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Berkshire Hathaway

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Berkshire Hathaway Inc.
Company typePublic
ISINUS0846707026
IndustryConglomerate
Predecessor
Founded1839; 185 years ago (1839)
FounderOliver Chace
HeadquartersBlackstone Plaza,
Omaha, Nebraska
,
U.S.
Area served
Worldwide
Key people
Products
List
RevenueIncrease US$364.5 billion (2023)
Increase US$120.16 billion (2023)
Increase US$96.22 billion (2023)
Total assetsIncrease US$1.069 trillion (2023)
Total equityIncrease US$567.5 billion (2023)
OwnerWarren Buffett: 38.4% of the Class A voting shares, representing a 15.1% overall economic interest in the company
Bill & Melinda Gates Foundation: 1.85% interest, shares were donated by Buffett
Number of employees
396,500 (2023)
SubsidiariesSee List of subsidiaries
Websiteberkshirehathaway.com
Footnotes / references
[2][3][4]

Berkshire Hathaway Inc. (/ˈbɜːrkʃər/) is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Founded in 1839 as a textile manufacturer, it transitioned into a major conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger (1924-2023). Greg Abel now oversees most of the company's investments and has been named as the successor to Buffett. Buffett personally owns 38.4% of the Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company.[4]

Notable companies wholly-owned by Berkshire include GEICO, Gen Re, BNSF Railway, Precision Castparts Corp., Lubrizol, Dairy Queen, Duracell, Benjamin Moore & Co., Pilot Flying J, Clayton Homes, Fruit of the Loom, Business Wire, NetJets, Oriental Trading Company, Pampered Chef, Ben Bridge Jeweler, CTB International, Central States Indemnity, Johns Manville, Scott Fetzer Company, McLane Company, See's Candies, WPLG, Berkshire Hathaway Energy, Berkshire Hathaway Assurance, and HomeServices of America. Notable stakes in public companies owned by Berkshire as of September 30, 2024, in order of value as of that date, include 2.0% of Apple Inc. ($69.8 billion), 21.5% of American Express ($46.2 billion), 9.99% of Bank of America ($36.4 billion), 9.3% of The Coca-Cola Company ($25.7 billion), 6.6% of Chevron Corporation ($19.0 billion), 27.2% of Occidental Petroleum ($12.8 billion), 13.6% of Moody's Ratings ($12.1 billion), 26.9% of Kraft Heinz ($10.4 billion), 6.7% of Chubb Limited ($7.7 billion), 44.0% of DaVita ($6.0 billion), 8.9% of Mitsubishi ($5.9 billion), 7.5% of Itochu ($5.7 billion), 8.4% of Mitsui ($5.2 billion), 2.9% of Citigroup ($3.9 billion), 6.9% of Kroger ($3.0 billion), 32.5% of Sirius XM ($3.0 billion), 8.6% of Visa Inc. ($2.6 billion), 1.2% of Verisign ($2.3 billion), 8.5% of Marubeni ($2.1 billion), 9.5% of Sumitomo Group ($2.1 billion), 0.4% of Mastercard ($2.1 billion), 0.1% of Amazon.com ($2.0 billion), 4.9% of BYD Auto ($1.8 billion), 2.4% of Capital One ($1.7 billion), 1.9% of Aon ($1.6 billion), 1.8% of Nubank ($1.2 billion), 9.5% of Ally Financial ($1.1 billion), 0.4% of T-Mobile US ($1.1 billion), 2.0% of Charter Communications ($1.1 billion), 8.6% of Louisiana-Pacific ($0.7 billion), 3.7% of Domino's ($0.6 billion), 1.3% of HEICO ($0.2 billion), 1.1% of Pool Corporation ($0.2 billion), and 0.4% of NVR, Inc. ($0.1 billion).[5] Insurance is a major area of operations and the retained premiums (float) serves as an important source of capital.[6] As of September 30, 2024, the company had $325 billion in cash and cash equivalents, more than any other U.S.-based public company.[7]

The company is focused on shareholder returns; between 1965, when Buffett gained control of the company, and 2023, the company's shareholder returns amounted to a compound annual growth rate (CAGR) of 19.8% compared to a 10.2% CAGR for the S&P 500.[8] However, in the 10 years ending in 2023, Berkshire Hathaway produced a CAGR of 11.8% for shareholders, compared to a 12.0% CAGR for the S&P 500.[9] From 1965 to 2023, the stock price had negative performance in only eleven years (1966, 1970, 1973, 1974, 1984, 1990, 1999, 2002, 2008, 2011, 2015).[10] In August 2024, Berkshire Hathaway became the eighth U.S. public company and the first non-technology company to be valued at over $1 trillion on the list of public corporations by market capitalization.[11]

