Tag Archives: BNSF

BNSF Appoints New CEO

(BRK.A), (BRK.B)

BNSF has announced that Executive Vice President Operations, Kathryn M. Farmer, will become President and Chief Executive Officer on Jan. 1, 2021. As CEO, she will assume leadership of BNSF’s Board of Directors.

Carl R. Ice, current President and Chief Executive Officer, will retire at the end of 2020 and remain on BNSF’s Board of Directors as well.

Farmer has been with BNSF for 28 years, most recently serving as Executive Vice President, Operations since September 2018. In 1992, Farmer joined Burlington Northern as a management trainee and has held leadership positions in every major function of the company including operations, marketing and finance. Prior to her operations role, Farmer led BNSF’s largest business unit as Group Vice President, Consumer Products.

Ice has been with BNSF for 42 years. In 1995, he led a team that orchestrated the merger and subsequent integration of Burlington Northern Railroad and Santa Fe Railway. Since then, he has helped lead the company and culture into what has become the largest Class I railroad in North America. Ice has been integral to the development of the company’s operating and marketing plans.

“I want to thank all of the men and women of BNSF. I am proud of having worked with you and all of the things that we have accomplished together. One of the most important roles of a CEO is to ensure a strong succession plan is in place,” said Ice. “Katie and I have been working toward this plan for a long time. Katie has held many different roles at BNSF with an ever-increasing impact with each new role as she has built trust and confidence throughout BNSF. I am pleased for Katie and the organization knowing BNSF’s future is in good hands. Katie is a shining example of BNSF’s leadership model and BNSF will continue to build upon its legacy.”

As a long-time member of BNSF’s leadership team, Farmer said, “I am humbled and honored to be asked to lead this incredible company and its dedicated employees—men and women that I have worked alongside for almost 30 years. We are well-positioned in our approach to safety and meeting our customers’ expectations while having the necessary capacity to grow with our customers. BNSF has long been a cost leader and we will ensure that continues into the future. I look forward to continuing BNSF’s success.”

“Carl has had a huge impact on this company and this industry having served on BNSF’s leadership team for the entire 25 years of the company’s existence. I have great respect for him and he leaves BNSF well-prepared for the next 25 years,” said Greg Abel, Vice Chairman, Non-Insurance Operations, Berkshire Hathaway. “Katie has had a long career with multiple roles at BNSF which fits well with our efforts to develop our people. Katie’s proven leadership and passion and commitment make her perfect for the role. We’re thrilled that Katie is taking over the role and have the utmost confidence in both her and BNSF’s future success.”

Berkshire Hathaway Chairman and CEO Warren Buffett said, “BNSF is an iconic company and this is a historic day. Carl has been critical to BNSF’s success for a very long time. I thank him for his leadership and his accomplishments. We look forward to Katie’s leadership and more success. She possesses all of the qualities that make us excited about the future.”

© 2020 David Mazor


Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathawa, 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.

Special Report: BNSF and Wabtec Testing Lithium-Ion Locomotive

(BRK.A), (BRK.B)

Wabtec and BNSF Railway Company are testing a lithium-ion battery-powered locomotive, which will be paired with diesel locomotives in a “consist” (railroad jargon for a sequence of connected locomotives) to eventually power a freight train along a stretch of rail in California’s Central Valley between Stockton and Barstow.

Wabtec has begun testing a prototype 4,400 lithium-ion battery-powered locomotive at its Erie, Pennsylvania, plant.

If successful, the fuel savings could have a big impact on BNSF and other railroads. And the environmental benefits could also help BNSF advance one of its major capacity-building projects. Adding even one battery-powered locomotive to the train could reduce the consist’s total fuel consumption by up to 15 percent.

BNSF and Wabtec (formerly GE Transportation) began the pilot program in 2018.

Currently, Wabtec builds new diesel locomotives up to 5,400 horsepower. In addition to locomotives, Wabtec also produces freight cars, passenger transit vehicles and power generation equipment, for both original equipment and aftermarket applications.

