, Service and Retailing group. Johnson will continue leading NetJets while supporting the CEOs of 32 businesses in the consumer portfolio. Gregory E. Abel, Vice Chairman for Non-Insurance Operations, praised Johnson’s record of delivering long-term value and strengthening global operations. Abel will continue overseeing the remaining non-insurance units—including BNSF, Berkshire Hathaway Energy, Pilot, McLane, and industrial and building products—as he prepares to assume the role of Berkshire’s President and CEO in 2026.

Insurance Operations
Nancy L. Pierce has been appointed CEO of GEICO. A GEICO veteran since 1986, Pierce rises from her role as COO, bringing decades of experience across claims, underwriting, product management, and regional leadership. Ajit Jain, Vice Chairman for Insurance Operations, emphasized her practical and results-driven leadership.

The move coincides with the departure of Todd A. Combs, GEICO’s CEO since 2020, who is leaving Berkshire to take a senior role at JPMorgan Chase. Warren E. Buffett credited Combs with expanding GEICO’s capabilities and making strong leadership hires.

Corporate Leadership
Marc D. Hamburg, Berkshire’s long-serving CFO, will retire in 2027 after four decades with the company. Buffett called Hamburg’s contributions “indispensable” and praised his integrity and judgment. Charles C. Chang, currently CFO of Berkshire Hathaway Energy, will succeed Hamburg in June 2026, with a yearlong transition underway.

Berkshire is also creating a new corporate role: Senior Vice President and General Counsel. Michael J. O’Sullivan will step into the position on January 1, 2026. O’Sullivan joins from Snap Inc. and previously spent over twenty years at Munger, Tolles & Olson advising on governance, litigation, and major transactions.

Together, these appointments underscore Berkshire Hathaway’s longstanding focus on selecting leaders who embody its culture, demonstrate strong judgment, and preserve the company’s distinctive decentralized approach.

© 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 Calls on Federal Regulators to Enforce Decades-Old Merger Conditions

(BRK.A), (BRK.B)

BNSF Railway has asked the Surface Transportation Board (STB) to immediately review and enforce conditions established during the 1996 Union Pacific–Southern Pacific merger, saying Union Pacific (UP) has spent decades undermining competition and limiting customer choice.

In a new petition, BNSF argues that UP has repeatedly obstructed efforts to preserve competitive rail service that the STB required as a condition of approving the historic merger. Despite negotiations, oversight proceedings, and formal petitions over the years, BNSF says many shippers now have fewer rail options than before UP absorbed Southern Pacific.

“With UP now proposing another unprecedented merger, this time with Norfolk Southern, the stakes for shippers nationwide could not be higher,” said Jill Mulligan, BNSF’s Executive Vice President and Chief Legal Officer. She urged the STB to ensure that commitments made nearly 30 years ago are honored before regulators consider any new consolidation.

BNSF’s filing asks the STB to review how the original merger conditions have been implemented, enforce BNSF’s competitive access rights, and modify existing conditions if necessary to protect the public interest. The railroad is also seeking a procedural schedule so all parties can fully present evidence.

BNSF argues that fair competition is essential for reliable service and reasonable rates, and says UP’s persistent resistance to the 1996 conditions must be resolved before any new merger reshapes the industry and impacts supply chains nationwide.

© 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: When Accounting Is Confusing, Stay Away

When it comes to investing, Warren Buffett doesn’t believe in guesswork—especially when it comes to financial statements. At the 1995 Berkshire Hathaway Annual Meeting, Buffett cautioned investors against putting money into companies with confusing or unclear accounting.

“I would say that when the accounting confuses you, I would just tend to forget about it as a company,” he said. “We have never had any great investment results from companies whose accounting we regarded as suspect. I can’t think of a one. It’s a very bad sign.”

Buffett’s message is simple: if a company’s financials aren’t transparent, it’s not worth the risk.

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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Lubrizol

Lubrizol’s First Asia-Pacific Innovation Summit, Showcases Breakthrough Technologies for Sustainable Growth

(BRK.A), (BRK.B)

Berkshire Hathaway’s Lubrizol marked a major milestone with its inaugural Asia-Pacific Innovation Summit in Shanghai, bringing together more than 150 industry leaders, technical experts, and partners. The event highlighted how material science is evolving from technology-led development to a collaborative, value-driven catalyst for sustainable industry growth.

Henry Liu, Vice President of Lubrizol Asia Pacific, emphasized the region’s unique role in shaping next-generation innovation.

“Diversified and rapidly evolving market demands are reshaping traditional industry models,” he said, noting that Asia-Pacific’s fast innovation cycles and rich application scenarios make it fertile ground for breakthroughs. Liu reiterated Lubrizol’s commitment to combining global expertise with local engagement, describing the company’s “R&D–manufacturing–co-creation” model as key to accelerating the path from ideas to real-world solutions.

The summit follows Lubrizol’s recent regional investments, including the launch of its Southeast Asia Innovation Center in Singapore, a new office in Jakarta, and expanded medical-grade TPU production capacity in Shanghai.

Breakthrough Technologies Debut in Asia-Pacific

Lubrizol unveiled several innovations aimed at advancing sustainability and performance across multiple industries:

Next-Generation Mobility Additives: New additive packages address China VII commercial vehicle standards and evolving needs in hybrid and electric vehicles. The CV1150 diesel engine oil solution delivers low-ash durability with proven field performance, while the PV3610 platform provides balanced lubrication for internal combustion, PHEV, and range-extended engines.