The company has generally avoided investing in the technology industry; Buffett has said he prefers evergreen businesses that generate predictable long-term returns,[12] that he doesn't invest in companies that he doesn't understand,[13] and that he does not like to invest in companies that may undergo significant change.[14]

Berkshire Hathaway is ranked 5th on the Fortune 500 rankings of the largest United States corporations by total revenue and 9th on the Fortune Global 500.[15] Berkshire is one of the ten largest components of the S&P 500[16] and is on the list of largest employers in the United States. Its class A shares have the highest per-share price of any public company in the world, reaching $700,000 in August 2024, because the board of directors has historically been opposed to stock splits.[17]

History

[edit]
Oliver Chace (1769–1852), founder of the Valley Falls Company in 1839
Berkshire Cotton Mills, Adams, Mass
Hathaway Mills, New Bedford, Mass

Pre-1965: Textile manufacturer

[edit]

Berkshire Hathaway traces its roots to Valley Falls Company, a textile manufacturing company established by Oliver Chace in 1839 in Valley Falls, Rhode Island.[18] Chace, who was a carpenter, started working for Samuel Slater, the founder of the first successful textile mill in America.[19] Chace founded his first textile mill in 1806.[19] In 1929, the Valley Falls Company merged with the Berkshire Cotton Manufacturing Company established in 1889, in Adams, Massachusetts.[20] The combined company was known as Berkshire Fine Spinning Associates.[21]

In 1955, Berkshire Fine Spinning Associates merged with Hathaway Mills which had been founded in 1888 in New Bedford, Massachusetts, by Horatio Hathaway with profits from whaling and the China Trade.[22] Hathaway had been successful in its first decades, but it suffered during a general decline in the textile industry after World War I. At this time, Hathaway was run by Seabury Stanton, whose investment efforts were rewarded with renewed profitability after the Great Depression. After the merger, Berkshire Hathaway had 15 plants employing over 12,000 workers with over $120 million in revenue, and was headquartered in New Bedford.[22] However, seven of those locations were closed by the end of the decade, accompanied by large layoffs.

1965–present: Berkshire under Buffett

[edit]
Buffett (second from left) and Munger (at right) in 1998

In 1962, Warren Buffett began buying Berkshire Hathaway stock for his fund, anticipating that as the company liquidated textile mills there would come a tender offer when he could sell the shares at a profit. A year later, Buffet and his associates became the largest shareholder of the company, eventually securing a 49% stake.[22] In 1964, Stanton made an oral tender offer to buy back Buffett's stake in the company for $11.50 per share. Buffett agreed to the deal. A few weeks later, Warren Buffett received the tender offer in writing, but the tender offer was for only $11.375. Buffett later admitted that this lower, undercutting offer made him angry.[23] Instead of selling at the slightly lower price, Buffett decided to buy more of the stock to take control of the company and fire Stanton, which in 1965 he did. However, this left Buffett's fund with a major interest in a declining textile business.

While Buffett maintained Berkshire's core business of textiles, he gradually moved capital to other industries, beginning with the March 1967 acquisition of the National Indemnity group of companies, which include National Indemnity Company, National Liability & Fire Insurance Company, and National Fire & Marine Insurance company, among others. It was valued at $35 per share, but Buffett offered $50 per share for the company, or $8.6 million.[24]

In 1963, Franklin Otis Booth Jr. invested $1 million in the company and in 1968, David Gottesman invested in the company. The investments made both individuals billionaires.

In the late 1970s, Berkshire acquired an equity stake in GEICO, which forms the core of its insurance operations today and is a major source of capital for Berkshire Hathaway's other investments. In 1985, the last textile operations were shut down.[25]

Buffett has described purchasing the Berkshire Hathaway textile company as the biggest investment mistake he had ever made, denying him compounded investment returns of about $200 billion over the subsequent 45 years.[23] He has estimated that had he invested the same money directly in insurance businesses instead of indirectly via Berkshire Hathaway (due to what he perceived as a slight by an individual), it would have paid off several hundredfold.[26]

On March 16, 1980, Berkshire became a public company via an initial public offering, selling Class A shares for $290 each.[27]

1994: Missed opportunity to invest in Amazon.com

[edit]

Buffett has had a long relationship with Jeff Bezos; he turned down an opportunity to invest in Amazon.com in 1994 as he was unable to predict the company's future growth and it was losing money.[28] Berkshire Hathaway purchased shares in Amazon in 2019 currently worth $2 billion.[29]

Shares closed over $100,000 for the first time on October 23, 2006.

