Charlie

The interesting fact is that Greg Abel in the first months as CEO of Berkshire Hathaway is that he is correcting Buffett and Mungers few "business mistakes": - He wanted to sell the Kraft Heinz shares. - He is increasing efficiency in the operating businesses. - He restarted the share repurchase programm. - He is investing in "god" Google, which seems to have great business momentum/ could be the AI winner. Or as Buffett said: "Greg is a very, very, very, very smart business man." We, Berkshire Hathaway shareholder, should be so lucky to have him.

The U.S. health minister is really doing a good job. https://edition.cnn.com/2026/05/26/us/video/rfkjr-snakes-grab-bare-hands-wrangling

Yes it was Your method is much better. I used yahoo charts. In April there were some days with similar prices. I hope they bought more.

Thanks gfp for sharing. Could be bought at the 24th of march.

Anybody else find it funny that we probably bought a part of our Alphabet shares from Bill Ackman, who markets himself as a mini-Berkshire? Sounds a little bit like Carl Icahn, who sold us the Apple shares in 2016....

In march it was relatively cheap.

+1 I thought it would happen a quarter before, but he really likes to buy things cheap.

Yeah! - +1! - Buying, myself!, at these levels! - How difficult is it, or has it to be? +2 In German TV they said the glamour is gone. I think than it´s time for the value investors.

