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Berkshire hathaway annual report pdf

Continue American multinational conglomerating company Inc.Kiewit Tower, location of Berkshire corporate offices in Omaha, NebraskaFormerlyValley Falls Company (1839-1955)TypePublicTrade asNYSE: BRK. A (Class A)NYSE: BRK. Component B (Class B)S&P 100 (BRK. Component B)S&P 500 (BRK. B)ISINUS0846707026IndustryConglomerateFound1839; 181 years ago (1839)Cumberland, Rhode Island , U.S.FounderOliver Chace[1]HeadquartersKiewit Plaza, Omaha, Nebraska, U.S.Area servedWorldKey peopleWarren E. Buffett(President & CEO)Charles T. Munger(Vice President)(Vice President of Insurance Operations)ProductsDiversified investments, Property & casual insurancewide, Utilities, Restaurants, Food Processing, Aerospace, Toys, Media, Automotive, Sports Articles, Consumer Products, Internet, Real EstateCome $254.62 billion (2019)Operating income $103.75 billion (2019)Net income 81.42 billion USD (2019)Total assets 817.73 billion USD (2019)Total capital 81.42 billion USD 428.56 billion (2019)OwnerWarren Buffett (30.71% of total voting power and 16.4 5% of economic interest)[2]Number of employees391,500 (2019)Subsidiary ListingWebsiteberkshirehatway.comFootnotes/references[3] Berkshire Hathaway (/))))It is a company of US multinational conglomerates based in Omaha , Nebraska, UsA. The company wholly owns GEICO, , , BNSF, , , Helzberg Diamonds, Long & Foster, FlightSafety International, PampersEd Chef, and NetJets and also owns 38.6% of Pilot Flying J; [4] and significant minority stakes in public companies Kraft Company (26.7%), (17.6%), Wells Fargo (9.9%), Coca-Cola Company (9.32%), (11.5%), Apple (5.4%)[5] and Barrick Gold.[6] Since 2016, the company has acquired major stakes in major U.S. airlines, namely United Airlines, Delta Air Lines, Southwest Airlines and American Airlines[7], but sold all of its air holdings in early 2020. [8] Berkshire Hathaway recorded an annual increase in book value of 19.0% for its shareholders in 1965 (compared to 9.7% of the S&P 500 with dividends included for the same period), while incurred large amounts of capital and minimum liabilities. [9] The company is known for its control and leadership by , who serves as president and chief executive, and , one of the company's vice presidents. In the early part of his berkshire career, Buffett focused on long-term investments in listed companies, but more recently bought entire companies more frequently. Berkshire now owns a diverse range of businesses, including confectionery, retail, railways, furniture encyclopedias, vacuum cleaners, jewelry sales, manufacture and distribution of , and several regional electric gas utilities. According to the Forbes Global 2000 list and formula, Berkshire Hathaway is the eighth largest public company in the world, the 10th largest conglomerate by revenue and the largest financial services company in the world. [10] [11] As of August 2020, Berkshire Class B shares are the seventh largest component of the S&P 500 Index (which is based on free-float market capitalisation), and the company is renowned for having the highest share price in history, with Class A shares costing around $300,000 each. This is because there has never been a division of its Class A shares[12] and Buffett stated in a 1984 letter to shareholders that it did not intend to split the shares. [13] History Oliver Chace (1769–1852) founder of Valley Falls Company in 1839 Berkshire Cotton Mills, Adams, Mass. Hathaway Mills, New Bedford, Mass. Berkshire Hathaway is rooted in a textile company founded by Oliver Chace in 1839 as Valley Falls Company in Valley Falls, Rhode Island. Chace previously worked for Samuel Slater, founder of America's first successful textile factory. Chace founded his first textile factory in 1806. In 1929, The Valley Falls Company merged with the Berkshire Cotton Manufacturing Company, established in 1889, in Adams, Massachusetts. The combined company was known as Berkshire Fine Spinning Associates. [14] In 1955, Berkshire Fine Spinning Associates merged with the Hathaway Manufacturing Company, which had been founded in 1888 in New Bedford, Massachusetts by Horatio Hathaway, with profits from whaling and China Trade. Hathaway was successful in the first few decades, but suffered during a general decline in the textile industry after World War I. At this point, Hathaway was led by Seabury Stanton, whose investment efforts were rewarded with renewed profitability after the Great Depression. After the merger, Berkshire Hathaway had 15 factories employing more than 12,000 workers with revenues of more than $120 million and based in New Bedford. However, seven of these locations were closed by the end of the decade, accompanied by large layoffs. In 1962, Warren Buffett began buying shares