Categories
Minority Stock Positions Stock Portfolio

BYD Delivers More Electric Buses to Kansas City International Airport

(BRK.A), (BRK.B)

BYD has delivered three more American-built K7M buses to the Kansas City International Airport (KCI), which (by the way) was the first in the nation to use battery-electric buses for its passengers and visitors.

The 30-foot K7M buses will serve as parking lot shuttles, bringing passengers to the airport terminals. The buses will join four other K7Ms at KCI.

Members of the Sheet Metal Air, Rail and Transportation Workers (SMART) Union, Local 105, built the buses and the rest of KCI’s electric fleet at BYD Coach and Bus in Lancaster, California, USA.

“We’re honored that the forward-thinking leaders of KCI have once again chosen BYD buses to serve its passengers,” said Patrick Duan, BYD Vice President North America. These battery-electric buses will help keep Kansas City’s air clean, lower the airport’s operating costs and at the same time provide customers with a quiet, comfort ride.”

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely, as Berkshire’s original investment of $230 million has grown in value almost twenty-fold.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Lubrizol

Lubrizol Touts Global Investments to Support Growth in Surface Protection and Paint Protection Films

(BRK.A), (BRK.B)

To support rapid growth in surface protection applications, Berkshire Hathaway’s Lubrizol has made a variety of investments in its thermoplastic polyurethane (TPU) business globally. These investments extend the company’s capabilities in surface protection and paint protection film (PPF), providing additional benefit to PPF manufacturers, brand owners and their supply chains.

PPFs are used to maintain the long-lasting beauty of vehicle surfaces. With more than 30 years of proven experience, Lubrizol’s ESTANE® TPU is recognized as the benchmark material for performance in PPF, a reputation carefully developed through years of strategic investments in capacity, acquisitions and technology innovation.
The company’s most recent investments include:

• TPU capacity expansion through state-of-the-art manufacturing and processing technology at its Montmelo, Spain facility to serve growing demand

• Application resources and testing capabilities in its Brecksville, Ohio; Montmelo, Spain and Songjiang, China technical centers to develop the next-generation innovations

• Expansion of its consumer and market insights platform to stay ahead of the evolving needs in PPF and other surface protection end uses

This integrated combination of investments uniquely positions Lubrizol to collaborate with customers and partners across the value chain to support their growth and accelerate speed to market with new product innovations, while providing additional security of supply across the globe.

This focused growth also supports the company’s recent launch of its “Made with ESTANE TPU” branding initiative, designed to promote alignment with PPF brand owners to help them specify Lubrizol’s ESTANE TPU material in their products, bringing the assurance of quality and reliability expected by their installers and end-use customers.

“Our strategic focus is on markets and applications where we can deliver value-added solutions to our customers, while helping the industry advance,” says Viviana Wilson, Director of Global Industrial Marketing, Lubrizol. “This, in turn, fuels our investment in technology, market and applications know-how, and manufacturing.”

“We’re at our best collaborating with customers across the value chain. We aim to create smarter, and this investment in TPU capacity, testing and process technology enables us to do more, and more quickly, to meet the growing demands of this dynamic market. All of this is backed by reliable, world-class manufacturing and strong technical centers, close to our customers,” states Gabe Rhoads, General Manager, Lubrizol Engineered Polymers.

© 2020 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

First BYD E-Bus Delivered to Germany

(BRK.A), (BRK.B)

Chinese battery and vehicle manufacturer BYD has delivered the first of 22 pure electric buses ordered by German public transport operator Bogestra.

The BYD e-bus exported to German is 12 meters long and has a maximum passenger capacity of 80 people. It also has an over-200-km mileage on a single charge.

The Chinese automaker received Bogestra’s order in last September. The rest of the buses are expected to be delivered by October and serve in cities including Bochum and Gelsenkirchen in Ruhr region, Germany.

He Yipeng, general manager of BYD Europe, said the entry into the German market indicates recognition of BYD’s technology and products by the local government and the public transport operator.