BNSF previously looked at liquefied natural gas as a possible alternative to diesel fuel, but ended the project, and has since moved on to battery power.

The leap to battery power is not as big of one as it may at first seem. Diesel-electric locomotives like the machines Wabtec builds are already essentially power plants on wheels. They use a powerful diesel engine to generate the electricity that drives the electric motors that spin the wheels.

Wabtec believes that a battery-powered locomotive is the perfect complement to its diesel-electric brethren. The battery will hold 2,400 kilowatt-hours of energy, meaning it’s able to maintain full horsepower for roughly 30 minutes on a given charge. Then the operator can decide how to use that power.

For example, the operator could slash emissions from the diesel-powered locomotives by drawing heavily on the battery to start up the train. This would be especially desirable if the train were pulling out of a city rail yard, close to populated areas.

Using the battery power also cuts down on noise. The train operator may also choose to “graze” on battery power — or even recharge the battery — when the train is cruising through open landscape, saving hundreds of gallons of diesel.

Each battery locomotive also has a brain, in the form of an onboard supervisory control system. The rail operator can input data about the train’s journey into the system — such as how much weight it’s hauling, the types of locomotives in the consist, and its route — to allow the computer to make decisions about the best way to use the battery before the train even pulls away.

Imagine a battery-enhanced train making a 500-mile trip across sparsely populated terrain — meaning fuel economy is the name of the game. Software will calculate the optimum ratio of battery power to diesel usage for such a journey and decide on the most favorable balance for the hybrid locomotive consist. The software can then pinpoint the exact moments to draw on the battery, thus sparing diesel.

The new locomotive will use a battery cell similar to what you might find under the hood of an electric car. It is a lithium-ion energy storage unit with cells that contain a combination of nickel, manganese and cobalt only far larger.

A standard electric-car battery usually holds a few hundred storage cells — each around the size of a mini tablet computer. But the prototype of the new locomotive will have a battery with approximately 20,000 cells, and future versions may have as many as 50,000 cells. The cells also must be able to weather the heavy-going environment of a locomotive, with all its jolts and shocks.

To build the demonstration model, workers stripped out the engine and cooling systems from a diesel locomotive to make way for the battery under the hood. But from the outside, the battery-powered locomotive doesn’t look much different from its diesel counterparts.

The impact on BNSF could be huge, not only in fuel cost-savings, but if it could use battery-powered locomotives in urban areas, such as the Port of Long Beach, it might be able to overcome the opposition to its long-stalled Southern California International Gateway plan, which has been held up due to environmental concerns tied to diesel emissions.

“We’re developing and testing the ‘next-generation’ locomotive now to build our advantage over long-haul trucks, remain competitive and reduce our operating costs,” BNSF’s Vice-President, Environmental, John Lovenburg, says.

© 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 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.

BNSF Adds Direct Intermodal Service Between the Pacific Northwest and The Ohio Valley Region

(BRK.A), (BRK.B)

With the growth of its direct-rail intermodal service connecting California with the Ohio Valley region, BNSF Railway has launched a new service option between the Pacific Northwest and Northwest Ohio. This new container-only service will initially be offered five days a week for both eastbound and westbound freight originating and terminating at our South Seattle Intermodal Facility.

Customers who originate shipments at BNSF’s South Seattle Intermodal Facility can now access some of the fastest growing industrial and consumer markets in and around northwest Ohio including Toledo, Columbus, Cleveland, Cincinnati, Detroit, Louisville and Pittsburgh.

The new service offering supports greater supply chain efficiency and is made possible as a result of BNSF’s continued focus on providing access to key markets and enhanced service capabilities for our customers.

© 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 adv

BNSF Plans Layoffs

(BRK.A), (BRK.B)

With declining coal volumes, BNSF Railway has begun layoffs and facilities closures.

