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In January 2018, Berkshire Hathaway appointed [[Ajit Jain]] and [[Greg Abel]] to vice-chairman roles. Abel was appointed vice chairman for non-insurance business operations, and Jain became vice chairman of insurance operations.<ref>{{cite web |url=http://pdf.secdatabase.com/14/0001193125-18-008311.pdf |title=Berkshire Hathaway Inc, Current Report | date=January 10, 2018 | publisher=SECDatabase |archive-url=https://web.archive.org/web/20180424135921/http://pdf.secdatabase.com/14/0001193125-18-008311.pdf | archive-date=April 24, 2018 | url-status=live}}</ref><ref>{{cite news | url=https://www.businessinsider.com/warren-buffetts-berkshire-hathaway-expands-its-board-2018-1 |title=Warren Buffett's Berkshire Hathaway expands its board | work=[[Business Insider]] | date=January 10, 2018 | archive-url=https://web.archive.org/web/20180110173905/https://www.businessinsider.com/warren-buffetts-berkshire-hathaway-expands-its-board-2018-1 | archive-date=January 10, 2018 | url-status=live}}</ref>
In January 2018, Berkshire Hathaway appointed [[Ajit Jain]] and [[Greg Abel]] to vice-chairman roles. Abel was appointed vice chairman for non-insurance business operations, and Jain became vice chairman of insurance operations.<ref>{{cite web |url=http://pdf.secdatabase.com/14/0001193125-18-008311.pdf |title=Berkshire Hathaway Inc, Current Report | date=January 10, 2018 | publisher=SECDatabase |archive-url=https://web.archive.org/web/20180424135921/http://pdf.secdatabase.com/14/0001193125-18-008311.pdf | archive-date=April 24, 2018 | url-status=live}}</ref><ref>{{cite news | url=https://www.businessinsider.com/warren-buffetts-berkshire-hathaway-expands-its-board-2018-1 |title=Warren Buffett's Berkshire Hathaway expands its board | work=[[Business Insider]] | date=January 10, 2018 | archive-url=https://web.archive.org/web/20180110173905/https://www.businessinsider.com/warren-buffetts-berkshire-hathaway-expands-its-board-2018-1 | archive-date=January 10, 2018 | url-status=live}}</ref>


In May 2021, Buffett named [[Greg Abel]] to be his successor as CEO of Berkshire Hathaway.<ref>{{Cite news |url=https://www.cnn.com/2021/05/03/investing/warren-buffett-succesor-greg-abel/index.html |title=Warren Buffett names his successor | first=Chris | last=Isidore | work=[[CNN]] |date=May 3, 2021}}</ref>
In May 2021, Buffett named [[Greg Abel]] to be his successor as CEO of Berkshire Hathaway.<ref>{{Cite news |url=https://www.cnn.com/2021/05/03/investing/warren-buffett-succesor-greg-abel/index.html |title=Warren Buffett names his successor | first=Chris | last=Isidore | work=CNN |date=May 3, 2021}}</ref>


==Corporate affairs==
==Corporate affairs==
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Berkshire Hathaway has never undergone a [[stock split]] of its Class A shares because of management's desire to attract long-term investors as opposed to short-term [[speculation]]. However, in 1996, Berkshire Hathaway created [[Class B share]]s, with a per-share value originally kept (by specific management rules) close to {{Frac|30}} of that of the original shares (now Class A) and {{Frac|200}} of the per-share voting rights, and after the January 2010 split, at {{Frac|1,500}} the price and {{Frac|10,000}} the voting rights of the Class-A shares. Holders of class A stock are allowed to convert their stock to Class B, though not vice versa. Buffett was reluctant to create the class B shares but did so to thwart the creation of [[unit investment trust]]s that would have marketed themselves as Berkshire look-alikes.
Berkshire Hathaway has never undergone a [[stock split]] of its Class A shares because of management's desire to attract long-term investors as opposed to short-term [[speculation]]. However, in 1996, Berkshire Hathaway created [[Class B share]]s, with a per-share value originally kept (by specific management rules) close to {{Frac|30}} of that of the original shares (now Class A) and {{Frac|200}} of the per-share voting rights, and after the January 2010 split, at {{Frac|1,500}} the price and {{Frac|10,000}} the voting rights of the Class-A shares. Holders of class A stock are allowed to convert their stock to Class B, though not vice versa. Buffett was reluctant to create the class B shares but did so to thwart the creation of [[unit investment trust]]s that would have marketed themselves as Berkshire look-alikes.


In January 2010, as part of the acquisition of [[BNSF Railway]], Berkshire completed a 50-to-1 stock split of its [[class B share]]s. The increased [[market liquidity]] resulted in the company's inclusion in the [[S&P 500]] upon consummation of the acquisition.<ref>{{cite news | url=https://www.reuters.com/article/idUSTRE60P6OO20100126/ | title=Berkshire Hathaway to join S&P 500, shares soar | first=Jonathan | last=Stempel | work=[[Reuters]] | date=January 26, 2010 |archive-url=https://web.archive.org/web/20100130141857/http://www.reuters.com/article/idUSTRE60P6OO20100126?type=globalMarketsNews |archive-date=January 30, 2010 | url-status=live}}</ref><ref>{{cite news |url=https://money.cnn.com/2010/02/12/news/companies/Berkshire_Hathaway_Buffett/ | title=Buffett's Berkshire Hathaway joins S&P 500 Index | work=[[CNN]] | date=February 12, 2010 | first=Hibah | last=Yousuf | archive-url=https://web.archive.org/web/20100424085533/https://money.cnn.com/2010/02/12/news/companies/Berkshire_Hathaway_Buffett/ | archive-date=April 24, 2010 | url-status=live}}</ref>
In January 2010, as part of the acquisition of [[BNSF Railway]], Berkshire completed a 50-to-1 stock split of its [[class B share]]s. The increased [[market liquidity]] resulted in the company's inclusion in the [[S&P 500]] upon consummation of the acquisition.<ref>{{cite news | url=https://www.reuters.com/article/idUSTRE60P6OO20100126/ | title=Berkshire Hathaway to join S&P 500, shares soar | first=Jonathan | last=Stempel | work=[[Reuters]] | date=January 26, 2010 |archive-url=https://web.archive.org/web/20100130141857/http://www.reuters.com/article/idUSTRE60P6OO20100126?type=globalMarketsNews |archive-date=January 30, 2010 | url-status=live}}</ref><ref>{{cite news |url=https://money.cnn.com/2010/02/12/news/companies/Berkshire_Hathaway_Buffett/ | title=Buffett's Berkshire Hathaway joins S&P 500 Index | work=CNN | date=February 12, 2010 | first=Hibah | last=Yousuf | archive-url=https://web.archive.org/web/20100424085533/https://money.cnn.com/2010/02/12/news/companies/Berkshire_Hathaway_Buffett/ | archive-date=April 24, 2010 | url-status=live}}</ref>


===Executive compensation===
===Executive compensation===
The salary for Buffett is $100,000 per year with no stock options,<ref name=14A/> which is among the lowest salaries<ref>{{cite news | url=https://www.forbes.com/2001/04/26/buffett.html | title=Warren Buffett: Value Man Through And Through | work=[[Forbes]] | date=April 26, 2001 | url-access=limited | archive-url=https://web.archive.org/web/20180213135405/https://www.forbes.com/2001/04/26/buffett.html|archive-date=February 13, 2018 | url-status=live}}</ref> for CEOs of large companies in the United States.<ref>{{cite news | url=https://money.cnn.com/2007/05/05/news/newsmakers/buffett/index.htm | title=Being Buffett ... and blunt | first=Susan | last=Lisovicz | work=[[CNN]] | date=May 5, 2007 |archive-url=https://web.archive.org/web/20071213061247/https://money.cnn.com/2007/05/05/news/newsmakers/buffett/index.htm?postversion=2007050517 | archive-date=December 13, 2007 | url-status=live}}</ref> Buffett's salary has not changed in 35 years.<ref name=14A/> Buffett also receives approximately $300,000 worth home security services from the company annually.<ref name=14A/>
The salary for Buffett is $100,000 per year with no stock options,<ref name=14A/> which is among the lowest salaries<ref>{{cite news | url=https://www.forbes.com/2001/04/26/buffett.html | title=Warren Buffett: Value Man Through And Through | work=[[Forbes]] | date=April 26, 2001 | url-access=limited | archive-url=https://web.archive.org/web/20180213135405/https://www.forbes.com/2001/04/26/buffett.html|archive-date=February 13, 2018 | url-status=live}}</ref> for CEOs of large companies in the United States.<ref>{{cite news | url=https://money.cnn.com/2007/05/05/news/newsmakers/buffett/index.htm | title=Being Buffett ... and blunt | first=Susan | last=Lisovicz | work=CNN | date=May 5, 2007 |archive-url=https://web.archive.org/web/20071213061247/https://money.cnn.com/2007/05/05/news/newsmakers/buffett/index.htm?postversion=2007050517 | archive-date=December 13, 2007 | url-status=live}}</ref> Buffett's salary has not changed in 35 years.<ref name=14A/> Buffett also receives approximately $300,000 worth home security services from the company annually.<ref name=14A/>