Thanks for posting, GFP. I also always like the Berkshire analysis from iluvbabyb from shrewdm.com: My summary of the 1Q results Berkshire Hathaway reported the company’s net worth during the first quarter increased by 1.4%, or $9.8 billion, to $727.2 billion with book value equal to about $505,723 per Class A share as of 3/31/26. Berkshire boasts the largest shareholders’ equity of any U.S. company. Net Earnings and Investment Gains Berkshire Hathaway’s first-quarter GAAP net earnings surged to $10.1 billion, more than doubling the $4.6 billion reported a year earlier. However, these figures remain subject to heavy volatility due to fluctuations in the market value of Berkshire's massive equity portfolio. For the quarter, the company recorded $1.2 billion in investment losses—a combination of $7.0 billion in unrealized losses offset by $5.8 billion in realized gains—representing a significant improvement over the $5.0 billion loss in the prior year period. As of quarter-end, Berkshire’s "Big Five" holdings accounted for approximately 61% of its total equity portfolio. Performance among these core assets was mixed: • Chevron led the group with a 37% spurt driven by rising oil prices. • Coca-Cola also performed well, popping 9%. • American Express faced a sharp 18% decline as Mr. Market swiped credit card companies lower during the quarter. • Bank of America and Apple also saw pullbacks, dropping 11% and 7%, respectively. Revenues and Operating Earnings During the first quarter, Berkshire’s total revenues increased 4% to $93.7 billion and operating earnings jumped 18% to $11.3 billion, driven by gains in all business segments, notably in the company’s insurance businesses. Insurance Berkshire Hathaway’s insurance segment delivered a powerhouse performance in the first quarter of 2026, with underwriting earnings climbing 29% to $1.7 billion. This leap was primarily driven by a "catastrophe-free" quarter, a stark contrast to the $860 million in wildfire losses that dented results in Q1 2025. Despite the overall gain, GEICO’s pre-tax underwriting earnings fell 35% to $1.4 billion due to rising costs and a competitive landscape. Berkshire’s primary and reinsurance groups saw improved results during the quarter. Insurance investment income slipped 7% to $2.7 billion, largely due to a lower interest rate environment affecting bond and cash yields. Berkshire's "all-important" insurance float—premiums held before claims are paid—grew by approximately $500 million during the quarter to reach $176.9 billion. Because underwriting was profitable, the cost of this massive $176.9 billion capital pool was effectively negative. Railroad (BNSF) BNSF’s quarterly revenue rose 5% to $6.0 billion, fueled by a 2.2% uptick in volume and a 2.8% rise in revenue per car/unit. The growth was spearheaded by a robust 12% surge in agricultural and energy shipments, while the increase in revenue per car reflected disciplined core pricing and higher fuel surcharges. Even more impressive was the bottom line: net earnings chugged 13% higher to $1.4 billion. This outsized profit growth was driven by a 200-basis-point expansion in operating margin (reaching 34.4%), signaling that the railroad successfully converted modest volume gains into significant profitability through enhanced operational efficiency. BNSF still is “working on the railroad” to improve margins further as it enviously eyes Union Pacific’s 39.5% operating margin. Katie Farmer, the company’s CEO, described at the annual meeting her plan to continue to focus on operational efficiency, technological modernization and targeted capital investments. Energy (BHE) Berkshire Hathaway Energy delivered a 5% revenue increase to $6.7 billion in the first quarter of 2026, although net earnings growth remained muted at 1.5% ($1.1 billion). Strong performance in natural gas pipelines and federal tax credits were largely offset by continuing headwinds in U.S. utility operations. PacifiCorp’s cumulative wildfire loss estimates reached approximately $2.9 billion by March 31, 2026, with $2.3 billion already paid. While a recent Oregon Court of Appeals ruling in April 2026 reversed and remanded a significant verdict against the company, PacifiCorp may still face material losses beyond current accruals as litigation continues. Manufacturing Berkshire’s Manufacturing businesses reported revenues increased 10% to $20.7 billion for the first quarter with operating earnings up 13% to $3.1 billion. The Industrial Products segment delivered robust results, with revenues jumping 24% to $11.2 billion and operating earnings rising 22% to $1.9 billion. While the Q1 acquisition of OxyChem provided a $1.2 billion boost to the top line, organic growth was led by IMC. Driven by accelerated customer purchasing, IMC’s revenues rose 21% to $1.2 billion, while pre-tax earnings hammered out a 42% gain. Notably, IMC’s global operations—including its significant manufacturing base in Israel—have remained resilient and unaffected by recent regional conflicts. Building Products revenues declined 3% to $6.0 billion, with operating earnings falling 9% to $804 million. This performance was impacted by softer customer demand, driven by broader economic conditions and significant weather disruptions across parts of the U.S. during the first quarter of 2026. The Consumer Products segment saw a 2% revenue decline to $3.5 billion, yet operating earnings motored 30% higher to $324 million. While lower sales volumes at Fruit of the Loom, Garan, Jazwares, and Forest River pressured the top line, these were partially offset by growth at Brooks and Duracell. The significant earnings expansion was driven by expense reductions at Forest River, robust sales at Brooks, and the benefit of tax credits at Duracell. Service and Retailing Service and Retailing revenues increased 4% during the quarter to $34.2 billion with pre-tax earnings dropping 9% to $1.2 billion. The Service group delivered a standout performance, with revenues rising 17% to $6.4 billion and pre-tax earnings climbing 21% to $785 million. Growth was fueled by significant gains across the portfolio, including a 26% revenue surge at electronics distributor TTI, a 24% increase at IPS (data center construction services), and 12% growth in aviation services. Profitability gains were primarily driven by TTI’s strong performance, with additional contributions from the aviation sector. Retailing group revenues eased 2% to $4.6 billion, while pre-tax earnings edged up 1% to $296 million. The revenue decline was largely driven by a 3% contraction at Berkshire Hathaway Automotive (BHA), which accounts for approximately 70% of the group’s top line. Despite lower vehicle sales, BHA’s pre-tax earnings rose 4%, bolstered by strong service contract performance and reduced operating expenses. Conversely, the group’s other retail businesses faced headwinds from increased competition and shifting consumer confidence, resulting in a collective 12% decline in earnings. Pilot Travel Centers’ first-quarter revenues rose 8% to $11.2 billion, bolstered by higher fuel prices. However, the company reported a pre-tax loss of $50 million, as performance was pressured by lower gross fuel margins, elevated operating expenses, and losses from hedging contracts. McLane’s revenues declined 2% to $11.9 billion, primarily reflecting lower sales volumes following the loss of several customers. Pre-tax earnings fell 20% to $144 million, driven by compressed gross margins and rising operating expenses. Financial Position As of March 31, 2026, Berkshire Hathaway maintains an exceptionally strong capital base of $727.2 billion, supported by significant liquidity. Excluding investments in railroads and energy, the company held $699.2 billion in total investments, with a heavy weighting toward cash and cash equivalents: • Cash and Short-Term Investments: $373.5 billion (53.4% of non-operating investments). • Equity Securities: $288.0 billion (41.1%), consisting of various marketable holdings. • Equity Method Investments: $20.0 billion (3.0%), which includes significant stakes in: o Kraft Heinz: 27.5% ownership. o Occidental Petroleum: 26.9% ownership. • Fixed-Income Investments: $17.7 billion (2.5%). This massive liquidity position provides Berkshire with substantial "dry powder" for future acquisitions or market opportunities. Free Cash Flow During the first quarter of 2026, Berkshire generated $10.4 billion in operating cash flow and invested $5.0 billion in capital expenditures, including capital expenditures of $3.2 billion by BNSF and BHE. BNSF and BHE maintain very large investments in capital assets (property, plant and equipment) and regularly make significant capital expenditures in the normal course of business. BHE and BNSF forecast capital expenditures for the remainder of 2026 of approximately $12.4 billion. Free cash flow during the quarter declined 18% to $5.4 billion, reflecting investment-related items and higher income taxes. During the quarter, Berkshire paid $16.0 billion to acquire equity securities and received proceeds of $24.0 billion from the sale of stocks, including the likely liquidation of many of the stocks previously managed by Todd Combs, the former investment manager who departed Berkshire. Berkshire purchased a net $1.9 billion in Treasury Bills and fixed-income investments during the quarter. On January 2, 2026, Berkshire acquired Occidental’s chemicals business (“OxyChem”) for approximately $9.5 billion. On Feb. 15, 2026, PacifiCorp announced plans to sell part of its Washington operations for $1.9 billion in cash which is expected to close in the first half of 2027. Share Repurchases Berkshire Hathaway continues to repurchase shares when market prices fall below intrinsic value, as conservatively determined by CEO Greg Abel in consultation with Chairman Warren Buffett. During March 2026, the company repurchased 33 Class A shares at an average price of $729,701 and 431,462 Class B shares at an average price of $486.92. With the stock currently trading at a discount to these latest repurchase prices, long-term investors may find this an attractive entry point to buy Berkshire Hathaway.