2010-present: Hires and succession plans

[edit]

David L. Sokol, CEO of Berkshire Hathaway Energy until early 2008,[30] was a top lieutenant for Buffett. Sokol, who was paid $24 million per year, resigned from Berkshire in 2011 after it was disclosed that he personally made a $3 million profit from Berkshire Hathaway's purchase of Lubrizol.[31]

In October 2010, Berkshire announced that 39-year old Todd Combs, manager of the hedge fund Castle Point Capital, would join as an investment manager.[32][33][34][35]

In early 2012, 50-year-old Ted Weschler, founder of Peninsula Capital Advisors, joined Berkshire as a second investment manager.[36][37]

In the 2015 letter to shareholders, Buffett described hiring them both as "one of my best moves".[38] In the 2016 letter to shareholders, Buffett revealed that each of them independently manages over $10 billion on behalf of Berkshire.[39]

In January 2018, Berkshire Hathaway appointed Ajit Jain and Greg Abel to vice-chairman roles. Abel was appointed vice chairman for non-insurance business operations, and Jain became vice chairman of insurance operations.[40][41]

In May 2021, Buffett named Greg Abel to be his successor as CEO of Berkshire Hathaway.[42]

Corporate affairs

[edit]

Share classes and aversion to stock splits

[edit]

Berkshire Hathaway has never undergone a stock split of its Class A shares because of management's desire to attract long-term investors as opposed to short-term speculation. However, in 1996, Berkshire Hathaway created Class B shares, with a per-share value originally kept (by specific management rules) close to 1⁄30 of that of the original shares (now Class A) and 1⁄200 of the per-share voting rights, and after the January 2010 split, at 1⁄1,500 the price and 1⁄10,000 the voting rights of the Class-A shares. Holders of class A stock are allowed to convert their stock to Class B, though not vice versa. Buffett was reluctant to create the class B shares but did so to thwart the creation of unit investment trusts that would have marketed themselves as Berkshire look-alikes.

In January 2010, as part of the acquisition of BNSF Railway, Berkshire completed a 50-to-1 stock split of its class B shares. The increased market liquidity resulted in the company's inclusion in the S&P 500 upon consummation of the acquisition.[43][44]

Executive compensation

[edit]

The salary for Buffett is $100,000 per year with no stock options,[4] which is among the lowest salaries[45] for CEOs of large companies in the United States.[46] Buffett's salary has not changed in 35 years.[4] Buffett also receives approximately $300,000 worth home security services from the company annually.[4]

Abel and Jain each receive a salary of $20 million per year, with a possible $3 million annual bonus approved by Buffett.[4]

Annual letters and shareholders' meetings

[edit]

Buffett's letters to shareholders are published annually.

Berkshire's annual shareholders' meetings, nicknamed "Woodstock for Capitalists", take place at the CHI Health Center Omaha in Omaha, Nebraska. Attendance generally totals over 40,000 people and the meetings last for 6 to 8 hours, with Buffett himself, as well as Abel and Jain, answering questions from shareholders.[47][48]

Known for their humor and light-heartedness, the meetings typically start with a cartoon made for Berkshire shareholders.

Governance

[edit]

Current members of the board of directors of Berkshire Hathaway are Warren Buffett (chairman), Greg Abel (vice chairman of non-insurance business operations), Ajit Jain (vice chairman of insurance operations), Chris Davis, Susan Alice Buffett (Buffett's daughter), Howard Graham Buffett (Buffett's son), Ronald Olson, Kenneth Chenault, Steve Burke, Susan Decker, Meryl Witmer, Charlotte Guyman, Esteban Rodriguez Jr.

Charlie Munger served as vice chairman of the company from 1978 until his death on November 28, 2023.