in Berkshire Hathaway after noticing a pattern in the direction of his share price whenever the company closed a mill. Finally, Buffett acknowledged that the textile industry was shrinking and the company's financial situation would not improve. [vague] In 1964, Stanton made an oral bid of $11 1/2 per share for the company to twist Buffett shares. Buffett agreed to the deal. A few weeks later, Warren Buffett received the offer in writing, but the offer was only $11 3/8. Buffett later admitted that this inferior, undercutting offer infuriated him. [16] Instead of selling at a slightly lower price, Buffett decided to buy more of the shares to of the company and Stanton fire (which he did). However, this put Buffett in a situation where he was now the majority owner of a textile business that was failing. Buffett initially maintained basic textile activity in Berkshire, but by 1967 it had expanded into the insurance and other investment industries. Berkshire first ventured into the insurance business with the acquisition of the National Compensation Company. In the late 1970s, Berkshire acquired a stake in the Government Employees Insurance Company (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 (the historic centre of Hathaway) were closed. [citation required] In 2010, Buffett claimed that the acquisition of Berkshire Hathaway was the biggest investment mistake he had ever made and claimed to have turned down his investment income of about $200 billion over the next 45 years. [16] Buffett argued that if he had invested this money directly in insurance instead of buying Berkshire Hathaway (because of what he perceived as an easy one person), these investments would have paid a few hundred times. [17] Berkshire's Class A shares sold for $339,188 as of January 8, 2020, making them the highest-priced shares on the New York Stock Exchange, in part because they had never had a share split and paid a dividend only once since Warren Buffett took over. , keeping corporate earnings on the balance sheet in a way that is inadmissible to mutual funds. Shares closed over $100,000 for the first time on October 23, 2006. Despite its size, Berkshire has not for several years been included in broad stock indexes, would be the S&P 500 due to lack of liquidity in its shares; however, following a 50-to-1 division of Berkshire Class B shares in January 2010, and announced to Berkshire that it would acquire Burlington Northern Santa Fe Corporation, the parent of the BNSF Railway, Berkshire replaced the BNSF in the S&P 500 on 16 February 2010. [18] [19] Buffett's annual letters are published. Barron said Berkshire was the most respected company in the world in 2007, based on a survey of American money managers. [20] In 2008, Berkshire invested in Goldman Sachs' preferred shares as part of the investment bank's recapitalisation. [21] Buffett defended Lloyd Blankfein's decisions as CEO of Goldman Sachs. [22] [23] [24] On 13 July 2016[update], Buffett held 31.7% of the combined voting power of the outstanding Berkshire shares and 18.0% of the economic value of these shares. [25] Vice-President Berkshire, Munger also holds a stake high enough to make him a billionaire, and the first investments in Berkshire of and Franklin Otis Booth, Jr. led to their becoming billionaires. Bill and Melinda Gates Gates is a major shareholder in Berkshire, holding 4.0% of the Class B shares. [26] Berkshire Hathaway never split its Class A shares because of management's desire to attract long-term investors, unlike short-term speculators. However, Berkshire Hathaway has created a Class B stock with a value per share initially held (according to specific management rules) close to 1/30 of the original shares (now Class A) and 1/200 of the voting rights per share, and after the division of January 2010, at 1/1,500 the price and 1/10,000 of the voting rights of Class A shares. Buffett was reluctant to create Class B actions, but did so to thwart the creation of unit trusts that would have been marketed as Berkshire look-alikes. According to Buffett in his 1995 shareholder letter: The unitary trusts that have recently appeared are flying in front of those targets. They would be sold by brokers working for high commissions, would impose other burdensome costs on their shareholders, and would be marketed en masse to unsophisticated buyers, fit to be seduced by our past record and lured Berkshire advertising and we have received in recent years. Sure result: a multitude of investors destined to be disappointed. Buffett's salary is $100,000 a year, with no stock options, which is among the lowest salaries[27] for CEOs of major companies in the . [28] The annual meetings of Berkshire shareholders are held at the CHI Health Centre in Omaha, Nebraska. Participation has increased over the years, with