According to BYD, it has sold its pure electric buses to more than 300 cities in over 50 countries and regions.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million has grown in value almost ten-fold.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 2020 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
Financial Reports

Berkshire Hathaway Second Quarter 2020 Earnings

(BRK.A), (BRK.B)

 

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the second quarter and first six months of 2020 and 2019 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

Second Quarter

First Six Months

2020

2019

2020

2019

Net earnings (loss) attributable to Berkshire shareholders

$

26,295

$

14,073

$

(23,451

)

$

35,734

Net earnings (loss) includes:

Investment and derivative gains/losses –

Investments(1)

31,017

7,766

(23,500

)

23,264

Derivatives

628

168

(472

)

776

31,645

7,934

(23,972

)

24,040

Impairments of intangible assets(2)

(10,863

)

—

(10,902

)

—

Operating earnings

5,513

6,139

11,423

11,694

Net earnings (loss) attributable to Berkshire shareholders

$

26,295

$

14,073

$

(23,451

)

$

35,734

Net earnings (loss) per average equivalent Class A Share

$

16,314

$

8,608

$

(14,500

)

$

21,824

Net earnings (loss) per average equivalent Class B Share.

$

10.88

$

5.74

$

(9.67

)

$

14.55

Average equivalent Class A shares outstanding

1,611,760

1,634,962

1,617,325

1,637,378

Average equivalent Class B shares outstanding

2,417,640,311

2,452,442,401

2,425,986,839

2,456,067,007

Note: Per share amounts for the Class B shares are 1/1,500th of those shown for the Class A.

(1) Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our earnings statements. In the table above, investment gains/losses in 2020 include a gain of $34.5 billion in the second quarter and a loss of $19.7 billion in the first six months and in 2019 include a gain of $7.1 billion in the second quarter and $22.2 billion in the first six months due to changes during the second quarter and the first six months in the unrealized gains that existed in our equity security investment holdings. Investment gains/losses in 2020 also include after-tax realized losses on sales of investments of $3.5 billion during the second quarter and $2.6 billion during the first six months. In 2019, investment gains/losses include after-tax realized gains of $662 million during the second quarter and $1.1 billion during the first six months.

The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.

(2) Includes $9.8 billion attributable to impairments of goodwill and certain identifiable intangible assets recorded in connection with Berkshire’s acquisition of Precision Castparts Corp. in 2016.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

Second Quarter

First Six Months

2020

2019

2020

2019

Insurance-underwriting*

$

806

$

353

$

1,169

$

742

Insurance-investment income

1,368

1,366

2,754

2,603

Railroad, utilities and energy

1,764

1,945

3,515

3,803

Other businesses

1,449

2,487

3,487

4,687

Other

126

(12

)

498

(141

)

Operating earnings

$

5,513

$

6,139

$

11,423

$

11,694

* One unusual item to note occurred during the second quarter: On April 8, 2020, GEICO initiated a $2.5 billion “give-back” to policyholders with respect to policies renewed and newly issued policies during the six month period beginning on April 8, 2020. For accounting purposes, the “give-back” will be spread over the twelve month period beginning on April 8, 2020. The effect was to increase GEICO’s underwriting profits during the second quarter that will lead to less favorable results – even perhaps underwriting losses – in the third and fourth quarters. Further details are set forth in our 10-Q.

Approximately $5.1 billion was used to repurchase Berkshire shares during the second quarter bringing the six month total to $6.7 billion. At June 30, 2020, insurance float (the net liabilities we assume under insurance contracts) was approximately $131 billion, an increase of $2 billion since yearend 2019.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment and derivative gains/losses and impairments of goodwill and intangible assets.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our periodic earnings statements. In sum, investment gains/losses for any particular period are not indicative of quarterly business performance.

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.

Categories
Appointments McLane

McLane Appoints New President and CEO

(BRK.A), (BRK.B)

Berkshire Hathaway’s McLane Company, Inc., a leading supply chain services company providing grocery and foodservice solutions, has announced that Tony Frankenberger has been appointed president and CEO, and that Grady Rosier will retire as president and CEO, both effective August 28, 2020.

Rosier has worked for McLane for more than 36 years and has held the title of president and CEO for the last 25 years of that time. His influence has elevated McLane to its position as a world-class leader in supply chain services for the grocery and foodservice industries.