Financials

[edit]
Year Revenue
in million US$ 		Net income
in million US$ 		Total Assets
in million US$ 		Employees
2005 81,663 8,528 198,325 192,000
2006 98,539 11,015 248,437 217,000
2007 118,245 13,213 273,160 233,000
2008 107,786 4,994 267,399 246,000
2009 112,493 8,055 297,119 222,000
2010 136,185 12,967 372,229 260,000
2011 143,688 10,254 392,647 271,000
2012 162,463 14,824 427,452 288,500
2013 182,150 19,476 484,931 302,000
2014 194,699 19,872 525,867 316,000
2015 210,943 24,083 552,257 361,270
2016 223,604 24,074 620,854 367,671
2017 242,137 44,940 702,095 377,000
2018 247,837 4,021 707,794 389,000
2019 254,616 81,417 817,729 391,500
2020 245,510 42,521 873,729 360,000
2021 276,094 89,795 958,784 372,000
2022 302,089 −22,819 948,452 383,000
2023 364,482 96,223 1,069,978 396,500

Wholly-owned businesses

[edit]
Main article: List of assets owned by Berkshire Hathaway

With some exceptions, Berkshire Hathaway usually does not invest in real property due to precise pricing, lack of competitive advantage, complex management, and corporation tax disadvantages.[58]

Insurance and reinsurance business activities are conducted through approximately 70 domestic and foreign-based insurance companies.

  • GEICO – Berkshire acquired full ownership of GEICO in January 1996, acquiring the 49% of the company that it did not then own for $2.3 billion.[59] GEICO, headquartered in Chevy Chase, Maryland, offers primarily private passenger automobile insurance to individuals in the U.S.. GEICO markets its policies primarily directly to consumers.[60] The company is known for its advertising characters including a gecko and the GEICO Cavemen.
  • Gen Re – Berkshire acquired General Re, headquartered in Stamford, Connecticut, in December 1998 for $22 billion. [61][62] Berkshire paid for the acquisition with Class A shares valued at $58,400 each; Buffett later said he overpaid, despite strong performance by General Re.[63]
  • National Indemnity Company, based in Omaha, Nebraska, was founded in 1940 by Jack Dabney Ringwalt and was acquired by Berkshire for $8.6 million in March 1967 in the first acquisition by the company under Buffett's control and the company's entrance into the insurance business.[64] In 2012, the company acquired Workers' compensation insurer GUARD for $221 million.[65]
  • NRG (Nederlandse Reassurantie Groep) was acquired by Berkshire from ING Group in December 2007.[66][67]
  • Berkshire Hathaway Assurance – In December 2007, during the 2007-2008 financial crisis, Berkshire created a government bond insurance company to insure municipal bonds, starting with New York State bonds.[68][69][67]
  • In October 2022, Berkshire Hathaway acquired insurance company Alleghany Corporation for $11.6 billion.[70][71][72][73] There was speculation a bidding war could erupt for the company.[74] An analyst suggested the company could be worth $1,000 per share, compared to the offer of $848.02 per share.[75] This move was touted as an example of Warren Buffett's "disdain" for investment bankers.[76]
  • In 2005, Berkshire acquired Applied Underwriters. In 2019, Applied Underwriters was to its founder for $920 million.[77]

Berkshire acquired See's Candies in 1972 for $25 million.[78] It produces boxed chocolates and other confectionery products in two large kitchens in California. See's revenues are highly seasonal with approximately 50% of total annual revenues being earned in the months of November and December.[79] By 2019, the $25 million investment had returned over $2 billion, or an 8000% return, to Berkshire.[78]

In 1977, Berkshire purchased the Buffalo Evening News and resumed publication of a Sunday edition of the paper that had ceased in 1914. After the morning newspaper Buffalo Courier-Express ceased operation in 1982, the Buffalo Evening News changed its name to The Buffalo News and began to print morning and evening editions. It now prints only a morning edition.[80] Berkshire formed BH Media Group with a purchase of the Omaha World-Herald in December 2011,[81] which included six other daily newspapers and several weeklies across Nebraska and southwest Iowa.[82] In June 2012, Berkshire purchased 63 newspapers from Media General, including the Richmond Times-Dispatch and Winston-Salem Journal, for $142 million in cash.[83] In 2012, Berkshire Hathaway bought Texas dailies The Bryan-College Station Eagle and the Waco Tribune-Herald.[84] In 2013, the company purchased the Tulsa World, the Greensboro, North Carolina-based News & Record, Virginia's Roanoke Times, and Press of Atlantic City.[85] In 2014, Graham Holdings Company sold its Miami television station, ABC affiliate WPLG to BH Media in a cash and stock deal.[86][87] In June, 2018, Lee Enterprises and Berkshire Hathaway reached a five-year agreement to allow Lee Enterprises to manage Berkshire Hathaway's newspaper and digital operations.[88] In 2020, Lee Enterprises acquired BH Media Group's publications and The Buffalo News for $140 million in cash, retaining WPLG.[89][90] In conjunction with the sale, Berkshire lent $576 million to Lee.[91]

In 1983, Berkshire acquired Nebraska Furniture Mart for $60 million.[92][93] In 2000, Nebraska Furniture Mart purchased Homemakers Furniture.[94]

In 1986, Berkshire acquired Scott Fetzer Company, a diversified group of 32 brands that manufactures and distributes products for residential, industrial, and institutional use. It included Kirby Company, which was sold in 2021, Wayne Water Systems, and Campbell Hausfeld products.[95] Campbell Hausfeld was transferred to Marmon, also a Berkshire subsidiary, in 2015. Scott Fetzer also manufactures Ginsu knives and World Book Encyclopedia.