Abel and Jain each receive a salary of $20 million per year, with a possible $3 million annual bonus approved by Buffett.<ref name=14A/>
Abel and Jain each receive a salary of $20 million per year, with a possible $3 million annual bonus approved by Buffett.<ref name=14A/>
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Known for their humor and light-heartedness, the meetings typically start with a cartoon made for Berkshire shareholders.  
Known for their humor and light-heartedness, the meetings typically start with a cartoon made for Berkshire shareholders.  
* The 2004 cartoon featured [[Arnold Schwarzenegger]] in the role of "The Warrenator" who travels through 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 regarding [[California Proposition 13 (1978)|Proposition 13]].<ref>{{cite news | url=https://money.cnn.com/2004/05/01/pf/buffett_day_two/index.htm | title=Folksy fun at Buffett meeting | first=Jason | last=Zweig | work=[[CNN]] | date=May 1, 2004}}</ref>  
* The 2004 cartoon featured [[Arnold Schwarzenegger]] in the role of "The Warrenator" who travels through 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 regarding [[California Proposition 13 (1978)|Proposition 13]].<ref>{{cite news | url=https://money.cnn.com/2004/05/01/pf/buffett_day_two/index.htm | title=Folksy fun at Buffett meeting | first=Jason | last=Zweig | work=CNN | date=May 1, 2004}}</ref>  
* The 2006 cartoon depicted actresses [[Jamie Lee Curtis]] and [[Nicollette Sheridan]] lusting after Munger.<ref>{{cite news | url=https://www.fool.com/investing/value/2006/05/26/berkshire-behind-the-scenes-part-1.aspx | title=Berkshire Behind the Scenes: Part 1 | first=Rick | last=Casterline | work=[[The Motley Fool]] | date=May 26, 2006}}</ref><ref>{{Cite news | url=https://www.ft.com/content/bd8d5b5a-dde0-11da-af29-0000779e2340 | title=Buffett shows star quality at annual meeting | first=Richard | last=Beales | work=[[Financial Times]] | date=May 7, 2006}}</ref>
* The 2006 cartoon depicted actresses [[Jamie Lee Curtis]] and [[Nicollette Sheridan]] lusting after Munger.<ref>{{cite news | url=https://www.fool.com/investing/value/2006/05/26/berkshire-behind-the-scenes-part-1.aspx | title=Berkshire Behind the Scenes: Part 1 | first=Rick | last=Casterline | work=[[The Motley Fool]] | date=May 26, 2006}}</ref><ref>{{Cite news | url=https://www.ft.com/content/bd8d5b5a-dde0-11da-af29-0000779e2340 | title=Buffett shows star quality at annual meeting | first=Richard | last=Beales | work=[[Financial Times]] | date=May 7, 2006}}</ref>
* The 2007 cartoon included Buffett playing basketball against [[LeBron James]].<ref>{{Cite news | url=https://money.cnn.com/2007/06/14/commentary/sportsbiz/index.htm | title=LeBron: The next Buffett? | first=Chris | last=Isidore | work=[[CNN]] | date=June 14, 2007}}</ref><ref>{{Cite news | url=https://www.wsj.com/articles/BL-MB-1240 | title=Buffett Plays Basketball | work=[[The Wall Street Journal]] | date=May 5, 2007 | url-access=subscription}}</ref>
* The 2007 cartoon included Buffett playing basketball against [[LeBron James]].<ref>{{Cite news | url=https://money.cnn.com/2007/06/14/commentary/sportsbiz/index.htm | title=LeBron: The next Buffett? | first=Chris | last=Isidore | work=CNN | date=June 14, 2007}}</ref><ref>{{Cite news | url=https://www.wsj.com/articles/BL-MB-1240 | title=Buffett Plays Basketball | work=[[The Wall Street Journal]] | date=May 5, 2007 | url-access=subscription}}</ref>
* The 2008 cartoon depicted [[Charlie Munger]] becoming [[President of the United States]], after which he promotes eating at [[Dairy Queen]] to relieve the effects of increased temperatures due to [[climate change]].<ref>{{Cite magazine | url=https://business.time.com/2008/05/03/liveblogging_the_berkshire_hat/ | title=Liveblogging the Berkshire Hathaway annual meeting | first=Barbara | last=Kiviat | magazine=[[Time (magazine)|Time]] | date=May 3, 2008}}</ref>
* The 2008 cartoon depicted [[Charlie Munger]] becoming [[President of the United States]], after which he promotes eating at [[Dairy Queen]] to relieve the effects of increased temperatures due to [[climate change]].<ref>{{Cite magazine | url=https://business.time.com/2008/05/03/liveblogging_the_berkshire_hat/ | title=Liveblogging the Berkshire Hathaway annual meeting | first=Barbara | last=Kiviat | magazine=[[Time (magazine)|Time]] | date=May 3, 2008}}</ref>
* The 2009 cartoon, aired just after the [[2007-2008 financial crisis]], showed a new mattress, named The Nervous Nellie, which has a hidden compartment for people who prefer to hide their money in the mattress than put it in the bank.<ref>{{Cite web | url=https://buffett.cnbc.com/video/2009/05/02/morning-session---2009--berkshire-hathaway-annual-meeting.html | title=Morning Session - 2009 Meeting | work=[[CNBC]] | date=May 2, 2009}}</ref>
* The 2009 cartoon, aired just after the [[2007-2008 financial crisis]], showed a new mattress, named The Nervous Nellie, which has a hidden compartment for people who prefer to hide their money in the mattress than put it in the bank.<ref>{{Cite web | url=https://buffett.cnbc.com/video/2009/05/02/morning-session---2009--berkshire-hathaway-annual-meeting.html | title=Morning Session - 2009 Meeting | work=[[CNBC]] | date=May 2, 2009}}</ref>
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Insurance and [[reinsurance]] business activities are conducted through approximately 70 domestic and foreign-based insurance companies.
Insurance and [[reinsurance]] business activities are conducted through approximately 70 domestic and foreign-based insurance companies.
* [[GEICO]] – Berkshire acquired full ownership of GEICO in January 1996, acquiring the 49% of the company that it did not then own for $2.3 billion.<ref>{{Cite news | url=https://www.nytimes.com/1995/08/26/business/buffett-moves-to-acquire-all-of-geico.html | title=Buffett Moves To Acquire All of Geico | first=Michael | last=Quint | work=[[The New York Times]] | date=August 26, 1995 | url-access=limited}}</ref> GEICO, headquartered in [[Chevy Chase, Maryland]], offers primarily private passenger automobile insurance to individuals in the U.S.. GEICO markets its policies primarily directly to consumers.<ref>{{cite web | url=http://edgar.secdatabase.com/799/95015099000379/filing-main.htm | title=Berkshire Hathaway Inc, Form 10-K, Annual Report | publisher=SECDatabase | date=March 30, 1999 | archive-url=https://web.archive.org/web/20130522091240/http://edgar.secdatabase.com/799/95015099000379/filing-main.htm | archive-date=May 22, 2013 | url-status=live}}</ref> The company is known for its advertising characters including a gecko and the [[GEICO Cavemen]].
* [[GEICO]] – Berkshire acquired full ownership of GEICO in January 1996, acquiring the 49% of the company that it did not then own for $2.3 billion.<ref>{{Cite news | url=https://www.nytimes.com/1995/08/26/business/buffett-moves-to-acquire-all-of-geico.html | title=Buffett Moves To Acquire All of Geico | first=Michael | last=Quint | work=[[The New York Times]] | date=August 26, 1995 | url-access=limited}}</ref> GEICO, headquartered in [[Chevy Chase, Maryland]], offers primarily private passenger automobile insurance to individuals in the U.S.. GEICO markets its policies primarily directly to consumers.<ref>{{cite web | url=http://edgar.secdatabase.com/799/95015099000379/filing-main.htm | title=Berkshire Hathaway Inc, Form 10-K, Annual Report | publisher=SECDatabase | date=March 30, 1999 | archive-url=https://web.archive.org/web/20130522091240/http://edgar.secdatabase.com/799/95015099000379/filing-main.htm | archive-date=May 22, 2013 | url-status=live}}</ref> The company is known for its advertising characters including a gecko and the [[GEICO Cavemen]].
* [[Gen Re]] – Berkshire acquired General Re, headquartered in [[Stamford, Connecticut]], in December 1998 for $22 billion. <ref>{{Cite news | url=https://www.propertyandcasualty.com/doc/berkshire-hathaway-general-re-to-close-merger-0001 | title=Berkshire Hathaway, General Re To Close Merger | work=Property and Casualty | date=December 18, 1998}}</ref><ref>{{cite news | url=https://money.cnn.com/1998/12/17/companies/hathaway/ | title=Berkshire merger tax-free | work=[[CNN]] | date=December 17, 1998}}</ref> Berkshire paid for the acquisition with Class A shares valued at $58,400 each; Buffett later said he overpaid, despite strong performance by General Re.<ref>{{Cite news | url=https://www.fool.com/investing/2017/03/05/warren-buffetts-696-billion-mistake-and-what-he-le.aspx | title=Warren Buffett's $69.6 Billion Mistake -- And What He Learned From It | first=Matt | last=Frankel | work=[[The Motley Fool]] | date=March 5, 2017}}</ref>
* [[Gen Re]] – Berkshire acquired General Re, headquartered in [[Stamford, Connecticut]], in December 1998 for $22 billion. <ref>{{Cite news | url=https://www.propertyandcasualty.com/doc/berkshire-hathaway-general-re-to-close-merger-0001 | title=Berkshire Hathaway, General Re To Close Merger | work=Property and Casualty | date=December 18, 1998}}</ref><ref>{{cite news | url=https://money.cnn.com/1998/12/17/companies/hathaway/ | title=Berkshire merger tax-free | work=CNN | date=December 17, 1998}}</ref> Berkshire paid for the acquisition with Class A shares valued at $58,400 each; Buffett later said he overpaid, despite strong performance by General Re.<ref>{{Cite news | url=https://www.fool.com/investing/2017/03/05/warren-buffetts-696-billion-mistake-and-what-he-le.aspx | title=Warren Buffett's $69.6 Billion Mistake -- And What He Learned From It | first=Matt | last=Frankel | work=[[The Motley Fool]] | date=March 5, 2017}}</ref>
* National Indemnity Company, based in [[Omaha, Nebraska]], was founded in 1940 by Jack Dabney Ringwalt and was acquired by Berkshire for $8.6 million in March 1967 in the first acquisition by the company under Buffett's control and the company's entrance into the insurance business.<ref>{{Cite news | url=https://www.nytimes.com/2015/02/28/business/dealbook/after-50-years-oracle-of-omaha-looks-back-on-less-prescient-moves.html | last=Gelles | first=David | title=After 50 Years, Oracle of Omaha Looks Back on Less Prescient Moves | work=[[The New York Times]] | date=February 28, 2015 | issn=0362-4331 | url-access=limited}}</ref> In 2012, the company acquired [[Workers' compensation]] insurer GUARD for $221 million.<ref>{{Cite news | title=Guard Insurance sold for $221 million to Buffett Company | url=https://www.timesleader.com/archive/39139/stories-guard-insurance-sold-for-24221-million-to-buffett-company196075 | work=[[Times Leader]] | date=June 2, 2015}}</ref>  
* National Indemnity Company, based in [[Omaha, Nebraska]], was founded in 1940 by Jack Dabney Ringwalt and was acquired by Berkshire for $8.6 million in March 1967 in the first acquisition by the company under Buffett's control and the company's entrance into the insurance business.<ref>{{Cite news | url=https://www.nytimes.com/2015/02/28/business/dealbook/after-50-years-oracle-of-omaha-looks-back-on-less-prescient-moves.html | last=Gelles | first=David | title=After 50 Years, Oracle of Omaha Looks Back on Less Prescient Moves | work=[[The New York Times]] | date=February 28, 2015 | issn=0362-4331 | url-access=limited}}</ref> In 2012, the company acquired [[Workers' compensation]] insurer GUARD for $221 million.<ref>{{Cite news | title=Guard Insurance sold for $221 million to Buffett Company | url=https://www.timesleader.com/archive/39139/stories-guard-insurance-sold-for-24221-million-to-buffett-company196075 | work=[[Times Leader]] | date=June 2, 2015}}</ref>  
* NRG (Nederlandse Reassurantie Groep) was acquired by Berkshire from [[ING Group]] in December 2007.<ref>{{Cite press release| url=https://www.ing.com/Newsroom/News/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |title=ING to sell NRG to Berkshire Hathaway | publisher=[[ING Group]] | date=December 28, 2007 |archive-url=https://web.archive.org/web/20170727163324/https://www.ing.com/Newsroom/All-news/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |archive-date=July 27, 2017 |url-status=live}}</ref><ref name=start>{{cite news | url=https://www.marketwatch.com/story/berkshire-hathaway-to-buy-reinsurer-start-bond-insurer |title=Berkshire Hathaway to buy reinsurer, start bond insurer | first1=Steve | last1=Goldstein | first2=Robert | last2=Schroeder | work=[[Marketwatch]] |date=December 28, 2007 | url-access=limited |archive-url=https://web.archive.org/web/20080106131811/http://www.marketwatch.com/news/story/berkshire-hathaway-buy-reinsurer-start/story.aspx?guid=%7B0CC68C49%2D6EED%2D4A85%2D8C8C%2D51ED714E6082%7D&dist=TQP_Mod_mktwN | archive-date=January 6, 2008 | url-status=live}}</ref>
* NRG (Nederlandse Reassurantie Groep) was acquired by Berkshire from [[ING Group]] in December 2007.<ref>{{Cite press release| url=https://www.ing.com/Newsroom/News/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |title=ING to sell NRG to Berkshire Hathaway | publisher=[[ING Group]] | date=December 28, 2007 |archive-url=https://web.archive.org/web/20170727163324/https://www.ing.com/Newsroom/All-news/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |archive-date=July 27, 2017 |url-status=live}}</ref><ref name=start>{{cite news | url=https://www.marketwatch.com/story/berkshire-hathaway-to-buy-reinsurer-start-bond-insurer |title=Berkshire Hathaway to buy reinsurer, start bond insurer | first1=Steve | last1=Goldstein | first2=Robert | last2=Schroeder | work=[[Marketwatch]] |date=December 28, 2007 | url-access=limited |archive-url=https://web.archive.org/web/20080106131811/http://www.marketwatch.com/news/story/berkshire-hathaway-buy-reinsurer-start/story.aspx?guid=%7B0CC68C49%2D6EED%2D4A85%2D8C8C%2D51ED714E6082%7D&dist=TQP_Mod_mktwN | archive-date=January 6, 2008 | url-status=live}}</ref>
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In October 1997, Berkshire acquired [[Dairy Queen]], based in Edina, Minnesota, for $585 million. It franchises approximately 6,000 stores operating under the names Dairy Queen, [[Orange Julius]], and [[Karmelkorn]]. The stores offer various dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn, and other snack foods.<ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-1997-oct-22-fi-45317-story.html | title=Buffett to Acquire Dairy Queen Chain for $585 Million | work=[[Los Angeles Times]] | date=October 22, 1997 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.washingtonpost.com/archive/business/1997/10/22/an-investment-king-buys-dairy-queen/4dae57cb-b198-4c92-8924-4fc06a7a6c2a/ | title=AN INVESTMENT KING BUYS DAIRY QUEEN | first=Steven | last=Pearlstein | work=[[The Washington Post]] | date=October 21, 1997 | url-access=subscription}}</ref>  
In October 1997, Berkshire acquired [[Dairy Queen]], based in Edina, Minnesota, for $585 million. It franchises approximately 6,000 stores operating under the names Dairy Queen, [[Orange Julius]], and [[Karmelkorn]]. The stores offer various dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn, and other snack foods.<ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-1997-oct-22-fi-45317-story.html | title=Buffett to Acquire Dairy Queen Chain for $585 Million | work=[[Los Angeles Times]] | date=October 22, 1997 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.washingtonpost.com/archive/business/1997/10/22/an-investment-king-buys-dairy-queen/4dae57cb-b198-4c92-8924-4fc06a7a6c2a/ | title=AN INVESTMENT KING BUYS DAIRY QUEEN | first=Steven | last=Pearlstein | work=[[The Washington Post]] | date=October 21, 1997 | url-access=subscription}}</ref>  


