In Case You Missed It:

Fact of the Week:

Greg Abel Becomes A US Citizen

BNSF Just Had It’s Safest Year in History

800 MW Solar Project in Iowa by BHE

First Fatal Crash in NetJets’ History - Since 1986!

Progressive Overtakes State Farm for #1 (GEICO at #3)

Construction Physics

Biological Evolution and Information Acquisition

A few weeks ago we looked at a simulation of technological evolution by economist Brian Arthur, in which he was able to start with simple building blocks (such as a NAND gate) and evolve surprisingly complex circuits (such as a 12-way AND gate or a 4-bit adder) by randomly combining increasingly useful existing components. We analyzed this as a way of s…

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18 days ago · 130 likes · 6 comments · Brian Potter

This Week in Berkshire History

Another quiet stretch in Berkshire’s history. I’ll be on vacation next week, so here’s the following week’s history. Happy 20th BRK-versary IMC!

June 30, 2005: Berkshire acquires Medical Protective Company from a subsidiary of General Electric, paying $825 million in cash.

July 1, 1991: H.H. Brown acquired.

July 1, 2014: Berkshire completes its cash rich split off transaction with Graham Holding Company, acquiring a Miami TV station, cash and Berkshire shares in the process.

July 3, 2000: Ben Bridge Jewelers acquired.

July 5, 2006: Berkshire pays $4 billion for an 80% stake in Israel-based ISCAR Metalworking Companies.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Adam

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In Case You Missed It: The Value Bridge: Zooming In on Copart’s Growth

Fact of the Week: Solar just overtook coal as a supplier of electricity, at 12.8% vs. 12.2%.

BNSF’s BIG Project Approved

BNSF will spend $1.5 billion on a 4,500-acre integrated rail facility.

JP Morgan Report on GLP-1s

New Seth Klarman Video

Squishmallows in Happy Meals

The New Joule Order

China has done a better job with its energy security.

AI Servers Should Get Closer to Wind Farms

This Week in Berkshire History

Another quiet stretch in Berkshire’s history.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It:

Fact of the Week:

The global market for bidets is approximately $50 billion per year.

Latticework Summary of Bloomstran’s Zurich Presentation

NV Energy Betting the House on Data Centers

Benjamin Moore Strategic Collaborations

Guy Spier on CNBC

This Week in Berkshire History

Another quiet stretch in Berkshire’s history. Here’s another excerpt from the book (p.784):

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It:

Fact of the Week:

Banks still had $306B of unrealized securities losses at year-end 2025.
Even after recovering from the worst levels, FDIC-insured banks were still sitting on losses roughly equal to a full year of industry earnings.

The Week Greg Abel Invested $18.5 Billion

Greg Abel is off to the races.

Taylor Morrison

First, with Taylor Morrison, a homebuilder, for $8.5 billion. Taylor reported $8.1 billion in revenue in 2025. Berkshire’s Clayton Homes reported $12.9 billion. Together, Berkshire will have a $20 billion revenue homebuilder operating in both manufactured and site-built homes.

I’m interested in finding out how Greg will integrate this acquisition. Historically, Berkshire has let managers continue to operate as is. Greg seems inclined to usher in an era of internal consolidation (like this in rail; and this in jewelry). I wouldn’t be surprised to see Kevin Clayton named as chairman of the housing unit with TM president responsible for his unit.

Another aspect is the loan portfolio. Berkshire would have one of the top 75 largest banks in the US with its $27 billion loan portfolio. TM originates and sells its mortgages. Even with its borrowing capacity and excellent credit rating, Berkshire may not be able to compete against traditional banks or securities markets. Buffett has also noted how good a deal it is to the homeowner to have a 30 year mortgage and how equally bad it is for the lender.

Alphabet / Google

Days later, Berkshire announced it would invest $10 billion in Google as part of an equity raise. By my math, this is a $4.2 trillion valuation for Google. Call me skeptical. This calls for some optimism, at the very least.

An angle I haven’t seen discussed is a deepened partnership between BRK Energy and Google for data center power agreements. NV Energy already has one in place from 2024. This may be Berkshire’s way to get a first crack at a mega energy deal with Google.