In January 1986, Berkshire acquired Fechheimer Brothers. Fechheimer Brothers owns Flying Cross and Vertx. Flying Cross manufactures public safety uniforms and Vertx is a civilian tactical clothing company.

In 1991, Berkshire acquired H.H. Brown Shoe Group.[96]

In May 1995, Berkshire acquired RC Willey Home Furnishings. In June 1997, Berkshire acquired Star Furniture Company.

C-17 Globemaster III full flight simulator at Joint Base Pearl Harbor-Hickam

In February 1997, Berkshire acquired FlightSafety International (FSI), a pilot training company founded in 1951 by Albert Lee Ueltschi and headquartered at LaGuardia Airport in Flushing, New York.[97][98][99][100] It supplies high technology pilot training to aircraft operators in the fields of military, governmental, corporate, and regional or mainline flying. FlightSafety is the largest provider of professional aviation training services, with 1,800 instructors and offers more than 4,000 individual courses for 135 aircraft types, using more than 320 flight simulators to serve customers from 167 countries.

In October 1997, Berkshire acquired Dairy Queen, based in Edina, Minnesota, for $585 million. It franchises approximately 6,000 stores operating under the names Dairy Queen, Orange Julius, and Karmelkorn. The stores offer various dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn, and other snack foods.[101][102]

In July 1998, Berkshire Hathaway acquired NetJets, formerly Executive Jet Aviation, for $725 million in cash.[103][104] NetJets is the world's largest provider of fractional ownership programs for general aviation aircraft. In 1986, NetJets created the fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type. In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750.[105]

A HomeServices of America in Gillette, Wyoming

In 1999, Berkshire acquired MidAmerican Energy Holdings. At the time of purchase, Berkshire's voting interest was limited to 10% of the company's shares, but this restriction ended when the Public Utility Holding Company Act of 1935 was repealed in 2005. It owns Northern Powergrid, which operates in the UK.[106] In 2005, it acquired PacifiCorp for $5.1 billion in cash, and assumed $4.3 billion in PacificCorp debt and preferred stock.[107] MidAmerican was rebranded as Berkshire Hathaway Energy (BHE) in April 2014.[108] The division owns a residential real estate brokerage business, which, in March 2013, was rebranded as HomeServices of America, a division of Berkshire Hathaway Energy.[109] In addition to brokerage services, it provides mortgage loan originations, title insurance and closing services, home warranty, property insurance and casualty insurance and other related services. The company has acquired several residential real estate brokerages including Long & Foster, acquired in September 2017.[110]

In October 1999, Berkshire acquired Jordan's Furniture for an estimated $200 million to $300 million.[111]

CORT Business Services Corporation was acquired in February 2000 by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire and is the largest U.S. provider of rental furniture, accessories and related services in the "rent-to-rent" segment of the furniture rental industry.[112]

In May 2000, Berkshire acquired Ben Bridge Jeweler, a chain of jewelry stores established in 1912 with locations primarily in the western United States.[113] Helzberg Diamonds, a chain of jewelry stores based in Kansas City that began in 1915, was acquired Berkshire in 1995 after a chance run in between Buffett and Barnett Helzberg on a street in New York City.[114]

In June 2000, the company acquired Justin Brands, the parent company of Justin Boots, Acme Boots, and Acme Brick for $600 million in cash.[115][116] Headquartered in Fort Worth, Texas, Acme manufactures and distributes clay bricks (Acme Brick), concrete block (Featherlite), and cut limestone (Texas Quarries). Justin Brands also owns Chippewa Boots, Nocona Boots, and Tony Lama Boots.[117]

In December 2000, Berkshire acquired Benjamin Moore & Co., headquartered in Montvale, New Jersey. Moore formulates, manufactures, and sells architectural coatings that are available primarily in the United States and Canada. Buffett agreed not to sell the products through major retail chains.[118]