In July 1998, Berkshire Hathaway acquired [[NetJets]], formerly Executive Jet Aviation, for $725 million in cash.<ref>{{cite news | url=https://money.cnn.com/1998/07/23/deals/buffett/ | title=Buffett lands jet firm | work=[[CNN]] | date=July 23, 1998}}</ref><ref>{{Cite news | url=https://www.nytimes.com/1998/07/24/business/company-news-berkshire-hathaway-to-buy-executive-jet-inc.html | title=BERKSHIRE HATHAWAY TO BUY EXECUTIVE JET INC. | agency=[[Reuters]] | work=[[The New York Times]] | date=July 24, 1998 | url-access=limited}}</ref> NetJets is the world's largest provider of [[fractional ownership]] programs for [[general aviation]] aircraft. In 1986, NetJets created the fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type. In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750.<ref>{{Cite news |url=https://www.indianapolismotorspeedway.com/news-multimedia/news/2019/05/30/netjets-official-private-aviation-partner-of-indycar-2019 |title=NetJets Named as Official Private Aviation Partner of INDYCAR, IMS | work=[[Indianapolis Motor Speedway]] |date=May 30, 2019}}</ref>
In July 1998, Berkshire Hathaway acquired [[NetJets]], formerly Executive Jet Aviation, for $725 million in cash.<ref>{{cite news | url=https://money.cnn.com/1998/07/23/deals/buffett/ | title=Buffett lands jet firm | work=CNN | date=July 23, 1998}}</ref><ref>{{Cite news | url=https://www.nytimes.com/1998/07/24/business/company-news-berkshire-hathaway-to-buy-executive-jet-inc.html | title=BERKSHIRE HATHAWAY TO BUY EXECUTIVE JET INC. | agency=[[Reuters]] | work=[[The New York Times]] | date=July 24, 1998 | url-access=limited}}</ref> NetJets is the world's largest provider of [[fractional ownership]] programs for [[general aviation]] aircraft. In 1986, NetJets created the fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type. In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750.<ref>{{Cite news |url=https://www.indianapolismotorspeedway.com/news-multimedia/news/2019/05/30/netjets-official-private-aviation-partner-of-indycar-2019 |title=NetJets Named as Official Private Aviation Partner of INDYCAR, IMS | work=[[Indianapolis Motor Speedway]] |date=May 30, 2019}}</ref>


