Cigarettes, Poultry, Gas and Marijuana: Berkshire by The

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CIGARETTES, POULTRY, GAS AND MARIJUANA: BERKSHIRE BY THE NUMBERS Dozens of Berkshire Hathaway subsidiaries will show off their products as ChiefExecutive Officer Warren Buffett hosts the company’s annual meeting in Omaha, Nebraska. Below are some numbers highlighting the scope of the company and its units. Berkshire Hathaway Energy has $84 billionin assets, Hathaway Automotive network. up from $46 billion in 2010. The holdings include Berkshire's Cubic Designsunitcreates cannabis 33,000 16,000 6% 7% industry mezannines thatcan increase the amountof milesof milesof of solarof wind marijuana growing space inside a building by 100% transmission natural gas in the generation to 200%. lines pipelines US Berkshire's BNSF Railwayoperates 32,500 route About26%of cigarette-makerAltria Group's milesof railroad tracks. That's more than fourtimes as revenue comes from Berkshire's McLane. The trucking long as all combined US border. The business business acts as a middleman and makes deliveries to transports 17%of all US inter-city freight, whether more than 46,000 retail locations. transported by rail, road, air, waterorpipeline. Berkshire has equity stakes of atleast$3 billionin Brooks running shoes, also made by Berkshire, were eightcompanies thattrade in the US. Thatincludes the second most-worn brand atthe 2015 Boston more than $20 billionin both Kraft Heinzand Marathon, accounting for19%of the total shoes in Wells Fargo.* the race*. Otherclothing brands atBuffet's company * As of April 27, 2016 include Fruit of the Loomunderwear, Vanity Fair lingerieand Justin boots. The Claytonsubsidiary, which builds mobile homes, * According to a study conducted by competitor.com sold 34,397 residenceslastyear, about45% of the marketin the US of so-called manufactured Buffet's residential real-estate brokerage has more housing. than 400franchises in 1,400offices with more than 44,000sales associates and operates underbrands Meyn, partof Berkshire's CTB agricultural-products including Berkshire Hathaway HomeServices. unit, sells machines thatprocess 9.2 billionchickens The unitis the second-largestcompany in its industry a year. The companies offerings include the Killerand in the US. the Maestro Eviscerator. Berkadia, Berkshire's commercial real-estate venture with Leucadia National Corp, services more Oriental Trading, the party-supply subsidiary that than $240 billionof loans. sells toys, games and classroom supplies, offers more than 40,000products. Berkshire's aviation-training subsidiary FlightSafety Consumers with more expensive tastes can shop at operates more than 300full-flightsimulators, the three differentjewellery retailers — Borsheims, world's largestfleet. Helzbergand Ben Bridge— orbuy a vehicle atone of the 80+ dealerships in the Berkshire Source: Bloomberg PHOTO: BLOOMBERG.

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BRK AGM 2016.Pub
May 2016 Berkshire Hathaway 2016 AGM Omaha, Nebraska Extraordinary Management, The Internet and Energy I had the privilege of travelling for the fourth time to the 2016 Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska last week. The 2015 event was the 50th anniversary of the Warren Buffett / Charlie Munger “Profitable Partnership” at Berkshire Hathaway and the crowd at an estimated 44,000 was out of control. So this year the company invited Yahoo Finance to live-stream the meeting for the first time. Despite this, there was still a great sense of adventure and celebration at the meeting… without the unnecessary large crowds. We’d all come too far to miss out on a good seat, so the day started at 4 a.m. Standing second from the front of the line with friends and like minded investors from Australia, and out of the rain, we were ready for the doors to open. When they did and the chaos subsided, we’d managed to get front row seats, and we knew we were set for another great day! The live-stream, I’m guessing, would have reached out to millions of supporters, shareholders and students, eager to learn from two of the world’s greatest investors, Warren Buffet (WB) now 85 and Charlie Munger (CM), an amazing 92 years of age. WB: “We arranged the online version so more shareholders could see Charlie and I at work and so business owners in other countries could become more familiar with Berkshire”. Despite the live-stream, the format remained the same: three hours of questions, a one hour break and then another three hours of questions, followed by the AGM.
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www.berkshirebeyondbuffett.com www.berkshirebeyondbuffett.com BUFFETT FANS / BERKSHIRE SKEPTICS BERKSHIRE BUILDERS BERKSHIRE OWNERS BERKSHIRE DIRECTORS Guyman W. Buffett Scott H. Buffett Olson Decker Munger Gottesman Murphy Gates Burke Witmer Keough “. Buffett immediately suggested Tom Murphy, a legendary businessman whom Warren said he had tried to model himself after. Warren later added a further explanation: ‘Most of what I’ve learned about management, I learned from Murph. I kick myself, because I should have applied it much earlier.’” Cunningham, Author’s Note “From afar, it may look like Berkshire’s wide-ranging businesses are very different from one another. In fact, as Larry’s book discusses, though they span industries, they are united by certain key values, like managerial autonomy, entrepreneurship, frugality and integrity.” -- Tom Murphy, Foreword Size by Employees > 40,000 BNSF > 30,000 Fruit of the Loom > 20,000 GEICO, McLane, Shaw > 15,000 Marmon, BH Energy > 10,000 Clayton Homes, ISCAR/IMC > 5,000 Forest River, Johns Manville, Lubrizol, Net Jets, Scott Fetzer > 2,500 BH Media, CTB, Flight Safety, Garan, Nebraska Furniture Mart, Richline, TTI > 1,000 Ben Bridge Jeweler and 10 other non-insurance subsidiaries < 1,000 A different 11 non-insurance subs; all insurance subs but GEICO and Gen Re Fortune 500 Level Subs Revenues (billions) Pre-tax Earnings (millions) McLane $45.9 BNSF $5,900 BNSF 22.0 BH Energy 1,800 GEICO 18.5 NICO 1,700 BH Energy 12.7 Marmon Group 1,200 NICO 12.0 Lubrizol 1,200 Marmon Group 7.0 GEICO 1,100 Lubrizol 6.1 McLane 500 Gen Re 5.9 Gen Re 300 Acquisition Size Billion Dollar Acquisitions Million Dollar Acquisitions $44.0 BNSF $835 Fruit of the Loom 22.0 Gen Re 725 Net Jets 9.7 Lubrizol 600 Justin (boots) 9.0 BH Energy 590 XTRA 9.0 Marmon (glom) 585 Dairy Queen 6.0 ISCAR/IMC 467 CORT 2.5+ GEICO 320 Scott Fetzer 2.0 Shaw (carpets) 180 CTB 1.8 Johns Manville 175 R.
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