In January 2001, Berkshire acquired 87% of Dalton, Georgia-based Shaw Industries. It acquired the remaining 12% in January 2002. Shaw is the world's largest carpet manufacturer based on both revenue and volume of production and designs and manufactures over 3,000 styles of tufted and woven carpet and laminate flooring for residential and commercial use under approximately 30 brand and trade names and under certain private labels.[119]

In February 2001, Berkshire acquired Johns Manville, established in 1858 and a manufacturer of fiberglass wool insulation products for homes and commercial buildings, as well as pipe, duct, and equipment insulation products.[120]

In July 2001, Berkshire acquired a 90% equity interest in MiTek, headquartered in Chesterfield, Missouri, which makes engineered connector products, engineering software and services, and manufacturing machinery for the truss fabrication segment of the building components industry.[121] In May 2008, Mitek acquired Hohmann & Barnard, a fabricator of anchors and reinforcement systems for masonry.[122] October 2008, Mitek acquired Blok-Lok of Toronto, Canada. On April 23, 2010, Mitek acquired the assets of Dur-O-Wal from Dayton Superior.[123]

In February 2002, Berkshire acquired Albecca, headquartered in Norcross, Georgia, operating under the Larson-Juhl name. Albecca designs, manufactures, and distributes custom framing products, including wood and metal molding, matboard, foamboard, glass, equipment, and other framing supplies.[124]

In April 2002, Berkshire acquired Fruit of the Loom for $835 million in cash. It acquired Russell Corporation in August 2006, for $600 million.[125] Fruit of the Loom also acquired Brooks Sports in 2006.[126]

In September 2002, Berkshire acquired Garanimals for $273 million.[127]

In October 2002, Berkshire acquired The Pampered Chef, the largest direct seller of kitchen tools in the United States. Products are researched, designed, and tested by The Pampered Chef, and manufactured by third-party suppliers. From its headquarters in Addison, Illinois, The Pampered Chef utilizes a network of more than 65,000 independent sales representatives to sell its products through home-based party demonstrations, principally in the United States.[128]

Also in October 2002, Berkshire also acquired CTB International.[129][130] CTB, headquartered in Milford, Indiana, is a designer, manufacturer, and marketer of systems used in the grain industry and in the production of poultry, hogs, and eggs. Products are produced in the United States and Europe and are sold primarily through a global network of independent dealers and distributors, with peak sales occurring in the second and third quarters.

In May 2003, Berkshire acquired McLane Company from Walmart.[131] The company later acquired Professional Datasolutions and Salado Sales. McLane provides wholesale distribution and logistics services in all 50 states and internationally in Brazil to customers that include discount retailers, convenience stores, quick-service restaurants, drug stores and movie theatre complexes.[132]

In August 2003, Berkshire Hathaway acquired Clayton Homes, a maker of manufactured housing, modular homes, storage trailers, chassis, intermodal piggyback trailers and domestic containers, headquartered near Knoxville, Tennessee, for $1.7 billion.[133][134][135][136][137][138]

In July 2005, Berkshire Hathaway acquired Forest River, the world's largest seller of recreational vehicles, from Pete Liegl for $800 million.[139]

In January 2006, Berkshire bought Business Wire, a U.S. press release agency.[140]

In March 2007, Berkshire Hathaway acquired TTI, Inc. Headquartered in Fort Worth, Texas, TTI is the largest distributor specialist of passive, interconnect, and electromechanical components. TTI's extensive product line includes; resistors, capacitors, connectors, potentiometers, trimmers, magnetic and circuit protection components, wire and cable, identification products, application tools, and electromechanical devices.[141]

In 2008, Berkshire Hathaway acquired 60% Marmon Group, a conglomerate owned by the Pritzker family for over fifty years that owned and operated companies that produce railroad tank cars, shopping carts, plumbing pipes, metal fasteners, wiring and water treatment products used in residential construction. Berkshire acquired the remainder of Marmon in 2013.[142]

In February 2010, Berkshire acquired the remaining portion of BNSF Railway that it did not already own for stock and cash totaling $26 billion.[143] This was the largest acquisition to date in Berkshire's history.[144]

In September 2011, Berkshire Hathaway acquired Lubrizol for $9 billion in cash.[145]

In March 2011, Berkshire Hathaway made its first foray into the Indian insurance sector with its non-direct subsidiary BerkshireInsurance.com.[146][147]

In 2012, Berkshire acquired Oriental Trading Company, a direct marketing company for novelty items, small toys, and party items for around $500 million.[148][149][150]