During Rosier’s tenure, McLane has experienced significant market share growth and substantial annual revenue increases from less than $6 billion to more than $50 billion. Its grocery division expanded from convenience stores to other classes of trade, including drug stores, mass market retailers, warehouse clubs, value stores, supermarkets, and alcoholic beverage distribution. Rosier was instrumental in the sale of McLane from Walmart to Berkshire Hathaway in 2003, and he led the charge for a new foodservice division servicing QSR, fast casual, and casual restaurants that quickly became one of the largest in the industry. He has also provided an unwavering commitment to charitable organizations such as Children’s Miracle Network Hospitals and United Way.

“McLane is not just a company to me,” says Rosier. “It has been my passion, and the people at McLane are my family.”

Rosier has made an enormous impact on the supply chain industry and beyond. Prior to joining McLane, Rosier spent more than a decade in various executive roles in the convenience channel. Before that, Rosier had six years of honorable service in the United States Marine Corps and several more in the reserves. He was inducted into the Texas Business Hall of Fame in 2015, and currently serves on the board of directors of NVR, Inc. and NuStar Energy. Rosier earned his Bachelor of Arts from the University of Florida.

Tony Frankenberger will assume leadership of McLane as president and CEO on August 28, 2020, while maintaining his responsibilities as president of McLane Grocery, a $33 billion business unit providing supply chain solutions to over 70,000 retailer locations. Frankenberger has worked for McLane for more than 35 years. Shortly after he concluded his service with the United States Air Force in 1985, Frankenberger began his career with McLane as a washer, fueler, and mechanic in the transportation department and worked his way up in the company. Today, he has more than 15 years of senior management experience, including various past leadership positions in merchandising, procurement, and operations. Frankenberger holds a Bachelor of Arts and Master of Business Administration from the University of Phoenix.

“I have personally known Tony for more than 30 years and feel this is a tremendous opportunity for him to continue building the sustainability and growth of McLane into the future,” says Rosier. “He is an exceptional leader with a track record of operational excellence, building high performance teams, and extraordinary customer service.”

Frankenberger’s notable rise through the ranks and steadfast commitment to McLane’s values and beliefs pave his way to success in the new role.

“I am thrilled for Grady, and I wish him nothing but health and happiness in this new chapter of his life,” says Frankenberger. “I am honored to follow in his footsteps at an incredible company with outstanding teammates.”

© 2020 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
Minority Stock Positions Stock Portfolio

BYD All-Electric Refuse Trucks to Run in New Jersey

(BRK.A), (BRK.B)

BYD all-electric refuse trucks will soon be hard at work providing zero-emission collection services to Jersey City, N.J., the first such trucks on the U.S. East Coast capable of working an entire route.

Hudson County Motors and BYD will provide five all-electric, rear-loader collection trucks to the city. The BYD trucks will go to work on normal daily collection routes previously handled by diesel-fueled trucks.

The BYD 8R is the world’s first commercially available all-electric class 8 refuse chassis that can successfully complete an entire route. The BYD 8R’s core technologies include state-of-the-art batteries, controls and motors, which are designed, tested and built by BYD as an integrated system. This allows the BYD 8R to achieve the highest levels of performance, endurance and reliability.

BYD software optimizes power and torque for superior performance in refuse collection operations. Combined with BYD’s advanced battery chemistry, the BYD 8R holds enough energy to complete an entire route with true zero-emissions.

“Jersey City will be a model for what is now possible with zero-emission refuse trucks.” says John Gerra, Sr. Director of Business Development at BYD Motors. “We look forward to helping provide clean streets and clean air for the residents of Jersey City.”

The project is supported by the New Jersey Department of Environmental Protection and Sanitation Equipment Corp. of Totowa, NJ.

Hudson County Motors is BYD’s fully authorized truck dealer for Northern New Jersey.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million has grown in value almost ten-fold.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 2020 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
Acquisitions Lubrizol

Berkshire’s Lubrizol Acquires 3D Printing Company, Avid Product Development

(BRK.A), (BRK.B)

Berkshire Hathaway’s The Lubrizol Corporation has acquired Avid Product Development, LLC, a trusted partner for engineering and additive manufacturing services.

No price for the acquisition was revealed.