recent numbers [when?] totaling over 40,000 people per year. [29] The 2007 meeting had a attendance of about 27,000 viewers. The meetings, nicknamed Woodstock for Capitalists, are considered the largest annual event in Omaha, along with the Baseball College World Series. [30] Known for their humor and light, meetings usually begin with a film made for Berkshire shareholders. The 2004 film included Arnold Schwarzenegger as The Warrenator who travels back in time to stop Buffett and Munger's attempt to save the world from a mega corporation formed by Microsoft-Starbucks-Wal-Mart. Schwarzenegger is later shown arguing in a gym with Buffett on Proposition 13. [31] The 2006 film described actresses Jamie Lee Curtis and Nicollette Sheridan luding after Munger. [32] The meeting, scheduled to last 6-8 hours, is an opportunity for investors to ask Buffett and Munger questions. Governing Current board members of Berkshire Hathaway are Warren Buffett (President), Charlie (vicepreședinte), Walter Scott, Jr., Thomas S. Murphy, (fiul lui Warren), , Charlotte Guyman, David Gottesman, Kenneth Irvine Chenault, Steve Burke, , Meryl Witmer, Ajit Jain, și Greg Greg On March 13, 2020, Gates announced that they were leaving the board of directors of Microsoft and Berkshire Hathaway to focus more on its philanthropic efforts. [34] Succession Plans In May 2010, three months away from his 80th birthday, Buffett said he would be succeeded at Berkshire Hathaway by a team consisting of a CEO and three or four investment managers, each of whom was responsible for a significant portion of Berkshire's investment portfolio. [35] Five months later, Berkshire announced that Todd Combs, manager of Castle Point Capital, would join them as an investment manager. [36] On September 12, 2011, Berkshire Hathaway announced that 50-year-old Ted Weschler, founder of Peninsula Capital Advisors, would join Berkshire in early 2012 as the second investment manager. [37] [38] In the annual letter from Berkshire Hathaway shareholders of 25 February 2012, Buffett said that his successor as CEO was elected internally but was not publicly named. While the intention of this message was to strengthen confidence in the leadership of a Berkshire Buffett-less, critics noted that this strategy of choosing a successor without a concrete exit strategy for the CEO often leaves an organization with fewer long-term options, while doing little to calm shareholder fear. In June 2014, the firm's cash and cash equivalents increased by $50 billion, the first time finishing a quarter above that level since Buffett became president and chief executive. [39] At the end of 2017, the firm's cash and equivalent holdings increased to $116 billion. [40] On January 10, 2018, Berkshire Hathaway appointed Ajit Jain and Greg Abel as Vice President. Abel will be Vice President for Non-Insurance Operations, and Jain will become Vice President for Insurance Operations. [41] [41] Although Buffett did not detail his succession plans, he praised the two top executives in an annual shareholder letter, fueling speculation that Jain and Abel were logical successors. [43] Finance For fiscal year 2019, Berkshire Hathaway reported earnings of $81.4 billion, with an annual income of $254.6 billion, up 2.7% from the previous fiscal cycle. [44] Berkshire Hathaway's stock market capitalisation was valued at more than $496 billion in September 2018. [45] In 2018, Berkshire Hathaway was third in the Fortune 500 of the largest corporations in the United States by total revenue. [46] Income per year in mil. USD$ Net income in mil. USD$ Total Activein mil. USD$ Employees 2005 81,663 8,528 198,325 2006 98,539 11,015 248,437 2007 118,245 13,213 273,160 2008 107,786 267.399 2009 112.493 8.055 297.119 2010 136.185 12.967 372.229 2011 143,688 10,254 392,647 2012 162,463 14,824 427,452 2013 182,150 19,476 484,93 1 302.000 2014 194 699 19 872 525 867 316.000 2015 210.943 24.083 552.257 361.270 361.270 223.604 24.074 620.854 367.671 2017 242.137 44.940 702.095 377.000 2018 247.837 2. 4,021 707,794 389,000 2019 254,616 81,417 817,729 391,500 Business and Investment Insurance and Reinsurance Group is carried out through approximately 70 insurance companies with internal and external headquarters. Berkshire Insurance Business offers insurance and reinsurance of goods and accident risks primarily in the United States. In addition, following the acquisition of General Re in December 1998, Berkshire insurance undertakings also include reinsurers of life, accident and health, as well as reinsurers of goods and accidents based internationally. Berkshire insurance companies keep capital power at exceptionally high levels. This power differentiates Berkshire insurance companies from their competitors. Collectively, the aggregate statutory surplus of insurers