In 2017, Berkshire acquired 38.6% of truck stop chain Pilot Flying J for $2.8 billion, followed by the acquisition of an additional 41.4% of the company for $8.2 billion in 2023, and the remaining 20% in 2024 for $3 billion. It appointed two Berkshire Hathaway Energy executives as CEO and CFO of the company, retaining Jimmy Haslam as chairman.[151][152][153][154]

On October 2, 2014, Berkshire Hathaway Automotive, an auto dealership subsidiary, was created through the acquisition of Van Tuyl Group, the remaining largest auto dealer in the nation and independently owned up to that date. It is the fifth-largest with ownership of 81 dealerships and revenues of $8 billion.[155][156]

In January 2016, Berkshire Hathaway acquired Precision Castparts Corp. for $32.1 billion.[157] In 2020, Buffett said he overpaid for the company and wrote down its value by approximately $10 billion.[158]

In February 2016, Berkshire Hathaway acquired Duracell from Procter & Gamble for $4.7 billion in stock in P&G previously owned by Berkshire Hathaway.[159][160]

Stock purchases and sales

[edit]

Buffett began investing in Wells Fargo in 1989; however, by the first quarter of 2022, Berkshire Hathaway had sold its entire interest in the company.[161][162]

Berkshire made its first investment in Tesco, UK grocery retailer, in 2006 and in 2012 raised this stake to over 5% of the company, investing a total of $2.3 billion.[163] Buffett sold around 30% of this stake in 2013 when he "soured somewhat on the company's then-management", realizing a profit of $43 million.[164] As Tesco's problems mounted through 2014, Berkshire sold all the remaining shares with Buffett saying to shareholders that the delay in selling shares was costly. Berkshire realized an after-tax loss of $444 million on the Tesco investment.[164]

In early 2008, Berkshire sharply increased its stake in ConocoPhillips to 85 million shares.[165] In one of Buffett's interviews, he later described this as "a major mistake" as the price of oil collapsed during the Great Recession. Berkshire sold most of its shares but held 472,000 shares until 2012. In that year, ConocoPhillips spun off a subsidiary, Phillips 66, of which Berkshire owned 27 million shares. Berkshire later sold $1.4 billion worth of shares to Phillips 66 in exchange for Phillips Specialty Products.[166] Buffett frequently referred to Phillips 66 as one of the best businesses Berkshire invested in because of its consistent dividends and share buyback programs. However, Berkshire sold its entire holdings in 2020.[167][168]

In September 2008, at the peak of the 2007-2008 financial crisis, Berkshire invested $5 billion in preferred stock in Goldman Sachs to provide it with a source of funding when capital markets had become constrained. The preferred stock yielded an annual interest rate of 10% earning Berkshire $500 million in interest income per year. Berkshire also received warrants to purchase 43.5 million shares with a strike price of $115 per share, which were exercisable at any time for a five-year term.[169][170] Goldman maintained the right to re-purchase the preferred stock and in March 2011 exercised this right paying $5.5 billion to Berkshire (the preferred stock could only be purchased back at a 10% premium). Profit on the preferred stock was estimated at $1.8 billion[171] and exercising the warrants has yielded a profit of more than $2 billion.[172] Buffett defended Lloyd Blankfein's decisions as CEO of Goldman Sachs and his efforts to improve the reputation of the company during the 2007-2008 financial crisis.[173][174][175]

In September 2008, BHE invested about US$230 million for a 10% (or 9.89%) share of BYD Auto @ HK$8/share.[176] Some shares were sold in 2023 and 2024, with Buffett motivated by the China–United States trade war.[177][178][179]

In October 2008, Berkshire invested $6.5 billion in Wrigley Company as part of a financing package to enable Mars Inc. to acquire the company. Berkshire sold its remaining bonds and preferred stock to Mars in 2016.[180]

In early 2011, Berkshire first invested in IBM. The shares were entirely sold in 2018.[181][182]

On August 26, 2011, Berkshire Hathaway purchased $5 billion of preferred shares in Bank of America.[183] The investment had an annual interest cost of 6% earning Berkshire $300 million in annual interest. Alongside the preferred stock investment, Berkshire obtained warrants allowing Berkshire to buy 700 million common shares at $7.14 per share, which were exercised. By 2017, this position had yielded a profit of about $12 billion excluding the annual interest earned from the preferred stock.[184]

In 2013, Berkshire and 3G Capital acquired H. J. Heinz Company for $28 billion including debt.[185] In 2015, Heinz merged with Kraft Foods to form Kraft Heinz.[186] In 2019, Buffett said that he overpaid in the deal.[187]