According to Lubrizol, Avid offers a unique blend of 3D printing capabilities, including design for additive manufacturing (DfAM), prototyping and production using powder bed fusion (MJF, SLS), fused filament fabrication (FFF) and stereolithography (SLA), with expertise in various post-processing technologies.

The company note that the 3D printing industry continues to rapidly grow, creating an immense opportunity for companies leveraging 3D printing services as part of their portfolios. Today, OEMs (original equipment manufacturers) interested in 3D printing are seeking partners who can assist in their efforts to integrate this new technology into their processes. Lubrizol’s materials, application and testing expertise coupled with Avid’s 3D printing design, prototyping and post-processing know-how will enable development of differentiated solutions for customers and accelerate adoption of 3D printing in key industries.

“Lubrizol continues to invest in opportunities that bring new differentiated solutions to our customers,” says Gert-Jan Nijhuis, General Manager, 3D Printing Solutions, Lubrizol Engineered Materials. “The acquisition of Avid Product Development greatly enhances our ability as a 3D printing solution provider, offering complete product solutions from material development to printing and post processing services, delivering end-use products for our key markets.”

“As a result of this acquisition, we will have vast opportunities to demonstrate our capabilities in engineering, design and manufacturing with the support of an industry leader in materials development, applications and testing” added Doug Collins, founder of Avid Product Development.

Avid is headquartered in Loveland, Colorado and serves customers in the footwear, consumer goods, industrial and medical markets. Avid won the 2019 Colorado Company to Watch award, and continues to create innovative solutions, including designing and 3D printing of critical personal protection equipment (PPE) to meet the urgent needs of healthcare workers and essential businesses during the COVID-19 pandemic.

© 2020 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
Berkshire Hathaway Specialty Insurance Insurance

Berkshire Hathaway Specialty Insurance Appoints Property Leadership in Middle East & Asia

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Berkshire Hathaway Specialty Insurance has appointed Kapil Palathinkal as Head of First Party Lines, Middle East, and Carlos Beltran as Head of First Party Lines, Asia, overseeing General Property, Energy and Construction.

“We are pleased to round out our regional property leadership with the promotions of Kapil and Carlos, two experienced leaders who will further build on their valuable contributions to BHSI and our customers,” said Marc Breuil, Head of Asia Middle East, BHSI. “Along with our financial strength, underwriting acumen, and CLAIMS IS OUR PRODUCT philosophy, BHSI offers customers the advantage of a consistent, stable approach to energy, construction and general property risks worldwide.”

Kapil, who is based in Dubai, joined BHSI in 2018 as Head of Energy & Construction. He has more than a decade of experience with construction, energy and engineered risks and is trained as a chemical engineer.

Carlos, who has more than two decades of industry experience, came to BHSI in 2018 as Head of General Property for the Middle East. In his new role, he will be based in Singapore.

© 2020 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
Berkshire Hathaway Energy

Berkshire Hathaway Energy Forms New Business Unit

(BRK.A), (BRK.B)

Berkshire Hathaway Energy has announced BHE Compression Services, a newly formed Berkshire Hathaway Energy business that will offer natural gas compression services focused on large horsepower with the patent pending technology known as CleanMachine™.

CleanMachine™ technology was developed to eliminate or capture raw methane emissions and minimize combustion emissions. The technology ensures the company’s fleet has the lowest total compressor package emissions, with targeted methane intensity rates of less than 0.2%. With this performance, BHE Compression Services will become the industry leader in responsibly sourced natural gas compression services.

Industry veterans Michael Robbins and Peter Strezo, co-founders of TCB Energy Services, will serve in key leadership roles at BHE Compression Services and will work at the company’s headquarters in Houston, Texas.

“We are excited to partner with Berkshire Hathaway Energy to build a new, environmentally sustainable compression company,” said Robbins, president and CEO of BHE Compression Services. “The company’s long-term focus of investing profits back into its people and businesses creates a unique opportunity to build lasting strategies, culture and relationships well into the future.”

“It is an exciting time for BHE Compression Services, and we are committed to building a business that is focused on customer service, employee commitment, environmental respect, regulatory integrity, operational excellence and financial strength,” said Strezo, vice president, technology and environmental. “Being part of Berkshire Hathaway Energy expands access to knowledge, resources, suppliers and strategic partners in the areas of methane emissions reduction technologies, engineering expertise in the energy industry, cybersecurity, and pipeline operations and maintenance.”