Through May 2, year-to-date coal volumes are down 16.4 percent, as compared to 2019. Total carloads including intermodal are down 9.90 percent.

The Class 1 railroad announced that 344 positions were being eliminated. The positions were in the company’s mechanical facilities. Some employees will have the option of accepting positions in other locations and will receive relocation packages and the ability to exercise seniority as per bargaining agreements.

Two BNSF facilities in Wyoming will close permanently this summer with Donkey Creek set to close on June 5 and Guernsey closing July 7.

The company is also closing facilities in Kansas, Montana, Nebraska, and North Dakota.

© 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.

Ninth Circuit Court Sides With Tribe in Dispute With BNSF

(BRK.A), (BRK.B)

A federal judge’s ruling Wednesday in favor of the Swinomish Indian Tribal Community gave the tribe another victory against BNSF Railway in their ongoing dispute over oil trains crossing tribal land.

The United States Court of Appeals for the Ninth Circuit agreed with a lower court that a federal law didn’t prevent the Swinomish Indian Tribal Community from trying to enforce its rights under its Right-of-Way easement agreement. The decision is a major win for the tribe as it enables it to pursue injunctive relief to enforce its easement agreement.

The Swinomish Indian Tribal Community initially filed their lawsuit in March 2015, suing the railroad for violating the terms of a Right-of-Way easement granted to allow the railroad to cross the reservation.

The Easement Agreement enables BNSF to bring Bakken crude oil to the Tesoro refinery by crossing a portion of the Swinomish Indian Reservation located on Fidalgo Island in Skagit County, Washington.

Under the terms of the 1991 Easement Agreement, BNSF can run one 25-car train per day in each direction. The tribe sued contending that BNSF was running as many as six 100-car “unit trains” per week.

The History of the Dispute

Train travel across the tribe’s land has a long contentious history, with the original track having been laid in the late 1800s without consent from the Swinomish or the U.S government. The tracks cross the northern edge of the reservation, and the Swinomish, as the present day political successor-in-interest to certain of the tribes and bands that signed the 1855 Treaty of Point Elliott, first sued the railroad in 1976, alleging a century of trespassing on tribal land. The resulting settlement led to the 1991 Easement Agreement that allowed only the 25-car train limit without the Tribe’s permission.

The Tribe contend in its lawsuit that “BNSF never notified the Tribe that it intended to exceed the limitation of one train of 25 cars or less, nor did it request permission from the Tribe before it began to do so.”

A Deal is a Deal

“A deal is a deal,” said Swinomish Chairman Brian Cladoosby. “Our signatures were on the agreement with BNSF, so were theirs, and so was the United States. But despite all that, BNSF began running its Bakken oil trains across the Reservation without asking, and without even telling us. This was exactly what they did for decades starting in the 1800s.”

“We told BNSF to stop, again and again,” said Cladoosby. “We also told BNSF: convince us why we should allow these oil trains to cross the Reservation. And we listened for two years, even while the trains kept rolling. But experiences across the country have now shown us all the dangers of Bakken Crude. It’s unacceptable for BNSF to put our people and our way of life at risk without regard to the agreement we established in good faith.”

Under the terms of the Easement Agreement, the Tribe agreed not to “arbitrarily withhold permission” for BNSF’s request to increase the number of trains or cars.

Is it Arbitrary?

The Tribe contends that its refusal to grant permission is not arbitrary and is “Based on the demonstrated hazards of shipping Bakken Crude by rail, paired with the proximity of the Right-of-Way to the Tribe’s critical economic and environmental resources and facilities — and the substantial numbers of people who use those resources and facilities on a daily basis — the Tribe is justifiably and gravely concerned with BNSF’s shipment of Bakken Crude across the Right-of-Way in a manner and in quantities at odds with the explicit terms of the Easement Agreement.”