[[File:HomeServices of America in Gillette, Wyoming.jpg|thumb|right|A HomeServices of America in [[Gillette, Wyoming]]]]
[[File:HomeServices of America in Gillette, Wyoming.jpg|thumb|right|A HomeServices of America in [[Gillette, Wyoming]]]]
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In May 2000, Berkshire acquired [[Ben Bridge Jeweler]], a chain of jewelry stores established in 1912 with locations primarily in the western United States.<ref>{{cite news | url=https://www.bizjournals.com/seattle/stories/2000/05/15/daily13.html | title=Warren Buffett buys Ben Bridge Jeweler | work=[[American City Business Journals]] | date=May 18, 2000}}</ref> [[Helzberg Diamonds]], a chain of jewelry stores based in Kansas City that began in 1915, was acquired Berkshire in 1995 after a chance run in between Buffett and Barnett Helzberg on a street in New York City.<ref>{{cite news | url=https://www.nytimes.com/1995/03/11/business/company-news-berkshire-hathaway-to-buy-jewelry-store-chain.html | title=BERKSHIRE HATHAWAY TO BUY JEWELRY STORE CHAIN | agency=[[Reuters]] | work=[[The New York Times]] | date=March 11, 1995 | url-access=limited}}</ref>
In May 2000, Berkshire acquired [[Ben Bridge Jeweler]], a chain of jewelry stores established in 1912 with locations primarily in the western United States.<ref>{{cite news | url=https://www.bizjournals.com/seattle/stories/2000/05/15/daily13.html | title=Warren Buffett buys Ben Bridge Jeweler | work=[[American City Business Journals]] | date=May 18, 2000}}</ref> [[Helzberg Diamonds]], a chain of jewelry stores based in Kansas City that began in 1915, was acquired Berkshire in 1995 after a chance run in between Buffett and Barnett Helzberg on a street in New York City.<ref>{{cite news | url=https://www.nytimes.com/1995/03/11/business/company-news-berkshire-hathaway-to-buy-jewelry-store-chain.html | title=BERKSHIRE HATHAWAY TO BUY JEWELRY STORE CHAIN | agency=[[Reuters]] | work=[[The New York Times]] | date=March 11, 1995 | url-access=limited}}</ref>


In June 2000, the company acquired Justin Brands, the parent company of [[Justin Boots]], [[Acme Boots]], and [[Acme Brick]] for $600 million in cash.<ref>{{Cite news | url=https://www.oklahoman.com/story/news/2000/06/21/justin-industries-purchased-berkshire-hathaway-acquisition-includes-state-acme-brick-plants/62193169007/ | title=Justin Industries purchased Berkshire Hathaway acquisition includes state Acme Brick plants | work=[[The Oklahoman]] | date=June 21, 2000}}</ref><ref>{{Cite news | url=https://money.cnn.com/2000/06/20/deals/berkshire/ | title=Buffett's latest buy: bricks | work=[[CNN]] | date=June 20, 2000}}</ref> Headquartered in [[Fort Worth, Texas]], Acme manufactures and distributes clay bricks (Acme Brick), concrete block (Featherlite), and cut limestone (Texas Quarries). Justin Brands also owns [[Chippewa Boots]], [[Nocona Boots]], and [[Tony Lama Boots]].<ref>{{cite web | url=https://www.berkshirehathaway.com/subs/justin.html | title=Justin Brands | publisher=Berkshire Hathaway | archive-url=https://web.archive.org/web/20131222020740/http://www.berkshirehathaway.com/subs/justin.html | archive-date=December 22, 2013 | url-status=live}}</ref>
In June 2000, the company acquired Justin Brands, the parent company of [[Justin Boots]], [[Acme Boots]], and [[Acme Brick]] for $600 million in cash.<ref>{{Cite news | url=https://www.oklahoman.com/story/news/2000/06/21/justin-industries-purchased-berkshire-hathaway-acquisition-includes-state-acme-brick-plants/62193169007/ | title=Justin Industries purchased Berkshire Hathaway acquisition includes state Acme Brick plants | work=[[The Oklahoman]] | date=June 21, 2000}}</ref><ref>{{Cite news | url=https://money.cnn.com/2000/06/20/deals/berkshire/ | title=Buffett's latest buy: bricks | work=CNN | date=June 20, 2000}}</ref> Headquartered in [[Fort Worth, Texas]], Acme manufactures and distributes clay bricks (Acme Brick), concrete block (Featherlite), and cut limestone (Texas Quarries). Justin Brands also owns [[Chippewa Boots]], [[Nocona Boots]], and [[Tony Lama Boots]].<ref>{{cite web | url=https://www.berkshirehathaway.com/subs/justin.html | title=Justin Brands | publisher=Berkshire Hathaway | archive-url=https://web.archive.org/web/20131222020740/http://www.berkshirehathaway.com/subs/justin.html | archive-date=December 22, 2013 | url-status=live}}</ref>