Two New Pilot Stores and 80 Remodels

FedEx Freight Spin-Off

FedEx Freight started trading as a stand-alone company on June 1 after splitting from FedEx. It’s the largest LTL carrier in the US.

Another Plug From Bill Ackman - Thanks, Bill!

This Week in Berkshire History

June 3, 1986: Fechheimer acquired.

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In Case You Missed It: Russell Rebalancing

Fact of the Week: 4,336: The number of FDIC reporting banks at the end of 2025.

Michael Mauboussin Intern Reading List

A curated list of his reports.

Dairy Queen Incentivizing Growth

Forest River Navigating Tariffs and Shipments Expected to Rise

Walking and Thinking - What the Science Says

Seneca on Wasting Time

The Other GOAT

I’m guessing the overlap of this audience and those interested in dirtbikes is fairly small (please let me know!). I’m working my way through this interview with Ricky Carmichael, the undisputed GOAT of motocross, which has reignited an interest in the sport. I stopped racing about 20 years ago, and I still miss it. I was stoked to hear that RC is still involved in the sport, commentating on races. Equally impressive is his philosophic attitude toward life. Makes me admire the guy that much more. Anyway, I’ll be tuning into the first outdoor event this weekend at Fox Raceway. There’s nothing quite like the smell of race gas and the sound of the controlled explosion of a main event start!

This Week in Berkshire History

Nothing this week. Here’s another excerpt from my book: The economics vs. accounting of reinsurance float.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It: Thoughts on Growth

Fact of the Week: Americans traveled 3.3 trillion miles in 2025

Copart Resumes Buybacks In Force

Copart reported Q3 results and disclosed that it bought back $1.6 billion or almost 4% of the company in the span of two quarters.

GEICO is hiring again after years of cuts under Todd Combs

BNSF Reveals America 250 Locomotives

Berkshire’s 13F

Greg Abel is wasting no time putting his touches on the portfolio. Not surprisingly, we saw the exit of many of Todd Comb’s positions. The big surprises were the additional Alphabet shares and a new position in Delta Airlines. For whatever reason, air seems to be Berkshire’s Achilles heel. Is the third time the charm?

Electric Vehicles in the US

CleanTechnica’s Substack

EV Marketing Failure in USA and Honda's Crisis

I just saw the following headline from the Wall Street Journal: “Honda’s Never Faced a Crisis Like This—and a Comeback Won’t Be Easy.” The subheading is as follows: “The Japanese automaker reported a $2.7 billion loss amid EV whiplash in the U.S., its biggest market…

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a month ago · 27 likes · 13 comments · CleanTechnica

Built to Rent Housing

Construction Physics

The Rise of Build-to-Rent Housing

A major shift in the housing market in the last several years is the rapidly increasing popularity of “build-to-rent” homes — single-family homes that are built specifically for the purpose of being rented out. According to the National Association of Homebuilders…

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a month ago · 113 likes · 17 comments · Brian Potter

This week in Berkshire History

May 23, 2003: Berkshire acquires McLane from Walmart for $1.5 billion.

McLane is an interesting case study and proof that it’s not return on sales (margin) but return on capital that matters. McLane, at the time Berkshire bought it, earned 1% on sales but turned its capital many times over. As a result, Berkshire earned a going-in return of over 15% on its purchase price.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Adam

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In Case You Missed It: Copart Valuation Update

Fact of the Week:

Berkshire Hathaway generated more equity capital in the five years ended 2025 than in Buffett’s first 53 years running the company. It generated $321 billion, of which $47 billion was returned to shareholders via buybacks.

Note: This comes from my presentation at VALUExBRK, which you can find here: The Oracle’s Classroom.

(Thanks for the idea, Carter.)

Auto Rates on the Decline in Florida

Auto insurers have enjoyed strong profits in recent years. GEICO’s target is a 4% profit (96% combined), but it has been writing closer to 90% in recent years.

BRK vs. Softbank (Economist)

The Economist argues that either Berkshire (net cash) or Softbank (heavy borrower) will survive. I don’t think it’s mutually exclusive. Berkshire will survive anything, but it doesn’t need a 1929 / 1987 / 2009 to prove its worth. Softbank is fragile and will only look brilliant if things work out.