in Berkshire, based in the US, was approximately $48 billion as of December 31, 2004. All major insurance subsidiaries in Berkshire are rated AAA by Standard & Poor's Corporation, the highest financial rating assigned by Standard & Poor's, and are rated A++ (superior) by A. M. Best in terms of their financial situation and operational performance. GEICO – Berkshire acquired GEICO in January 1996. GEICO is headquartered in Chevy Chase, Maryland, and its main insurance subsidiaries include; Government Employees Insurance Company, GEICO General Insurance Company, GEICO Compensation Company and GEICO Casualty Company. Over the past five years, these companies have primarily provided private passenger insurance for individuals in all 50 states and the District of Columbia. GEICO markets its policies mainly through direct response methods, in which insurance claims are transmitted directly to companies via the internet or by telephone. [47] – Berkshire acquired General Re in December 1998. [48] General Re held a 91% stake in Cologne Re as of 31 December 2004. General Re subsidiaries currently carry out global reinsurance activities in approximately 72 cities and provide reinsurance coverage worldwide. General Re operates the following reinsurance activities: North American property/losses, international property/victim, which consists mainly of the Cologne Re and Faraday operations, as well as life/health reinsurance. General Re's reinsurance operations are headquartered in Stamford, Connecticut and Cologne, Germany. General Re is one of the largest reinsurers in the world based on net subscribed and capital premiums. NRG (Nederlandse Reinsurance Groep)[49] – Berkshire acquired NRG, a Dutch from ING Group in December 2007. [50] Berkshire Hathaway Assurance – Berkshire has set up a government bond insurance company to secure municipal and state bonds. These type bonds are by local governments to finance public works projects, such as schools, hospitals, roads and sewerage systems. [51] Few companies are able to compete in this field. [50] On June 8, 2017, it was announced that Berkshire Hathaway had settled with the California Insurance Regulator, allowing its applied underwriters to sell a revised version of its controversial compensation insurance policies to state workers. Berkshire Hathaway sold Underwriters Applied in 2019. [53] In 2003, Pepsi paid Berkshire between $1 million and $10 million to insure against a contest that Pepsi held that had a potential $1 billion prize. The prize had a very small chance of being won and was not won by anyone. [54] The Berkshire Utility and Energy Group currently owns 89.8% of Berkshire Hathaway Energy. At the time of the acquisition, Berkshire's voting interest was limited to 10% of the company's shares, but this restriction ended when the Public Utility Holding Act 1935 was repealed in 2005. A major subsidiary of Berkshire Hathaway Energy is , which operates in the UK. [55] Until the name was changed on April 30, 2014, Berkshire Hathaway Energy was known as MidAmerican Energy Holdings Co. Manufacturing, service and retailing Recreational Vehicles On June 21, 2005, Berkshire Hathaway agreed to buy Forest River Inc. from Pete Liegl. Forest River is the world's largest seller of recreational vehicles (RV). Berkshire clothing business include manufacturers and distributors of a variety of clothing and footwear. Companies engaged in the manufacture and distribution of clothing include Union Underwear Corp. - Fruit of Loom, Garan, Fechheimer Brothers and Russell Corporation. Berkshire footwear business include HH Brown Group, , and Justin Brands. Justin Brands consists of , , Justin Original Workboots, , and . [56] Berkshire acquired Fruit of the Loom on April 29, 2002 for $835 million in cash. Fruit of the Loom, based in Bowling Green, Kentucky, is an integrated vertical manufacturer of basic clothing. Berkshire acquired Russell Corporation on August 2, 2006 for $600 million or $18.00 per share. Construction products In August 2000, Berkshire Hathaway entered the construction products business through the purchase of Acme Building Brands. Acme, based in Fort Worth, Texas, produces and distributes clay bricks (), concrete block (Featherlite), and limestone cut (Texas Quarries). He has expanded his business with in December 2000, when he acquired Benjamin Moore & Co. from Montvale, New Jersey. Moore formulates, manufactures and sells architectural coatings that are mainly available in the United States and Canada. In 2001, Berkshire acquired three other construction products companies. In In bought , which was established in 1858 and produces fiberglass wool insulation products for houses and commercial buildings, as well as pipes, pipes and insulation equipment produced. In July, Berkshire acquired a 90% stake in MiTek Inc., which produces connector products, software and engineering and manufacturing machinery for the construction manufacturing segment of the building components industry and is based in Chesterfield, Missouri. [57] Finally, in 2001, Berkshire acquired 87% of Dalton, Georgia-based , Inc.