In December 2000, Berkshire acquired [[Benjamin Moore & Co.]], headquartered in [[Montvale, New Jersey]]. Moore formulates, manufactures, and sells [[architectural coatings]] that are available primarily in the United States and Canada. Buffett agreed not to sell the products through major retail chains.<ref>{{Cite news | url=https://fortune.com/2014/09/17/warren-buffett-benjamin-moore/ | title=The wrath of Warren Buffett: How Benjamin Moore almost broke his promise | first=Colleen | last=Leahey | work=[[Fortune (magazine)|Fortune]] | date=September 17, 2014}}</ref>
In December 2000, Berkshire acquired [[Benjamin Moore & Co.]], headquartered in [[Montvale, New Jersey]]. Moore formulates, manufactures, and sells [[architectural coatings]] that are available primarily in the United States and Canada. Buffett agreed not to sell the products through major retail chains.<ref>{{Cite news | url=https://fortune.com/2014/09/17/warren-buffett-benjamin-moore/ | title=The wrath of Warren Buffett: How Benjamin Moore almost broke his promise | first=Colleen | last=Leahey | work=[[Fortune (magazine)|Fortune]] | date=September 17, 2014}}</ref>
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In January 2001, Berkshire acquired 87% of [[Dalton, Georgia]]-based [[Shaw Industries]]. It acquired the remaining 12% in January 2002. Shaw is the world's largest carpet manufacturer based on both revenue and volume of production and designs and manufactures over 3,000 styles of tufted and woven carpet and laminate flooring for residential and commercial use under approximately 30 brand and trade names and under certain private labels.<ref>{{cite news | url=https://www.nytimes.com/2002/01/22/business/company-news-berkshire-hathaway-acquires-remainder-of-shaw.html | title=COMPANY NEWS; BERKSHIRE HATHAWAY ACQUIRES Remainder of Shaw | agency=[[Associated Press]] | work=[[The New York Times]] | date=January 22, 2002 | url-access=limited}}</ref>
In January 2001, Berkshire acquired 87% of [[Dalton, Georgia]]-based [[Shaw Industries]]. It acquired the remaining 12% in January 2002. Shaw is the world's largest carpet manufacturer based on both revenue and volume of production and designs and manufactures over 3,000 styles of tufted and woven carpet and laminate flooring for residential and commercial use under approximately 30 brand and trade names and under certain private labels.<ref>{{cite news | url=https://www.nytimes.com/2002/01/22/business/company-news-berkshire-hathaway-acquires-remainder-of-shaw.html | title=COMPANY NEWS; BERKSHIRE HATHAWAY ACQUIRES Remainder of Shaw | agency=[[Associated Press]] | work=[[The New York Times]] | date=January 22, 2002 | url-access=limited}}</ref>


In February 2001, Berkshire acquired [[Johns Manville]], established in 1858 and a manufacturer of fiberglass wool insulation products for homes and commercial buildings, as well as pipe, duct, and equipment insulation products.<ref>{{Cite news | url=https://money.cnn.com/2000/12/20/deals/johnsmanville/ | title=Buffett to buy Manville | work=[[CNN]] | date=December 20, 2000}}</ref>
In February 2001, Berkshire acquired [[Johns Manville]], established in 1858 and a manufacturer of fiberglass wool insulation products for homes and commercial buildings, as well as pipe, duct, and equipment insulation products.<ref>{{Cite news | url=https://money.cnn.com/2000/12/20/deals/johnsmanville/ | title=Buffett to buy Manville | work=CNN | date=December 20, 2000}}</ref>


In July 2001, Berkshire acquired a 90% equity interest in MiTek, headquartered in [[Chesterfield, Missouri]], which makes engineered connector products, engineering software and services, and manufacturing machinery for the truss fabrication segment of the building components industry.<ref>{{cite press release | title=Berkshire Hathaway Inc. Acquires MiTek Inc | url=https://www.berkshirehathaway.com/news/jun1201.html | publisher=Berkshire Hathaway | date=June 12, 2001 | archive-url=https://web.archive.org/web/20110926222840/http://www.berkshirehathaway.com/news/jun1201.html | archive-date=September 26, 2011 | url-status=live}}</ref> In May 2008, Mitek acquired Hohmann & Barnard, a fabricator of anchors and reinforcement systems for masonry.<ref>{{Cite web | url=https://casetext.com/case/heckmann-bldg-prods-inc-v-hohmann-barnard-inc | title=Heckmann Bldg. Prods. Inc. v. Hohmann & Barnard, Inc. | work=CaseText | date=June 1, 2012}}</ref> October 2008, Mitek acquired Blok-Lok of [[Toronto]], Canada. On April 23, 2010, Mitek acquired the assets of Dur-O-Wal from [[Dayton Superior]].<ref>{{Cite news | url=https://masonrymagazine.com/Default?pageID=5024 | title=Hohmann & Barnard Buys Dur-O-Wall | first=Dan | last=Kamys | work=[[Mason Contractors Association of America]] | date=April 26, 2010}}</ref>
In July 2001, Berkshire acquired a 90% equity interest in MiTek, headquartered in [[Chesterfield, Missouri]], which makes engineered connector products, engineering software and services, and manufacturing machinery for the truss fabrication segment of the building components industry.<ref>{{cite press release | title=Berkshire Hathaway Inc. Acquires MiTek Inc | url=https://www.berkshirehathaway.com/news/jun1201.html | publisher=Berkshire Hathaway | date=June 12, 2001 | archive-url=https://web.archive.org/web/20110926222840/http://www.berkshirehathaway.com/news/jun1201.html | archive-date=September 26, 2011 | url-status=live}}</ref> In May 2008, Mitek acquired Hohmann & Barnard, a fabricator of anchors and reinforcement systems for masonry.<ref>{{Cite web | url=https://casetext.com/case/heckmann-bldg-prods-inc-v-hohmann-barnard-inc | title=Heckmann Bldg. Prods. Inc. v. Hohmann & Barnard, Inc. | work=CaseText | date=June 1, 2012}}</ref> October 2008, Mitek acquired Blok-Lok of [[Toronto]], Canada. On April 23, 2010, Mitek acquired the assets of Dur-O-Wal from [[Dayton Superior]].<ref>{{Cite news | url=https://masonrymagazine.com/Default?pageID=5024 | title=Hohmann & Barnard Buys Dur-O-Wall | first=Dan | last=Kamys | work=[[Mason Contractors Association of America]] | date=April 26, 2010}}</ref>
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==Stock purchases and sales==
==Stock purchases and sales==
Buffett began investing in [[Wells Fargo]] in 1989; however, by the first quarter of 2022, Berkshire Hathaway had sold its entire interest in the company.<ref>{{Cite news | url=https://www.reuters.com/business/finance/berkshire-sheds-nearly-all-wells-fargo-holding-since-1989-2021-05-17/ | title=Berkshire sheds nearly all of Wells Fargo, a holding since 1989 | first=Jonathan | last=Stempel | work=[[Reuters]] | date=May 17, 2021}}</ref><ref>{{Cite news | url=https://www.cnn.com/2022/05/17/investing/berkshire-hathaway-warren-buffett-wells-fargo-citigroup/index.html |title=Warren Buffett's Berkshire Hathaway finally bails on Wells Fargo | work=[[CNN]] | date=May 17, 2022}}</ref>
Buffett began investing in [[Wells Fargo]] in 1989; however, by the first quarter of 2022, Berkshire Hathaway had sold its entire interest in the company.<ref>{{Cite news | url=https://www.reuters.com/business/finance/berkshire-sheds-nearly-all-wells-fargo-holding-since-1989-2021-05-17/ | title=Berkshire sheds nearly all of Wells Fargo, a holding since 1989 | first=Jonathan | last=Stempel | work=[[Reuters]] | date=May 17, 2021}}</ref><ref>{{Cite news | url=https://www.cnn.com/2022/05/17/investing/berkshire-hathaway-warren-buffett-wells-fargo-citigroup/index.html |title=Warren Buffett's Berkshire Hathaway finally bails on Wells Fargo | work=CNN | date=May 17, 2022}}</ref>