In 2013, Berkshire owned 1.74 million shares of Gannett; however, it sold its shares in the second quarter of 2013.[188][189]

In the first quarter of 2016, Berkshire began investing in Apple Inc., with a purchase of 9.8 million shares (0.2% of Apple) worth $1 billion. By the end of June 2016, this stake had increased to 15.2 million shares (0.3% of Apple). By December 31, 2016, Berkshire had built up a stake of 57.4 million shares (1.1% of Apple) with an estimated average acquisition price of $110 per share (before the 2020 4:1 split). Aggressive stock purchases continued and by March 31, 2017, Berkshire had amassed a stake of 129 million shares (2.5% of Apple). By December 31, 2017, Berkshire owned 166 million shares (3.3% of Apple). Berkshire bought 75 million more shares in early 2018.[190][191] As of December 31, 2022, Berkshire owned 5.8% of Apple.[192][193] Berkshire Hathaway reduced its Apple stake by nearly 50%, selling $75.5 billion worth of stock in the second quarter of 2024, increasing its cash reserves to a record $276.9 billion.[194] Buffett had said that Apple has developed an ecosystem and level of brand loyalty that provides it with an economic moat, and that consumers appear to have a degree of price insensitivity when it comes to the iPhone. While Buffett generally does not invest in tech stocks, he has said that Apple is a consumer products company and that he understands consumer products businesses.[195]

In the third quarter of 2016, Berkshire surprised investors by making large equity investments in the major US airlines. Buffett had previously described airlines as a "deathtrap for investors". Buffett had made an investment in US Airways in 1989 which, although he sold for a profit, almost lost Berkshire a substantial sum of money.[196] In 2017, Berkshire was the largest shareholder in United Airlines and Delta Air Lines and a top 3 shareholder in Southwest Airlines and American Airlines. Buffett himself has described this as a "call on the industry" rather than a choice in an individual company. American Airlines' CEO Doug Parker is said to have won over Ted Weschler in arguing that the airline industry had consolidated sufficiently and rationalized supply such that longer-term profitability could be achieved in an industry that has historically been loss-making in aggregate.[197] In April 2020, Berkshire sold all shares in the airlines due to the impact of the COVID-19 pandemic on commercial air transport.[198]

In June 2017, Berkshire invested $377 million Store Capital, a Scottsdale-based real estate investment trust that owned more than 1,750 properties in 48 states; the company was sold to private equity firms in 2022.[199][135][200]

In June 2017, Berkshire acquired a 38.4% stake in Home Capital Group for $400 million giving lifeline to the Toronto-based embattled mortgage lender.[201][202] The shares were sold in 2018.[203]

Between September 2019 and August 2020, Berkshire purchased more than 5% of the outstanding stock of each of the five largest Japanese sogo shosha (Itochu, Mitsubishi, Mitsui, Sumitomo, and Marubeni) through its National Indemnity subsidiary. These stakes were worth a total of over $6 billion as of August 2020. By April 2023, Berkshire increased its stake in each of those companies to 7.4%.[204] He continued to increase the stakes over time.[205]

In the second quarter of 2020, Berkshire added a position of more than 20 million shares in mining company Barrick Gold; the shares were sold in 2021.[206] In the third quarter of 2020, the company agreed to buy Dominion Energy's natural gas transmission and storage operations.[207]

In the first quarter of 2022, Berkshire acquired a $2.6 billion stake in Paramount Global.[208] However, at an annual meeting on May 4, 2024, Buffett stated that he had sold all of his shares in Paramount at a substantial loss, blaming himself for deciding to invest.[209]

In the first quarter of 2022, Berkshire acquired 121 million shares of HP Inc. valued at more than $4.2 billion; the shares were sold in 2023 and 2024.[210]

In the third quarter of 2022, Berkshire purchased 60 million shares in semiconductor manufacturing company TSMC valued at $4.1 billion; the shares were sold in late 2022 and 2023 in part due to geopolitical tensions.[211][193][212]

Berkshire began investing in Chubb Limited in 2023; by 2024, it owned a 6.4% stake worth $6.7 billion.[213]

Awards and recognition

[edit]

In 2007, the company was named by Barron's as the most respected company in the world based on a survey of American money managers.[214] It was named second after Apple Inc. on the same survey in 2014[215] and 2015[216] and was second behind Johnson & Johnson in 2016.[217]

See also

[edit]

References

[edit]
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