Berkshire Hathaway Energy’s formation of the new company and investment in CleanMachine™ technology are a natural continuation of the company’s commitment to using natural resources wisely and to reducing emissions at their source. The technology will be an important asset for BHE Pipeline Group, a Berkshire Hathaway Energy business that owns and operates the largest interstate natural gas pipeline system in the U.S.

“I am excited to collaborate with Mike and Pete on the launch of BHE Compression Services at a time when the industry places paramount importance not only on safe and reliable service, but also on environmentally sustainable business practices,” said Mark Hewett, president and CEO of BHE Pipeline Group.

BHE Pipeline Group is an industry leader in methane emissions reduction programs as one of the first 14 members of ONE Future, a founding partner in the U.S. Environmental Protection Agency’s Natural Gas STAR methane challenge program and a partner in the EPA’s Natural Gas STAR program since 1994.

© 2020 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
Berkshire Hathaway Energy

Berkshire Hathaway’s Utilities Save $13.19 Million in Q2 2020 Thanks to EIM

(BRK.A), (BRK.B)

Two of Berkshire Hathaway’s utilities, PacifiCorp and NV Energy, saved a combined $13.19 million in Q2 2020 through the western Energy Imbalance Market (EIM).

The California Independent System Operator (ISO) has released its western Energy Imbalance Market (EIM) 2020 second-quarter benefits report that shows total savings have reached $1 billion since the market’s launch in November 2014.

In 2014, Berkshire Hathaway Energy’s PacifiCorp agreed to become the first participant in the Energy Imbalance Market. Berkshire’s NV Energy, which serves 2.4 million customers in Nevada, commenced participation on December 1, 2015.

The western EIM platform automatically finds and delivers low-cost energy to serve consumers in Arizona, California, Idaho, Nevada, Oregon, Utah, Washington and Wyoming. Optimizing diverse resources from a large geographic area enables more effective use of carbon-free generation besides reducing costs.

The Western Energy Imbalance Market (EIM), is operated by the California Independent System Operator (ISO), and is averaging $1 million daily combined benefits for the eleven participating utilities.

ISO President and CEO Steve Berberich, who’s retiring from the ISO later this summer, envisioned the western real-time market to optimize resources and integrate high amounts of renewable energy while improving the reliable operation of the grid. “This milestone demonstrates the Western EIM is providing significant operational efficiencies and greater integration of variable resources for its participants,” said Berberich. “As many entities strive to meet the demands of the quickly evolving grid, the Western EIM will continue to be an important market for supporting a cleaner, greener system in the West.”

“This benefits milestone shines a spotlight on the value of regional collaboration,” said ISO Board of Governors Chair David Olsen. “The ISO will build on this momentum, together with its Western EIM partners, to develop even more efficient ways to share resources and improve reliability west-wide, in order to further reduce costs and emissions for all.”

John Prescott, Chair of Western EIM’s Governing Body, said that as the Western EIM continues to grow, so too will the benefits. “The Western Energy Imbalance Market is helping utilities and participants across the West use their energy resources much more efficiently, while reducing costs to their consumers,” Chair Prescott said. “With the EIM slated to see record growth by adding 10 balancing authorities over the next two years, the Governing Body looks forward to seeing the valuable regional coordination grow tremendously.”

With increasing levels of variable resources on the grid, such as solar and wind, there are times when output from these resources exceed demand for electricity. To balance the grid, those resources are often curtailed. Through the Western EIM and regional collaboration, clean energy resources are transferred across a large geographic area to serve demand where needed, leading to a reduction in curtailments for the second quarter of the year by 147,514 megawatt hours (MWh), and 1.24 million MWh overall since 2015.

With the increased generation of carbon-free energy, the cumulative CO2 emissions have been reduced by 533,381 metric tons, or the equivalent of taking 112,141 passenger cars off the road.

Additionally, operators are seeing qualitative benefits from the increased visibility and resource options available, especially during times such as the evening ramp or the variable nature of storm cloud cover.

© 2020 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.