Berkshire made its first investment in [[Tesco]], UK grocery retailer, in 2006 and in 2012 raised this stake to over 5% of the company, investing a total of $2.3 billion.<ref>{{cite news |url=https://www.theguardian.com/business/2012/jan/19/warren-buffett-tesco-stake |title=Warren Buffett increases stake in Tesco | first=Nick | last=Fletcher | work=[[The Guardian]] |date=January 19, 2012 |issn=0261-3077 | archive-url=https://web.archive.org/web/20150819052738/http://www.theguardian.com/business/2012/jan/19/warren-buffett-tesco-stake |archive-date=August 19, 2015 |url-status=live}}</ref> Buffett sold around 30% of this stake in 2013 when he "soured somewhat on the company's then-management", realizing a profit of $43 million.<ref name=sucking>{{cite news |url=https://www.theguardian.com/business/2015/mar/01/warren-buffett-admits-thumb-sucking-over-tesco-cost-him-444m |title=Warren Buffett admits 'thumb-sucking' over Tesco cost him $444m | first=Julia | last=Kollewe | work=[[The Guardian]] |date=March 1, 2015 |issn=0261-3077 |archive-url=https://web.archive.org/web/20170523061645/https://www.theguardian.com/business/2015/mar/01/warren-buffett-admits-thumb-sucking-over-tesco-cost-him-444m |archive-date=May 23, 2017|url-status=live}}</ref> As Tesco's problems mounted through 2014, Berkshire sold all the remaining shares with Buffett saying to shareholders that the delay in selling shares was costly. Berkshire realized an after-tax loss of $444 million on the Tesco investment.<ref name=sucking/>
Berkshire made its first investment in [[Tesco]], UK grocery retailer, in 2006 and in 2012 raised this stake to over 5% of the company, investing a total of $2.3 billion.<ref>{{cite news |url=https://www.theguardian.com/business/2012/jan/19/warren-buffett-tesco-stake |title=Warren Buffett increases stake in Tesco | first=Nick | last=Fletcher | work=[[The Guardian]] |date=January 19, 2012 |issn=0261-3077 | archive-url=https://web.archive.org/web/20150819052738/http://www.theguardian.com/business/2012/jan/19/warren-buffett-tesco-stake |archive-date=August 19, 2015 |url-status=live}}</ref> Buffett sold around 30% of this stake in 2013 when he "soured somewhat on the company's then-management", realizing a profit of $43 million.<ref name=sucking>{{cite news |url=https://www.theguardian.com/business/2015/mar/01/warren-buffett-admits-thumb-sucking-over-tesco-cost-him-444m |title=Warren Buffett admits 'thumb-sucking' over Tesco cost him $444m | first=Julia | last=Kollewe | work=[[The Guardian]] |date=March 1, 2015 |issn=0261-3077 |archive-url=https://web.archive.org/web/20170523061645/https://www.theguardian.com/business/2015/mar/01/warren-buffett-admits-thumb-sucking-over-tesco-cost-him-444m |archive-date=May 23, 2017|url-status=live}}</ref> As Tesco's problems mounted through 2014, Berkshire sold all the remaining shares with Buffett saying to shareholders that the delay in selling shares was costly. Berkshire realized an after-tax loss of $444 million on the Tesco investment.<ref name=sucking/>
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In September 2008, at the peak of the [[2007-2008 financial crisis]], Berkshire invested $5 billion in preferred stock in [[Goldman Sachs]] to provide it with a source of funding when capital markets had become constrained. The preferred stock yielded an annual interest rate of 10% earning 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 exercisable at any time for a five-year term.<ref>{{cite press release | url=https://www.goldmansachs.com/pressroom/press-releases/2008/berkshire-hathaway-invest | title=Berkshire Hathaway to Invest $5 Billion in Goldman Sachs | publisher=[[Goldman Sachs]] | date=September 23, 2008 | archive-url=https://web.archive.org/web/20170602025553/http://www.goldmansachs.com/media-relations/press-releases/archived/2008/berkshire-hathaway-invest.html | archive-date=June 2, 2017 | url-status=live}}</ref><ref>{{Cite news | url=https://www.cnbc.com/2008/09/23/warren-buffett-gives-goldman-sachs-unexpected-5b-vote-of-confidence.html | title=Warren Buffett Gives Goldman Sachs Unexpected $5B Vote of Confidence | work=[[CNBC]] | date=September 23, 2008}}</ref> Goldman maintained the right to re-purchase the preferred stock and in March 2011 exercised this right paying $5.5 billion to Berkshire (the preferred stock could only be purchased back at a 10% premium). Profit on the preferred stock was estimated at $1.8 billion<ref>{{cite news |title=Warren Buffett's billion-$$ Goldman bet pays off |url=https://www.cnbc.com/2013/10/01/buffetts-berkshire-set-to-get-nearly-215-billion-of-goldman-stock.html | work=CNBC |date=October 1, 2013 |archive-url=https://web.archive.org/web/20170730123741/https://www.cnbc.com/2013/10/01/buffetts-berkshire-set-to-get-nearly-215-billion-of-goldman-stock.html |archive-date=July 30, 2017 |url-status=live}}</ref> and exercising the warrants has yielded a profit of more than $2 billion.<ref>{{cite web | url=http://pdf.secdatabase.com/2106/0000950150-08-000030.pdf | title=Berkshire Hathaway, Form 10-Q, Quarterly Report |publisher=[[EDGAR]] | date=November 7, 2008 | archive-url=https://web.archive.org/web/20130522091201/http://pdf.secdatabase.com/2106/0000950150-08-000030.pdf | archive-date=May 22, 2013 | url-status=live}}</ref> Buffett defended [[Lloyd Blankfein]]'s decisions as CEO of Goldman Sachs and his efforts to improve the reputation of the company during the [[2007-2008 financial crisis]].<ref>{{cite news |url=https://www.wsj.com/articles/SB122220798359168765|title=Buffett to Invest $5&nbsp;billion in Goldman | date=September 24, 2008 | work=[[The Wall Street Journal]] | first=Susanne | last=Craig |author-link=Susanne Craig |archive-url=https://web.archive.org/web/20150202015754/http://www.wsj.com/articles/SB122220798359168765 | archive-date=February 2, 2015 |url-status=live}}</ref><ref>{{cite news | url=https://www.forbes.com/2010/05/02/lloyd-blankfein-goldman-sachs-streettalk-markets-warren-buffett.html |title=The Buffett-Blankfein Alliance | first=Robert | last=Lenzner | work=[[Forbes]] | date=May 2, 2010 | url-access=limited |archive-url=https://web.archive.org/web/20120201115813/http://www.forbes.com/2010/05/02/lloyd-blankfein-goldman-sachs-streettalk-markets-warren-buffett.html| archive-date=February 1, 2012|url-status=live}}</ref><ref>{{cite news |url=https://archive.nytimes.com/dealbook.nytimes.com/2010/05/01/buffett-says-he-backs-goldmans-blankfein-100/ |title=Buffett Says He Backs Goldman's Blankfein 100% |work=[[The New York Times]] |date=May 1, 2010 |archive-url=https://web.archive.org/web/20150402162135/http://dealbook.nytimes.com/2010/05/01/buffett-says-he-backs-goldmans-blankfein-100/ |archive-date=April 2, 2015|url-status=live}}</ref>
In September 2008, at the peak of the [[2007-2008 financial crisis]], Berkshire invested $5 billion in preferred stock in [[Goldman Sachs]] to provide it with a source of funding when capital markets had become constrained. The preferred stock yielded an annual interest rate of 10% earning 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 exercisable at any time for a five-year term.<ref>{{cite press release | url=https://www.goldmansachs.com/pressroom/press-releases/2008/berkshire-hathaway-invest | title=Berkshire Hathaway to Invest $5 Billion in Goldman Sachs | publisher=[[Goldman Sachs]] | date=September 23, 2008 | archive-url=https://web.archive.org/web/20170602025553/http://www.goldmansachs.com/media-relations/press-releases/archived/2008/berkshire-hathaway-invest.html | archive-date=June 2, 2017 | url-status=live}}</ref><ref>{{Cite news | url=https://www.cnbc.com/2008/09/23/warren-buffett-gives-goldman-sachs-unexpected-5b-vote-of-confidence.html | title=Warren Buffett Gives Goldman Sachs Unexpected $5B Vote of Confidence | work=[[CNBC]] | date=September 23, 2008}}</ref> Goldman maintained the right to re-purchase the preferred stock and in March 2011 exercised this right paying $5.5 billion to Berkshire (the preferred stock could only be purchased back at a 10% premium). Profit on the preferred stock was estimated at $1.8 billion<ref>{{cite news |title=Warren Buffett's billion-$$ Goldman bet pays off |url=https://www.cnbc.com/2013/10/01/buffetts-berkshire-set-to-get-nearly-215-billion-of-goldman-stock.html | work=CNBC |date=October 1, 2013 |archive-url=https://web.archive.org/web/20170730123741/https://www.cnbc.com/2013/10/01/buffetts-berkshire-set-to-get-nearly-215-billion-of-goldman-stock.html |archive-date=July 30, 2017 |url-status=live}}</ref> and exercising the warrants has yielded a profit of more than $2 billion.<ref>{{cite web | url=http://pdf.secdatabase.com/2106/0000950150-08-000030.pdf | title=Berkshire Hathaway, Form 10-Q, Quarterly Report |publisher=[[EDGAR]] | date=November 7, 2008 | archive-url=https://web.archive.org/web/20130522091201/http://pdf.secdatabase.com/2106/0000950150-08-000030.pdf | archive-date=May 22, 2013 | url-status=live}}</ref> Buffett defended [[Lloyd Blankfein]]'s decisions as CEO of Goldman Sachs and his efforts to improve the reputation of the company during the [[2007-2008 financial crisis]].<ref>{{cite news |url=https://www.wsj.com/articles/SB122220798359168765|title=Buffett to Invest $5&nbsp;billion in Goldman | date=September 24, 2008 | work=[[The Wall Street Journal]] | first=Susanne | last=Craig |author-link=Susanne Craig |archive-url=https://web.archive.org/web/20150202015754/http://www.wsj.com/articles/SB122220798359168765 | archive-date=February 2, 2015 |url-status=live}}</ref><ref>{{cite news | url=https://www.forbes.com/2010/05/02/lloyd-blankfein-goldman-sachs-streettalk-markets-warren-buffett.html |title=The Buffett-Blankfein Alliance | first=Robert | last=Lenzner | work=[[Forbes]] | date=May 2, 2010 | url-access=limited |archive-url=https://web.archive.org/web/20120201115813/http://www.forbes.com/2010/05/02/lloyd-blankfein-goldman-sachs-streettalk-markets-warren-buffett.html| archive-date=February 1, 2012|url-status=live}}</ref><ref>{{cite news |url=https://archive.nytimes.com/dealbook.nytimes.com/2010/05/01/buffett-says-he-backs-goldmans-blankfein-100/ |title=Buffett Says He Backs Goldman's Blankfein 100% |work=[[The New York Times]] |date=May 1, 2010 |archive-url=https://web.archive.org/web/20150402162135/http://dealbook.nytimes.com/2010/05/01/buffett-says-he-backs-goldmans-blankfein-100/ |archive-date=April 2, 2015|url-status=live}}</ref>