The Swinomish are concerned that trains carrying Bakken crude oil run over bridges spanning the Tribe’s fishing grounds in the Swinomish Channel and Padilla Bay. They also noted that the track runs across the “heart of the Tribe’s economic development enterprises,” which includes the Tribe’s Swinomish Casino and Lodge, a Chevron station and convenience store, and an RV Park, as well as a Tribal waste treatment plant.

The Tribe noted that these enterprises are the “primary financial source for funding of the Tribe’s essential governmental functions and programs.”
The 1991 Easement Agreement granted the Right-of-Way for an initial 40-year term, along with two 20-year option periods. The current agreement will expire no later than 2071.

The tribe is seeking a “permanent injunction prohibiting BNSF from (1) running more than one train of twenty-five cars or less in each direction over the Right-of-Way per day and (2) shipping Bakken Crude across the Reservation.”

The Swinomish are also seeking monetary damages for the prior trespasses and breach of contract in an amount to be determined at trial.

© 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.

BNSF Railway Releases 2019 Economic Development Results

(BRK.A), (BRK.B)

BNSF Railway Company (BNSF) has reported investments from customers served by the freight rail provider in 2019 totaled approximately $1.2 billion.

Large investments from customers including Ag Processing Inc., SeaCa Packaging and Hostess Brands, LLC contributed to the sum.

As a result of customer investments, BNSF projects the creation of more than 2,000 new jobs in local communities. This marks the ninth consecutive year that BNSF customers and local economic development organizations have invested more than $1 billion in a calendar year for new or expanded facilities.

“BNSF strives to offer unique supply chain solutions that fit our customers’ logistical needs and help maximize their investments,” said Colby Tanner, assistant vice president, economic development. “The flexibility of our rail development program allows our customers to reach new growing markets while saving time and money.”

In 2019, new developments supported a wide variety of commodities including consumer, agricultural and industrial products in more than 100 communities across the BNSF network. Highlights of supply chain solutions BNSF helped its customers achieve in 2019 include:

• Ag Processing Inc. – A $300 million investment led to the opening of its 10th soybean processing location in Aberdeen, S.D. Ag Processing Inc.’s newest facility is expected to process more than 50 million bushels of soybeans annually and create 60 new jobs.

• Hostess Brands, LLC – Located in Edgerton, Kan., the new distribution center supports 200 new jobs. The $35 million investment strengthens the company’s distribution strategy with a direct connection to the nation’s supply chain through Logistics Park Kansas City.

• SeaCa Packaging – A subsidiary of Seattle-Tacoma Box Company, the plastics manufacturer invested $18 million in opening its first plant location in Surprise, Ariz., creating boxes for agriculture products and gaining access to demand in the Southwest region.

© 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.

BNSF Announces Its Newest Logistics Center

(BRK.A), (BRK.B)

BNSF Railway Company (BNSF) has announced its newest logistics center, Logistics Center North Houston at Cleveland. Once completed, the rail-served development is designed to help businesses increase their reach and speed to the densely-populated Houston market and surrounding area. As with other BNSF Logistics Centers, customers locating at North Houston can save nine months or more of development time and expense.

“The reality of a BNSF Logistics Center is a game changer for Cleveland’s industrial future,” said Mayor Otis Cohn. “Cleveland is perfectly poised for such a development as it is a vital and important link in our national transportation system. Cleveland lends itself to transportation services, located strategically as it is, but it took a company like BNSF to see and realize that potential.”

Logistics Center North Houston at Cleveland addresses the needs of the ever-growing Houston market. Located next to I-69 and State Highway 105, the site provides unrestricted access to the Greater Houston area. With more than 1,100 total acres, the business park is capable of handling multiple commodities offering a rail-served site that is customizable to fit the needs of customers. The facility features more than 20 new customer sites and has the ability to serve both manifest mixed freight and unit train single commodity customers.