[58] Shaw is the world's largest carpet manufacturer, based on both revenue and production volume and design, and produces over 3,000 styles of carpets and laminate dyed floors with tufts for residential and commercial use under approximately 30 brands and trade names and under certain private labels. In 2002, Berkshire acquired the remaining 12.7% of Shaw. [59] On August 7, 2003, Berkshire acquired , Inc. Clayton, based near Knoxville, Tennessee, is a vertically integrated housing company. [60] At the end of 2004, Clayton operated 32 factories in 12 states. Clayton's homes are sold in 48 states through a network of 1,540 retailers, 391 of which are company-owned sales centers. On 1 May 2008, Mitek acquired Hohmann & Barnard, an anchor and reinforcement planter for masonry, and on October 3 of that year, Mitek acquired Blok-Lok, Ltd. of Toronto, Canada. [citation required] On April 23, 2010, Mitek acquired the Dur-O-Wal assets from Dayton Superior. [citation required] Flight Services In 1996, Berkshire acquired FlightSafety International Inc. (or ISF), founded in 1951 by Albert Lee Ueltschi. [61] The headquarters of the FSI is located at LaGuardia Airport in Flushing, New York. It provides training to high-tech pilots to aircraft operators in the areas of military, government, corporate and regional or main flight. FlightSafety is the world's leading provider of aviation training services. According to its website, the company has 1,800 instructors and offers more than 4,000 individual courses for 135 aircraft types, using more than 320 flight simulators to serve customers in 167 countries. [62] In 1998, Berkshire acquired NetJets Inc., formerly Executive Jet Aviation. [63] NetJets is the world's leading provider of fractional proprietary programs for general aviation aircraft. In 1986, NetJets created the fractional ownership of the aircraft concept and introduced the NetJets program in the United States with a single type of aircraft. In 2019, the NetJets programme operated more than 10 types of aircraft with a fleet size greater than 750. Retail home furniture businesses are , RC Willey Home Furniture, Star Furniture Company, and Jordan's Furniture, Inc. Inc. Business Services Corporation was acquired in 2000 by a subsidiary owned in 80.1% of Berkshire and is the leading national supplier of rental furniture, accessories and related services in the rent-to-rent segment of the furniture rental industry. In May 2000, Berkshire bought Ben Bridge Jeweler, a jewelry chain established in 1912, with locations mainly in the western United States. [64] She joined Berkshire's other jewellery acquisition, Helzberg Diamonds. Helzberg is a chain of jewelry stores based in Kansas City, which began in 1915 and became part of Berkshire in 1995. [65] In 2002, Berkshire acquired The Pampersed Chef, Ltd., the largest direct seller of kitchen tools in the United States. The products are researched, designed and tested by The Pamperschef and manufactured by third-party suppliers. From its Addison headquarters, Illinois, Pampers Chef utilizes a network of more than 65,000 independent sales representatives to sell its products through home-based party demonstrations, mainly in the United States. Candy see produces chocolates in the box and other confectionery in two large kitchens in California. See revenues are extremely seasonal, with about 50% of total annual revenues earned in November and December. Dairy Queen, based in Edina, Minnesota, is breaking down a system of about 6,000 stores operating under the names Dairy Queen, and . Shops offer various dairy desserts, drinks, dishes, mixed fruit drinks, popcorn and other snacks. In November 2012, Berkshire announced that it would acquire , a direct marketing company for novelty items, small toys and party items. [66] [67] On October 3, 2017, it was announced that Berkshire Hathaway would acquire 38.6% of the Pilot Flying J truck stopping chain, with plans to increase its stake to 80% in 2023. The Haslam family and FJ Management will retain ownership until then, over which the Haslam family will retain the remaining 20%, and FJ Management will retire altogether. The Haslam family will retain control over the company's day-to-day operations. [4] Media In 1977, Berkshire Hathaway bought the Buffalo Evening News and resumed publishing a Sunday edition of the newspaper that ceased in 1914. After the morning newspaper Buffalo Courier-Express ceased operations in 1982, the newspaper began printing the morning and evening