The transcript of the Buffett interview: https://www.cnbc.com/2026/05/02/cnbc-transcript-berkshire-hathaway-chairman-warren-buffett-sits-down-with-cnbcs-becky-quick-during-the-2026-berkshire-hathaway-annual-meeting-today-.html

Here we go: https://www.berkshirehathaway.com/news/may0226.pdf Cheers!

Apple beat expectations, Coca-Cola beat expectations, Alphabet beat expectations. Great business seems to do very well. The nature of a great business modell is, that it works very well.

Warm-up for the Berkshire Annual Meeting. https://www.cnbc.com/video/2026/05/01/watch-cnbcs-full-interview-with-berkshire-ceo-greg-abel.html?&qsearchterm=greg abel Cheers!

Warren Buffett Found Plenty of Stock Buys Over the Years. Right Now His Company Looks Like One. https://www.barrons.com/articles/buffett-abel-berkshire-hathaway-stock-43f2385f Cheers!

In Germany with a baby you have parental leave. You get paid and have 1-2 years not to work. I know some guys who travelled with their baby in Southern Europe with a VW bus. That can be a fantastic time.

I want to share some words of hope for couples that are not able to get kids naturally. My wife and me tried it about for 10 years and nothing worked. Then we tried it with help of the local hospital 3 times with an average success rate of 23%. It didn´t work. Then we changed to the most focused doctor in this area. I read about a success rate of 40%-50% with this specialised doctor. We paid about €5000 for the procedure. And after nine months we had healthy twins!!! With a lot of twins here, I bet some other had help from their doctor, too!?

Congratulations Saluki!!! Kids are the best thing in the world. We have 8-year old twin boys. We have so much fun together. Let the kid enjoy themself and give it a good environment for growing up/developing his talents. Let it try what it likes and relax yourself and enjoy it. Our garden is a big play ground with soccer field, trampolin, table-tennis, baskettball. So much depends on the "temperament" of the kid. The sleep deprivation is by far the hardest part, but you get your life back, year after year. My wife (44 years old) and me (50 years old) are trying to get a third kid. So enjoy the best times of your life.

I bought some Berkshire b shares under €400,00. Could be a P/B of under 1,4 with earnings coming in about 10 days.

The transcript of the recent Buffett interview: https://www.cnbc.com/2026/03/31/cnbc-exclusive-transcript-berkshire-hathaway-chairman-warren-buffett-speaks-with-cnbcs-becky-quick-on-squawk-box-today.html Cheers!

We are making easter holidays at Rovinj, Croatia. Great weather, great food, great landscapes. Fantastic family hotel!

Berkshire Hathaway to Invest $1.8 Billion in Tokio Marine https://finance.yahoo.com/markets/stocks/articles/berkshire-hathaway-invest-1-8-082137070.html Cheers!

It is probably the dopamine in our heads and we are following just our sensations news addictions.

The judges seem to be smarter than the politicians (same with the tariffs): US judge upends Kennedy's overhaul of childhood vaccine policies https://www.reuters.com/world/us-judge-blocks-efforts-reshape-childhood-vaccine-policy-2026-03-16/

I sold the Oxy shares of my mother. It could be that we have seen the maximum in oil prices. Trump cancelling his China trip, to focus on the Iran war, to bring oil prices down. Perhaps he gets something done in the next days to clear the Strait of Hormuz.

There must be a word for it. Schizophrenia? God-syndrom? Anybody with a better word?