Driverless Trucks at Berkshire’s McLane

The Galaxy That Doesn’t Spin

This week in Berkshire History

Nothing this week.

How about an excerpt from the 2nd edition of my book? In 2024, Berkshire completed the final purchase of Berkshire Hathaway Energy.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It: Berkshire AGM Debrief + Valuation Update

17th Annual Gabelli Panel

VALUExBRK

Ajit Jain’s Successor Named (WSJ)

This is big news. I'm hoping he’ll join Ajit and Greg on stage next year.

Sue Decker on CNBC: Execution is More Important Than Capital Allocation

A great interview! Some really interesting points and comparisons about Berkshire.

Going A Little Deeper on Changes at BNSF

Lubrizol and AI Cooling

I don’t usually think about Lubrizol and AI being connected, but this shows how the company is important to many industries beyond traditional oil/gas.

This week in Berkshire History

May 3, 2025: Warren Buffett announces his retirement at the end of the 2025 annual meeting and recommends that Greg Abel take over as president and CEO beginning January 1, 2026.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It: Pool Corp. First Look

In case you missed it just hours ago…not Wednesday… It’s been a busy week here at Watchlist Investing. I thought I’d scheduled my Wednesday post only to find it still sitting in drafts. Oops!

Brooks & Disney Pair Up

A Great Profile of Greg Abel

Some great work by

Bearstone

New Era of Berkshire Hathaway

The Des Moines operator gets the keys…

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2 months ago · 5 likes · 2 comments · Bear

Failure is Systematically Underestimated

Timelapse of the Tech Sector Part Deux

Scenic Route Investing by Wagner Road

TTS Part 2: After the Internet — Technology as a Cyber Space (The Dot-Com Boom)

This is Part 2 in my series, A Timelapse of the Tech Sector. Catch up if you missed Part 1…

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2 months ago · 4 likes · Andrew Wagner

Chris Bloomstran on Excess Returns Podcast

This week in Berkshire History

No historical news this week. However…

I’m happy to report that Berkshire selected my book to be among those sold at next week's annual meeting. Check out the full selection.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It:

Why Most Investors Waste Time on Bad Ideas

The 10-Minute Test Before You Do Deep Work

How Are We Not In An AI Bubble?

Really? A shoe company pivots to AI. Right…

Latest International Monetary Fund Report

Jason Zweig on TIPS Yields

Bloomberg Podcast: BNSF Intermodal Strength

PacifiCorp Case Overturned in Oregon

Brooks Shoes is Running Hot!

Changes Happening at Forest River

BRK 2026 - Events

The Berkshire AGM is approaching fast! This will be my 13th year attending in person in Omaha. You can find me at the Gabelli panel (Friday), at VALUExBRK (Friday), and signing copies of my book at The Bookworm inside the arena. If you see me please say hello!

This week in Berkshire History

April 15, 1977: Blue Chip Stamps acquires The Buffalo Evening News for $35.5 million.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It: Heineken Analysis & Valuation

FreightWaves → BNSF Announces $3.6 Billion Capital Investment Plan for 2026

HousingWire → Clayton’s TRU Mini homes aim for infill sites and entry-level buyers

GEICO Falls Further Behind State Farm and Progressive

Progressive is this close to unseating State Farm.

JP Morgan 2nd Quarter Guide to the Markets

Japan Cat Pricing Down 20%

Warren Buffett is Still Hard at Work (CNBC)

This week in Berkshire History

March 30, 2007: Berkshire acquires TTI, Inc., a distributor of electronic components.

April 1, 2007: Fruit of the Loom closes on its acquisition of VF Corp.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It: Heartland Express Update

Berkshire Goes Deeper Into Japan

Word Bubble Fun

A 100-word word bubble using Greg Abel’s inaugural CEO letter.

Is the Value Premium Dead?

AM Best Upgrades Cap Specialty

Interesting to note the unit is invested 100% in Treasuries

Diverging Fortunes of Novo Nordisk and Eli Lilly

Speaking of GLP1s…

Possible Catalyst for Medifast?