editions, currently printing only a morning edition. [68] In 2006, the company bought , an American news agency. The company started its subsidiary OF BH Media Group with a acquisition of Omaha World-Herald in December 2011,[69] which included six other daily newspapers and many weeklies in Nebraska and southwest Iowa. [70] In June 2012, Berkshire acquired 63 newspapers from Media General, including the Richmond Times-Dispatch and Journal, for $142 million in cash. [71] In 2012, Berkshire bought Texas daily The Eagle from Bryan-College Station and Waco Tribune-Herald. [72] In 2013, the company bought Tulsa World, Greensboro, North Carolina-based News & Record, Virginia's Roanoke Times and Press of Atlantic City. As of March 2013[update], BH Media had 28 daily newspapers and 42 non-daily newspapers. [73] On March 12, 2014, it was announced that Graham Holdings Company would be slasing its Miami television station, ABC WPLG's affiliate to BH Media, in a cash and stock deal. [74] On January 29, 2020, Lee Enterprises announced an agreement with Berkshire Hathaway to acquire the publications BH Media Group and The Buffalo News for $140 million in cash. [75] Berkshire Hathaway Energy's HomeServices of America (see full list of companies) is a residential real estate brokerage firm based in Minneapolis, Minnesota and founded in 1998. HomeServices has operations in 28 states and over 22,000 sales associates. [76] In addition to brokerage services, these real estate companies offer the origins of mortgages, title and closing services, housing guarantees, property and accident insurance and other related services. By the end of 2013 Berkshire Hathaway will enter the residential real estate brokerage sector under the name HomeServices of America. [77] A HomeServices of America in Gillette, Wyoming In late June 2017, Berkshire Hathaway indirectly acquired $400 million from the Toronto-based company's joint shares because it gave a bailout to the outgoing home capital group inc.[78] Also, in June 2017, Berkshire's $377 million investment and 10% purchase in Store Capital[79] make it the company's third-largest investor. , after Vanguard Group and Fidelity Investments. [80] Scottsdale-based Store Capital is a real estate investment trust that owns more than 1,700 properties in 48 states. Berkshire's other real estate-related investments include Clayton Homes, which makes manufactured housing. [80] Other types of insurance In 2002, Berkshire acquired Albecca Inc. Albecca is headquartered in Norcross, Georgia, and does business under the name Larson-Juhl. Albecca designs produce and distribute custom framing products, including wood and metal casting, matboard, foam, glass, equipment and other framing materials. Berkshire acquired CTB International Corp. in 2002. CTB, based in Milford, Indiana, is a designer, manufacturer, and marketer of systems used in the grain industry and in the production of poultry, pigs, and eggs. The products are produced in the United States and Europe and are sold in through a global network of independent distributors and distributors, peak sales taking place in the second and third quarters. Berkshire acquired McLane Company, Inc. in May 2003 from Walmart, which Datasolutions, Inc. and Salado Sales, among others. McLane offers wholesale distribution and logistics services in all 50 states and internationally in Brazil for customers that include discount retailers, convenience stores, fast service restaurants, drug stores and movie theater complexes. In 1986, Scott Fetzer Companies, a diversified group of 32 brands that produces and distributes a wide variety of products for residential, industrial and institutional use, was acquired. [81] The two most important of these businesses are Kirby's home cleaning systems and Wayne Water Systems and products. Campbell Hausfeld is no longer owned by Scott Fetzer and sold to Marmon, also a berkshire subsidiary in 2015. Scott Fetzer also produces knives and the . [81] On March 30, 2007, Berkshire Hathaway announced tti, Inc. to be part of the Berkshire Hathaway Group. Headquartered in Fort Worth, Texas, TTI, Inc. is the largest distributor of passive, interconnection, and electromechanical component specialist. The extensive line of TTI products includes; resistors, capacitors, connectors, potentiometers, trimmers, magnetic and circuit protection components, cables and cables, identification products, application instruments and electromechanical devices. On 25 December 2007, Berkshire Hathaway acquired The . Previously, it was a private conglomerate owned by the Pritzker family for over fifty years, which owned and operated an assortment of production companies producing railway wagons, shopping baskets, sanitary pipes, metal fasteners, cables and water treatment products used in residential