In September 2008, BHE invested about US$230&nbsp;million for a 10% (or 9.89%) share of [[BYD Auto]] @ HK$8/share.<ref>{{Cite news |url=https://www.cnbc.com/2008/09/27/warren-buffett-invests-in-chinese-company-developing-green-cars.html |title=Warren Buffett Invests In Chinese Company Developing 'Green' Cars |last=Crippen |first=Alex | work=[[CNBC]] | date=September 27, 2008}}</ref> Some shares were sold in 2023 and 2024, with Buffett motivated by the [[China–United States trade war]].<ref>{{Cite news | url=https://www.reuters.com/business/autos-transportation/berkshire-hathaway-sells-398-mln-shares-chinas-byd-2024-06-17/ | title=Berkshire Hathaway trims stake in China's BYD | first=Jonathan | last=Stempel | work=[[Reuters]] | date=June 17, 2024}}</ref><ref>{{Cite news | url=https://markets.businessinsider.com/news/stocks/byd-stock-sales-warren-buffett-berkshire-hathaway-china-ev-munger-2023-11 | title=Warren Buffett's company slashed its stake in BYD. Here's why that's surprising – and 5 possible explanations. | first=Theron | last=Mohamed | work=[[Business Insider]] | date=November 14, 2023}}</ref><ref>{{Cite news | url=https://www.cnn.com/2024/06/18/cars/berkshire-hathaway-byd-china-ev-tensions-intl-hnk/index.html | title=Warren Buffett's Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs | first=Laura | last=He | work=[[CNN]] | date=June 18, 2024}}</ref>
In September 2008, BHE invested about US$230&nbsp;million for a 10% (or 9.89%) share of [[BYD Auto]] @ HK$8/share.<ref>{{Cite news |url=https://www.cnbc.com/2008/09/27/warren-buffett-invests-in-chinese-company-developing-green-cars.html |title=Warren Buffett Invests In Chinese Company Developing 'Green' Cars |last=Crippen |first=Alex | work=[[CNBC]] | date=September 27, 2008}}</ref> Some shares were sold in 2023 and 2024, with Buffett motivated by the [[China–United States trade war]].<ref>{{Cite news | url=https://www.reuters.com/business/autos-transportation/berkshire-hathaway-sells-398-mln-shares-chinas-byd-2024-06-17/ | title=Berkshire Hathaway trims stake in China's BYD | first=Jonathan | last=Stempel | work=[[Reuters]] | date=June 17, 2024}}</ref><ref>{{Cite news | url=https://markets.businessinsider.com/news/stocks/byd-stock-sales-warren-buffett-berkshire-hathaway-china-ev-munger-2023-11 | title=Warren Buffett's company slashed its stake in BYD. Here's why that's surprising – and 5 possible explanations. | first=Theron | last=Mohamed | work=[[Business Insider]] | date=November 14, 2023}}</ref><ref>{{Cite news | url=https://www.cnn.com/2024/06/18/cars/berkshire-hathaway-byd-china-ev-tensions-intl-hnk/index.html | title=Warren Buffett's Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs | first=Laura | last=He | work=CNN | date=June 18, 2024}}</ref>


