In Case You Missed It:
Benjamin Moore Expands into the UK - CEO Interview
New Michael Mauboussin Paper on FCF
Analysis of Copart’s ACV Bid
h/t Andrew Wagner
This Week in Berkshire History
September 30, 2023: Berkshire transfers ownership of BNSF from National Indemnity to Berkshire Hathaway, Inc.
September 30, 2024: Berkshire Hathaway purchases the remaining 8% ownership in Berkshire Hathaway Energy from the estate of Walter Scott, Jr., increasing its ownership to 100%.
October 1, 2018: Berkshire’s National Indemnity Company acquires Medical Liability Mutual Insurance Company, a writer of medical professional liability insurance, for $2.5 billion.
October 3, 2017: Berkshire acquires a 38.6% interest in Pilot Flying J and agrees to acquire an additional 41.4% (bringing the total to 80%) in 2023. It finalized the purchase in January 2024, making Pilot a wholly owned subsidiary.
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.
Stay Rational!
Adam
Order the 2nd Edition Now!
The FCF distinction gets more important as capital intensity rises. Weak current cash flow can signal a bad business or a great business reinvesting at high returns. The hard part is proving which one you own before the market does.