Steamboat Capital disclosed a 5% stake in the company and will get two board seats as part of a “cooperation agreement”. As part of this agreement, Steamboat agreed not to launch a proxy fight until three months after the 2027 annual meeting.

Timelapse of the Tech Sector

Scenic Route Investing by Wagner Road

A Timelapse of the Tech Sector (Part 1 Continued: The Personal Computer Revolution)

Catch up if you missed the beginning of Part 1…

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3 months ago · 1 like · Andrew Wagner

This week in Berkshire History

Nothing this week!

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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In Case You Missed It: Boston Beer Update

Scenic Route Investing by Wagner Road

Investing in AI Infrastructure (Part 1: The Big Picture)

The “big five” hyperscalers — Amazon, Alphabet, Microsoft, Meta, and Oracle — are expected to spend more than $600 billion on capital expenditures this year, 36% more than last year (and about 3 times more than what was spent in 2022…

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3 months ago · 5 likes · Andrew Wagner

Bubbles In Space

“When light of a certain wavelength hits the molecule, its structure shifts, changing from water-repelling to water-attracting and altering its shape.”

: Are You Wasting Your Life?

The Culturist

You Are Wasting Your Life

You only have one life, so how will you live it…

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4 months ago · 262 likes · 8 comments · The Culturist and Evan Amato

This week in Berkshire History

March 15, 2020: Berkshire sells BH Media Group (including The Buffalo News and The Omaha World Herald) to Lee Enterprises.

March 18, 2008: Berkshire acquires a 60% stake in Marmon Holdings, Inc.

March 21, 2022: Berkshire agrees to acquire Alleghany Corp. for $11.6 billion

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.

In Case You Missed It: Hingam Savings Valuation Update

Private Investment Coaching

I’m offering a limited number of spots to help you gain confidence in your investing process and analysis.

Learn More

Less Is More

The Hingham Savings annual letter referenced a paper in Nature about the virtues of subtraction. I found this Economist article and this video that summarizes the paper.

History & Economics of Prefab Homes

Construction Physics

The Elusive Cost Savings of the Prefabricated Home

It’s long been believed the constantly rising costs of new home construction, and lackluster improvements in construction productivity more generally, are fundamentally a problem of production methods. Most houses in the US are still built on-site, using manual labor and hand tools, a manner of construction that doesn’t seem all that different from cons…

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4 months ago · 85 likes · 27 comments · Brian Potter

Building Marriott at Age 55

This week in Berkshire History

March 9, 1967: Berkshire enters the insurance business with the purchase of National Indemnity and National Fire & Marine Insurance Company.

March 14, 2000: Berkshire acquires a 76% economic interest in MidAmerican Energy Holdings, investing $2 billion.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.

In Case You Missed It: Berkshire Deep Dive Update

Greg Abel’s First Letter

The Entire Abel Interview (Start at 13 mins)

Scenic Route Investing by Wagner Road

A Timelapse of the Tech Sector (Part 1: Before the Internet — Technology as a Physical Space)

There are many “snapshots” in time. They usually happen in the moment, looking at where things are right now and speculating about where things are going. What I’m doing here is a series of snapshots intended to make a long-term timelapse, because I find it helpful to examine the strategies and conditions that made businesses successful in the past. It…

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4 months ago · 4 likes · Andrew Wagner

This week in Berkshire History

March 4, 2022: Berkshire spends $4.6 billion on equity securities in one day

March 7, 1931: Associated Retailing, a chain of department stores operated by Ben Rosner and Leo Simon, and later merged into Berkshire via its Diversified Retailing merger, was formed.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Adam

Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.

In Case You Missed It: Medifast Full Year 2025 Update

Greg Abel’s First Letter Drops Tomorrow!

Semper Augustus 2025 Letter

Investing Meta: Improve Your Mind

Neuroplasticity and getting beyond the grind.

This week in Berkshire History

February 25, 2014: Berkshire completes its cash rich split off with Phillips 66 in exchange for a flow improver business and $450 million cash.

February 27, 2001: Johns Manville acquired for $1.8 billion.

February 28, 2006: Berkshire acquires Business Wire.

February 29, 2016: Berkshire completes its acquisition of Duracell from Proctor & Gamble.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.