“BNSF’s Economic Development team strategically selects logistics center locations for the convergence of rail and road at underserved, key growing markets,” said Colby Tanner, assistant vice president, economic development. “When our customers utilize the knowledge and expertise of our economic development team, they can expect to save significant time and money when locating their facilities at these prime locations, such as the Greater Houston area.”

BNSF Logistics Centers focus on offering direct rail service in multi-customer, multi-commodity business parks. BNSF invests directly in the development of the facility to create sites in under-served, strategic, end-user markets. These facilities can service carload, unit train customers or both.

© 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.

BNSF to be Sued by Environmental Groups Over Grizzly Bear Deaths

(BRK.A), (BRK.B)

Wildlife advocates have notified Burlington Northern Santa Fe Railway of their intent to sue the business over its role in trains in Montana killing numerous grizzly bears, which are protected under the Endangered Species Act.

A train recently killed two grizzly cubs near Whitefish. In addition, five grizzly bears died earlier this month near East Glacier Park as a result of railway activities. A train struck and killed a cow, which then attracted five bears to the tracks.

In five separate incidents, two died in train collisions and three were killed by cars on Highway 2.

This year alone, trains have killed at least eight grizzlies in Montana.

“While Burlington Northern has twiddled its thumbs for 15 years rather than taking essential measures to protect grizzly bears, trains have killed dozens of grizzlies, including at least four cubs,” said Sarah McMillan, Conservation Director at WildEarth Guardians. “This neglect, that has such lethal impact on protected bears, is simply unacceptable.”

The lawsuit targets BNSF’s railroad across northern Montana, which runs from eastern Montana, just south of Glacier National Park, and into Idaho. The best available data show that from 1980-2018, trains along its railways killed or contributed to the deaths of approximately 52 grizzly bears from the Northern Continental Divide Ecosystem.

Approximately 1.2-1.5 BNSF trains run per hour on these railways in Montana, averaging 35 miles per hour. There is a slight increase in train frequency at twilight, when grizzly bears often feed.

“The 67-mile stretch of railway between West Glacier and Browning is where trains reportedly killed 29 grizzlies between 1980 and 2002,” said Pete Frost, attorney at the Western Environmental Law Center. “Slowing the trains down, ensuring carrion are promptly cleared from tracks, and perhaps scheduling trains to run during the day and not at feeding time might reduce trains killing grizzlies.”

“The deaths of these grizzly bears and cubs was entirely preventable and there is no excuse for BNSF’s continued failure to safeguard the railroad from these lethal collisions,” said Josh Osher, Montana Director for Western Watersheds Project. “Whether it’s a lack of concern, laziness or just plain greed, it’s time for BNSF to be held accountable and to take immediate steps to stop further killings.”

The Western Watersheds Project notes that a company’s activities kill threatened species like the grizzly bear, it is legally required to propose solutions in a habitat conservation plan that then can lead to an incidental take permit. For more than 15 years, Burlington Northern has said it is working on a habitat conservation plan for grizzlies along its northern Montana train route, but one has never materialized.

© 2019 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.

BNSF Certifies Six New Sites

(BRK.A), (BRK.B)

Six new industrial locations have been awarded BNSF Railway Company’s Certified Sites designation.

Four of the new Certified Sites are the first for their state in Arizona, Minnesota, Mississippi and Missouri.

Two new Illinois Certified Sites bring the state’s total count to four.

In order to be considered for the designation, sites must undergo a thorough analysis, which includes an evaluation of environmental and geotechnical standards, available utilities, site availability and existing and projected infrastructure.

“Since the program’s inception in March 2016, BNSF’s Certified Sites have attracted more than $140 million of customer investments,” said Colby Tanner, assistant vice president, economic development. “This is a testament to our communities’ partnerships and commitments to keeping pace with the speed of development.”

The newly-designated Certified Sites feature hundreds of acres ready for industrial development:

• Becker Industrial Park, Becker, Minn. – Adjacent to US Highway 10 with easy access to two additional major highways, Becker Industrial Park consists of 67 acres of contiguous lots zoned for heavy industrial use.