construction. [82] In September 2020, the BNSF Railway, among the largest entities in Berkshire Hathaway, hired the first female CEO, Kathryn Farmer. [83] On 2 October 2014, Berkshire Hathaway Automotive was created by acquiring the Van Tuyl Group, the largest car dealer in the country and independently owned to date and is the fifth largest, with 81 dealers and $8 billion in revenue[84][85] On November 14, in 2014, Berkshire Hathaway announced that it would acquire Duracell from Procter & Gamble for $4.7 billion in a business on all shares. [86] Financial and financial products Berkshire acquired Clayton Homes, a manufacturer of modular houses, storage trailers, chassis, intermodal trailers and domestic containers. Clayton's financial business, (loans to manufactured homeowners), earned $206 million down from $526 million in 2007. Loan losses remain 3.6% up from 2.9%. [87] Investments In addition to companies that own directly, Berkshire maintains a focused on shares and investments, which was historically managed by Warren Buffett. Since 2010, Todd Combs and Ted Weschler have been working with Buffett in investment management. Buffett Buffett spoke a lot in both public interviews and in the 2015 letter to shareholders, he described their engagement as one of my best moves. [88] In his 2016 letter to shareholders, Warren revealed that each of them independently manages more than $10 billion on behalf of Berkshire. [89] As of March 2017[update], 65% of Berkshire's equity securities were concentrated in five companies: American Express Company ($12.0 billion), Apple Inc. ($19.2 billion), Coca-Cola Company ($17.0 billion), International Business Machines Corporation (IBM) ($11.2 billion) and Wells Fargo & Company ($27.8 billion). [90] After a sale of IBM shares in February 2018,[91] on May 4, 2018, Buffett announced that Berkshire had sold its stake in IBM and purchased more from Apple. [92] [93] [94] At the height of the financial crisis in September 2008, Berkshire invested $5 billion in preferred shares in Goldman Sachs to provide it with a source of financing when capital markets became limited. Preferred stock gave an annual interest rate of 10% earn 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 exerciseable at any time for a five-year term. [95] Goldman maintained its right to repurchase the preferred shares and in March 2011 exercised this right by paying $5.5 billion to Berkshire (preferred stock could only be purchased with a 10% premium). The mandates were exercised and Berkshire holds 3% of Goldman Sachs' share capital. The preferred share profit was estimated at $1.8 billion[96] and the exercise of the mandates generated a profit of more than $2 billion, although Berkshire's continued ownership of Goldman Sachs shares means that the entire profit cannot be quantified. On August 26, 2011, Berkshire Hathaway acquired a $5 billion preferred shares in Bank of America. [97] The investment has an annual interest rate of 6% Berkshire earning $300 million in annual interest. In addition to the preferred share investment, Berkshire obtained warrants to allow Berkshire to buy 700 million joint shares at $7.14 per share at any time before 2 September 2021. [98] Based on the share price in June 2017, this position generated a profit of more than $10 billion, excluding annual interest from preferred shares. In 2006 Berkshire Hathaway Inc acquired Russell Corporation for $600 million, in fact getting the most shares and brands in many sports leagues – including NBA official basketballs, BIKE Athletic Company AAI (American Athletic) Gymnastics tables, bars, rings, horses or Dudley softball balls and accessories. In 2008, Berkshire acquired preferred shares in Wrigley, Goldman Sachs and GE totalling $14.5 billion. [99] On 3 November 2009, Berkshire Hathaway announced that the use of totaling $26 billion, he would acquire the remaining 77.4 percent of Burlington Northern Santa Fe Corporation, the father of the BNSF Railway, which he did not already own. [100] This was the largest acquisition to date in Berkshire history. [101] On March 14, 2011, Berkshire Hathaway announced that it would acquire Lubrizol Corporation for $9 billion in cash, a business that was described as one of the largest businesses for Berkshire Hathaway. [102] On 25 March 2011, Berkshire Hathaway made his first foray into the Indian insurance sector with its non-direct subsidiary BerkshireInsurance.com. [104] [105] On February 14, 2013, Berkshire Hathaway Inc. and 3G Capital announced their plans to acquire H.J. Heinz Co. for $72.50 per share or $28 billion, including debts. [106] The company became majority owner of Heinz on June 18, 2015, after issuing a mandate to acquire 46,195,652 common shares at a total price of $461,956.52, increasing its stake to 52.5%. [107] Berkshire