In Case You Missed It: Citizens Bancorp of Virginia (CZBT)

Berkshire’s PacifiCorp Divests Assets

Have We Reached Peak Alcohol?

This week in Berkshire History

February 18, 2000: Wesco (then 80% owned by Berkshire) acquires CORT.

From Charlie Munger’s 2000 letter to Wesco shareholders:

From my book:

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.

In Case You Missed It: Crazy Woman Creek Bancorp

Phil Caret’s 100-Year-Old Barron’s Article

A nice find by

New Elon Musk Interview

I enjoy hearing how Musk thinks through business problems through the lens of constraints and first principles.

The Coke Freestyle Machine is More Than You Think

Exercise Your Brain

The Vigilant Fox

The #1 Sound Your Brain Desperately Wants to Hear

Every once in a while, you run into a new piece of information that really opens your eyes to a whole new world…

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a year ago · 851 likes · 159 comments · The Vigilant Fox

This week in Berkshire History

February 8, 2002: Berkshire acquires Albecca, Inc., parent of custom frame maker, Larson-Juhl.

February 12, 2010: Berkshire acquires the 77.5% of Burlington Northern Santa Fe it did not already own.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Adam

Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.

In Case You Missed It: Triumph Financial Q4 Update

Another great piece by

Reflections of a Capital Allocator

In Defense of Loving Your Investments

Spend some time reading investment advice and someone will surely tell you to ignore your emotions and focus only on the cold facts. There’s certainly wisdom in that stance. Emotions can cloud your judgement about a business…

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5 months ago · 4 likes · 3 comments · Martin Teigstad Moe

John Maxfield’s passion for showing the roots and value of community banks shows in this video

Maxfield on Banks

THE OLE' COUNTRY BANKER

This film is a long time in the making…

Listen now

5 months ago · 3 likes · 1 comment · John Maxfield

Mental Models Musings - Why I’m Glad to Pay $10/ounce for Rubbing Alcohol

I first learned of Touchland hand sanitizer spray when it appeared on my kids’ holiday shopping lists. Never heard of it? The company was founded in 2014 in Spain by Andrea Lisbona and came to the US in 2018.

The product aims to make hand sanitizer fashionable.

A curious byproduct of its success is a reduction in illness, at least in my family. It’s why I now consider the exorbitant price of $10 for a single ounce worth every penny.

We haven’t had a real cold or flu in the household all winter. The vector is almost always the kids bringing something home from school. But now, they’re using their Touchland spray all day long. Dad couldn’t be happier.

It’s interesting to see a confluence of factors at work.

1. Social proof: The company invests in marketing/advertising to make its product trendy. Kids see other kids using it and dutifully ask their parents to buy it for them.

2. Operant conditioning: Each spritz delivers germ-busting ethyl alcohol (your basic rubbing alcohol) and, importantly, a pleasant scent, thus encouraging use. In this way it’s no different from other beauty/personal care products, I suppose.

3. Classical conditioning: Each handshake, turn of a public door handle, etc., causes me to reach for the stuff, creating Pavlovian association effects.

This week in Berkshire History

February 2, 2017: Berkshire’s retroactive reinsurance deal with American International Group (AIG) becomes effective. The $10.2 billion premium covering up to a $20 billion payout was the largest insurance contract in history.

February 6, 2006: Berkshire converts its preferred shares in MidAmerican into voting common shares after the repeal of PUCHA on August 8, 2005.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.

In Case You Missed It: HIFS and MED Quick Updates

WD-40 Secret Formula Club (WSJ)

Dario Amodei (CEO of Anthropic) on AI Safety

This is a very long article but worth a read to understand how AI might negatively impact the world. Now I want to watch Contact again.

MicroCap Club Interview with Tim Hanson of Permanent Equity

Physics

This is pretty wild.

This week in Berkshire History

January 29, 2016: Berkshire acquires Precision Castparts Corp. for $37.2 billion.

January 31, 2023: Acquired an additional 41.4% interest in Pilot Flying J (2nd of 3 steps). Sidenote: I have a full juicy account of the Pilot transaction in the 2nd edition of The Complete Financial History of Berkshire Hathaway.

That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

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Adam

Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.