• Duane Michie Industrial Park, Hayti, Mo. – Located one-half mile from the Pemiscot County Port Authority and in close proximity to two Missouri state highways and two interstate highways, Duane Michie Industrial Park has approximately 250 acres available for development.

• Springs Industrial Park, Holly Springs, Miss. – Just north of Highway 22 and about 40 miles southeast of Memphis International Airport, the Springs Industrial Park site has more than 1,200 acres available for development.

• Railplex Industrial Park, Surprise, Ariz. – Surprise’s two-square-mile Railplex is shovel-ready with all major utilities to site including water, sewer, power, rail and telecommunications. The Railplex has attracted over $150 million in capital investment with 292 acres available for development.

• Elion Logistics Park 55, Wilmington, Ill. – Elion Logistics Park 55 is a rail-served, mixed-use industrial park located off BNSF’s Southern Transcon. Up to 12 million square feet of potential rail-served sites are available.

• Lincoln Prairie South, Yorkville, Ill. – Situated at the intersections of State highways 34, 47, 71 and 126 plus access to I-88 to the north, I-80 to the south, and I-55 to the east, the Lincoln Prairie South site is a prime location for development of more than 220 divisible acres.

Certified Sites are a part of BNSF’s Premier Parks, Sites and Transload program. The program is a strategic approach that addresses the increasing demand for customer site locations by developing various types of facilities across BNSF’s network. Businesses looking to locate at any of these properties could save six to nine months of construction time as a result of this analysis.

BNSF Certified Sites are reviewed by an industry expert in order to ensure accurate, reliable data. The goal of the program is to provide an inventory of rail-served sites that are available for immediate development.

© 2019 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.

BNSF & YRC Freight Increase Intermodal Commerce

(BRK.A), (BRK.B)

YRC Freight has announced that by the end of this year YRC and BNSF Railway Company (BNSF) will have onboarded more than 600 branded intermodal containers. These new containers are part of the YRC commitment to acquire 1,000 branded intermodal containers by the end of 2020. Most of the containers will travel between Chicago and Southern California on BNSF’s network.

“At YRC Freight, our intermodal commerce with BNSF is evolving. We are reinforcing our commitment to YRC Freight-branded containerized units for the present and the future. As intermodal usage continues to shift to containerized transport, YRC Freight will already be there,” confirms YRC Worldwide Chief Operating Officer and YRC Freight President T.J. O’Connor.

Intermodal operations between truck and rail are a valuable emissions reduction strategy in the central and western United States to move trailers/containers over long distances. YRC Freight deploys a number of strategies to reduce its carbon footprint including its work with BNSF, use of longer combination vehicles, onboarding of new tractors with advanced emission reduction technologies and integration of industry-leading routing and load optimization software. Recently, YRC Freight renewed its annual certification with the award-winning EPA SmartWay voluntary emissions program.

“Operationally, all intermodal companies are looking at how to improve efficiency,” said YRC Freight Senior Vice President, Operations, Maynard Skarka. “Currently, we use smaller trailers called ‘pups’ to transport freight for our customers. This new shift to our branded containerized units will allow us to stay aligned with intermodal companies as we both look for operational efficiencies.”

BNSF remains focused on working with its customers to develop the best supply chain solutions for the movement of containers and trailers across its rail network. Its collaboration with YRC is great example of how it is doing that.

“At BNSF we are always looking at how we can create more efficiencies and greater capacity on our network, particularly in markets like the Inland Empire where containerization will help us leverage capacity to grow with increasing demand over time,” said BNSF Vice President, Domestic Intermodal, Todd Carter. “We will continue to work with our customers to transport both containers and trailers and will make adjustments that make sense to our overall logistics strategy with an eye toward meeting our customers’ expectations and fostering our mutual ability to grow.

© 2019 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.