owns 1.74 million shares in Gannett. [108] The company also owns part of newspaper publisher Lee Enterprises after buying part of Lee's debt after filing bankruptcy. [109] On August 10, 2015, the boards of Berkshire Hathaway Inc. and Precision Castparts Corp. unanimously approved a final agreement for Berkshire Hathaway to acquire all outstanding CCP shares for $235 per share in cash. [110] In the second quarter of 2020, Berkshire added a position of more than 20 million shares in the mining company Barrick Gold,[6] and in the third quarter the company agreed to purchase Dominion Energy's natural gas transmission and storage operations. [111] Between September 2019 and August 2020, Berkshire acquired more than 5% of the outstanding shares of each of Japan's five largest general companies (Itochu, Mitsubishi, Mitsui, Sumitomo and Marubeni) through its subsidiary National Indemnity. Those stakes were totaling over $6 billion in August 2020. [112] Investing in Amazon.com Inc. On May 2, 2019, Warren Buffett told CNBC that one of Berkshire's investment managers, either Todd Combs or Ted Weschler, had bought Amazon shares. One of the colleagues in the office who manages money [...] bought some Amazon, so it will appear in 13F, Buffett told CNBC. Buffett continued; yes, I was a fan, and I was an idiot for not buying. But I want you to know that there are no personality changes. [113] Investing in Apple Inc. In May 2016, a regulatory process found that Berkshire acquired a stake in Apple Inc. (0.2% of Apple) worth $1 billion. By the end of June 2016, this shareholding had grown to 15.2 million shares (0.3% of Apple). Berkshire then restarted buying Apple shares again between September and December. By 31 December 2016, Berkshire had built a 57.4 57.4 stake in (1.1% of Apple) with an estimated average purchase price of $110 per share. Aggressive share purchases continued, and by 31 March 2017, Berkshire had amassed 129 million shares (2.5 per cent of Apple). In its 2017 annual report, Berkshire Hathaway revealed its total position of 166 million shares (3.3% of Apple) by 31 December 2017. As of February 2019, Berkshire owns 5.4% of Apple shares with 255,300,329 shares. [5] In media reports, Buffett says that Apple has developed an ecosystem and a level of brand loyalty that gives it a competitive butt, and that consumers seem to have a degree of price insensitivity when it comes to the iPhone. While Buffett famously avoided technology stocks, he said that Apple is a consumer products company and that he understands the consumer product business. [114] Previous Berkshire investments previously held a considerable stake in Tesco Plc, the UK's food retailer. Berkshire made its first investment in Tesco in 2006, and in 2012 raised that stake to more than 5% of the company[115] at an investment cost of $2.3 billion. Buffett sold about 30% of that stake in 2013, when it soured somewhat by the company's management at the time[116] making a profit of $43 million. As the tesco problems occurred by 2014, Berkshire sold all remaining shares with Buffett telling shareholders that the delay in selling the shares was costly. Berkshire made an after-tax loss of $444 million on the Tesco investment. [117] In 2016, Berkshire surprised investors by making large investments in equity in major U.S. airlines. Buffett has previously described airlines as a death trap for investors. Buffett made an investment in US Airways in 1989, which, although it sold for a profit, almost lost Berkshire a substantial amount of money. [118] In 2017, Berkshire was the largest shareholder of United Airlines and Delta Air Lines and a top 3 shareholder on Southwest Airlines and American Airlines. Buffett himself described this as a call to the industry rather than a choice in an individual company. The CEO of the US airline, Doug Parker, is said to have won over Ted Weschler in arguing that the airline industry has sufficiently consolidated and streamlined supply so that longer-term profitability could be achieved in an industry that has historically been making total losses. [119] In April 2020 Berkshire sold all US Airlines shares in response to the COFID-19 pandemic. [120] Subsidiaries and holdings Main article: List of assets held by Berkshire Hathaway See also List of publications Hathaway References ^ Berkshire Hathaway. History of companies - The largest companies in the world. ^ SC 13D/A #68. U.S. Securities and Stock Exchange Commission Archived from the original on July 24, 2018. March 4, 2018. ^ US SEC: Form 10-K Berkshire Hathaway Inc (PDF). U.S. Securities and Stock Exchanges Archived from the original on March 5, 2018. March 4, 2019. ^ a b Warren Buffett, Berkshire Hathaway buying Flying Pilot J. USA Today truck stations. 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