Sustainable Packaging Coatings: A new PFAS-free, PE-film-free waterborne acrylic emulsion for food packaging offers high oil and water resistance with recyclability, biodegradability, and compliance with China GB9685, U.S. FDA, and EU food-contact regulations.

Biotech Skincare Innovation: Lectroglaze™, the first cosmetic active ingredient powered by electrogenic bacteria, helps neutralize free radicals by stimulating bioelectricity production in the skin microbiome. Clinical tests showed visible reductions in pore size after four weeks.

Advanced TPU Foam for Footwear: New ESTANE® BCX TPU grades support lightweight, high-rebound midsoles using physical foaming processes, promoting both performance and circularity. Lubrizol’s Foam Application Centers in China and Korea will help accelerate sustainable footwear development.

Through panel discussions and technical showcases, the summit underscored the industry’s shift toward collaborative innovation. Lubrizol reaffirmed its long-term commitment to the Asia-Pacific region, aiming to turn emerging ideas into scalable, sustainable solutions that drive 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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Lessons From Warren Buffett

Lessons From Warren Buffett: The Clear Line Between Investing and Gambling

At the 1999 Berkshire Hathaway Annual Meeting, Warren Buffett offered a simple yet powerful definition of investing—and a clear distinction from gambling.

“Investment is the process of putting out money today to get more money back at some point in the future,” he explained. “And the question is, how far in the future, how much money, and what is the appropriate discount rate to take it back to the present day and determine how much you pay?”

Unlike gambling, which relies on chance and short-term outcomes, investing involves evaluating the value of future returns and making informed decisions based on long-term expectations. For Buffett, successful investing means thinking carefully about time, value, and risk—never simply making a bet.

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series
At the 1999 Berkshire Hathaway Annual Meeting, Warren Buffett offered a simple yet powerful definition of investing—and a clear distinction from gambling.

“Investment is the process of putting out money today to get more money back at some point in the future,” he explained. “And the question is, how far in the future, how much money, and what is the appropriate discount rate to take it back to the present day and determine how much you pay?”

Unlike gambling, which relies on chance and short-term outcomes, investing involves evaluating the value of future returns and making informed decisions based on long-term expectations. For Buffett, successful investing means thinking carefully about time, value, and risk—never simply making a bet.

© 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

International Dairy Queen Announces Major Expansion Across Asia and the Middle East

(BRK.A), (BRK.B)

International Dairy Queen, Inc. (IDQ), a Berkshire Hathaway company and parent of American Dairy Queen Corporation, has unveiled ambitious expansion plans across Hong Kong, Macau, Taiwan, and Qatar. The newly signed agreements call for the opening of 187 DQ® restaurants—both treat-only and hot-food-and-treat formats—over the next decade.

Hong Kong–based Shanghai Dairy Queen Limited will lead the brand’s entry into Hong Kong and Macau with 60 restaurants planned for Hong Kong and 12 for Macau by 2034. In Taiwan, SFB Corporation Limited, together with Shanghai Dairy Queen Limited, will develop 100 new locations. Qatar’s Al-Majid Jawad W.L.L. will expand its existing portfolio of 10 restaurants by adding 15 more by 2030.

“Entering new markets and growing existing ones is a key component of our growth strategy,” said Nicolas Boudet, COO International at IDQ. “With 7,700 DQ restaurants in more than 20 markets, we’re pleased to expand our footprint with experienced franchise groups committed to delivering positive memories for our guests.”

The first restaurant under these new agreements has already opened—launched on November 18 inside the iconic Taipei 101 tower in Taiwan.

© 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: Invest Like an Owner, Not a Trader

Warren Buffett has long emphasized that investing is more than just trading shares—it’s about owning a piece of a real business. At the 2013 Berkshire Hathaway Annual Meeting, Buffett reiterated this core philosophy, saying, “It’s very important to have that mindset that we are buying businesses, whether we’re buying 100 shares of something or whether we’re buying the entire company. We always think of them as businesses.”

For Buffett, every investment is an opportunity to partner in a company’s long-term success, not just a bet on short-term price movements. This disciplined, business-first approach has guided his investing decisions for decades.

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 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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Berkshire Hathaway Specialty Insurance

Berkshire Hathaway Specialty Insurance Names Frederic de Blieck Country Manager for Belgium

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has announced the promotion of Frederic de Blieck to Country Manager, Belgium, expanding his responsibilities beyond his current role as Head of Executive & Professional (E&P) Lines, Belgium.

“Frederic has demonstrated both the excellent capabilities and strong character we value in our team and our leaders,” said Louis du Ché, Country Manager for France. “His appointment reflects our commitment to building the finest insurance business in Belgium—grounded in strong character, profitable growth, and long-term partnerships with customers and brokers.”

Du Ché praised the team’s efforts in establishing BHSI’s presence in Belgium and highlighted de Blieck’s key role in that expansion.

De Blieck joined BHSI in 2022 as Head of E&P Lines and brings nearly 20 years of experience in the insurance industry, specializing in financial lines. Based in Brussels, he will report to Louis du Ché in his new position as Country Manager for Belgium.

© 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.