In October 2008, Berkshire invested $6.5 billion in [[Wrigley Company]] as part of a financing package to enable [[Mars Inc.]] to acquire the company. Berkshire sold its remaining bonds and preferred stock to Mars in 2016.<ref>{{Cite news | url=https://www.reuters.com/article/world/europe/mars-inc-buying-out-buffett-stake-in-wrigley-idUSKCN1261XJ/ | title=Mars Inc buying out Buffett stake in Wrigley | first1=Jonathan | last1=Stempel | first2=Gayathree | last2=Ganesan | work=[[Reuters]] | date=October 6, 2016}}</ref>  
In October 2008, Berkshire invested $6.5 billion in [[Wrigley Company]] as part of a financing package to enable [[Mars Inc.]] to acquire the company. Berkshire sold its remaining bonds and preferred stock to Mars in 2016.<ref>{{Cite news | url=https://www.reuters.com/article/world/europe/mars-inc-buying-out-buffett-stake-in-wrigley-idUSKCN1261XJ/ | title=Mars Inc buying out Buffett stake in Wrigley | first1=Jonathan | last1=Stempel | first2=Gayathree | last2=Ganesan | work=[[Reuters]] | date=October 6, 2016}}</ref>  
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In 2013, Berkshire and [[3G Capital]] acquired [[H. J. Heinz Company]] for $28 billion including debt.<ref>{{cite news |url=https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/ |title=Berkshire and 3G Capital in a $23 Billion Deal for Heinz | first1=Michael J. | last1=de la Merced | first2=Andrew Ross |last2=Sorkin | authorlink2=Andrew Ross Sorkin |work=[[The New York Times]] |date=February 14, 2013 | url-access=limited |archive-url=https://web.archive.org/web/20190905061032/https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/ | archive-date=September 5, 2019 | url-status=live}}</ref> In 2015, Heinz merged with [[Kraft Foods]] to form [[Kraft Heinz]].<ref>{{Cite news | url=https://www.cnbc.com/2015/03/25/kraft-foods-group-and-hj-heinz-merge-to-create-the-kraft-heinz-co.html | title=Buffett's HJ Heinz to merge with Kraft Foods | first=Tom | last=DiChristopher | work=[[CNBC]] | date=March 25, 2015}}</ref> In 2019, Buffett said that he overpaid in the deal.<ref>{{Cite news | url=https://www.reuters.com/article/business/warren-buffett-says-berkshire-overpaid-for-kraft-heinz-idUSKCN1QE1EV/ | title=Warren Buffett says Berkshire overpaid for Kraft Heinz | first1=Jonathan | last1=Stempel | first2=Jennifer | last2=Ablan | work=[[Reuters]] | date=February 25, 2019}}</ref>
In 2013, Berkshire and [[3G Capital]] acquired [[H. J. Heinz Company]] for $28 billion including debt.<ref>{{cite news |url=https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/ |title=Berkshire and 3G Capital in a $23 Billion Deal for Heinz | first1=Michael J. | last1=de la Merced | first2=Andrew Ross |last2=Sorkin | authorlink2=Andrew Ross Sorkin |work=[[The New York Times]] |date=February 14, 2013 | url-access=limited |archive-url=https://web.archive.org/web/20190905061032/https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/ | archive-date=September 5, 2019 | url-status=live}}</ref> In 2015, Heinz merged with [[Kraft Foods]] to form [[Kraft Heinz]].<ref>{{Cite news | url=https://www.cnbc.com/2015/03/25/kraft-foods-group-and-hj-heinz-merge-to-create-the-kraft-heinz-co.html | title=Buffett's HJ Heinz to merge with Kraft Foods | first=Tom | last=DiChristopher | work=[[CNBC]] | date=March 25, 2015}}</ref> In 2019, Buffett said that he overpaid in the deal.<ref>{{Cite news | url=https://www.reuters.com/article/business/warren-buffett-says-berkshire-overpaid-for-kraft-heinz-idUSKCN1QE1EV/ | title=Warren Buffett says Berkshire overpaid for Kraft Heinz | first1=Jonathan | last1=Stempel | first2=Jennifer | last2=Ablan | work=[[Reuters]] | date=February 25, 2019}}</ref>


In 2013, Berkshire owned 1.74 million shares of [[Gannett]]; however, it sold its shares in the second quarter of 2013.<ref>{{cite news |url=https://money.cnn.com/2013/08/15/investing/berkshire-buffett-newspapers/index.html | title=Buffett's Berkshire dumps Gannett, buys Dish Network | first=Aaron | last=Smith | work=[[CNN]] | date=August 15, 2013}}</ref><ref>{{Cite news | url=https://www.theguardian.com/media/greenslade/2013/aug/16/gannett-warrenbuffett | title=Buffett dumps $38m shares in Gannett | first=Roy | last=Greenslade | work=[[The Guardian]] | date=August 16, 2013}}</ref>
In 2013, Berkshire owned 1.74 million shares of [[Gannett]]; however, it sold its shares in the second quarter of 2013.<ref>{{cite news |url=https://money.cnn.com/2013/08/15/investing/berkshire-buffett-newspapers/index.html | title=Buffett's Berkshire dumps Gannett, buys Dish Network | first=Aaron | last=Smith | work=CNN | date=August 15, 2013}}</ref><ref>{{Cite news | url=https://www.theguardian.com/media/greenslade/2013/aug/16/gannett-warrenbuffett | title=Buffett dumps $38m shares in Gannett | first=Roy | last=Greenslade | work=[[The Guardian]] | date=August 16, 2013}}</ref>


In the first quarter of 2016, Berkshire began investing in [[Apple Inc.]], with a purchase of 9.8 million shares (0.2% of Apple) worth $1 billion. By the end of June 2016, this stake had increased to 15.2 million shares (0.3% of Apple). By December 31, 2016, Berkshire had built up a stake of 57.4 million shares (1.1% of Apple) with an estimated average acquisition price of $110 per share (before the 2020 4:1 split). Aggressive stock purchases continued and by March 31, 2017, Berkshire had amassed a stake of 129 million shares (2.5% of Apple). By December 31, 2017, Berkshire owned 166 million shares (3.3% of Apple). Berkshire bought 75 million more shares in early 2018.<ref>{{cite news | url=https://www.usatoday.com/story/money/2018/05/04/buffett-buys-75-m-more-shares-apple-stock/579974002/ | title=Warren Buffett's Berkshire Hathaway buys 75M more Apple shares, sells off IBM | work=[[USA Today]] | first=Adam | last=Shell | date=May 4, 2018 | archive-url=https://web.archive.org/web/20180504150548/https://www.usatoday.com/story/money/2018/05/04/buffett-buys-75-m-more-shares-apple-stock/579974002/ | archive-date=May 4, 2018 | url-status=live}}</ref><ref>{{cite news | url=https://www.reuters.com/article/business/apple-hits-record-high-after-buffetts-berkshire-increases-stake-idUSKBN1I506S/ |title=Apple hits record high after Buffett's Berkshire increases stake| work=[[Reuters]] |first=Sonam | last=Rai | date=May 4, 2018 | archive-url=https://web.archive.org/web/20180505070107/https://www.nasdaq.com/article/apple-hits-record-high-after-buffetts-berkshire-increases-stake-20180504-00860 | archive-date=May 5, 2018 | url-status=live}}</ref> {{As of|2022|12|31| post=,|df=US}} Berkshire owned 5.8% of Apple.<ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1067983/000119312523038262/d382361dsc13ga.htm | title=Apple Inc. Schedule 13G |date=February 14, 2023 |publisher=U.S. Securities and Exchange Commission}}</ref><ref name=dumps>{{cite news | url=https://www.reuters.com/business/buffetts-berkshire-reduces-stake-activision-blizzard-2023-02-14/ | last1=Mandl | first1=Carolina | last2=S | first2=Sittarasu | title=Berkshire dumps shares in TSMC, banks; increases Apple stake | work=[[Reuters]] |date=February 14, 2023}}</ref> Berkshire Hathaway reduced its Apple stake by nearly 50%, selling $75.5 billion worth of stock in the second quarter of 2024, increasing its cash reserves to a record $276.9 billion.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2024-08-03/berkshire-hathaway-s-cash-pile-soars-to-record-276-9-billion | title=Berkshire Cuts Apple Stake by Almost Half in Selling Spree | first1=Amanda | last1=Cantrell | first2=Katherine | last2=Chiglinsky | work=[[Bloomberg News]] | date=August 3, 2024 | url-access=subscription}}</ref> Buffett had said that Apple has developed an ecosystem and level of brand loyalty that provides it with an [[economic moat]], and that consumers appear to have a degree of price insensitivity when it comes to the [[iPhone]]. While Buffett generally does not invest in tech stocks, he has said that Apple is a consumer products company and that he understands consumer products businesses.<ref>{{cite news | url=https://www.reuters.com/article/us-berkshire-buffett-apple-idUSKBN1I60V8 | title=Buffett owns 5 percent of Apple. He'd like to own more | first=Jonathan | last=Stempel | work=[[Reuters]] |date=May 5, 2018 |archive-url=https://web.archive.org/web/20190202042302/https://www.reuters.com/article/us-berkshire-buffett-apple-idUSKBN1I60V8 |archive-date=February 2, 2019 |url-status=live}}</ref>
In the first quarter of 2016, Berkshire began investing in [[Apple Inc.]], with a purchase of 9.8 million shares (0.2% of Apple) worth $1 billion. By the end of June 2016, this stake had increased to 15.2 million shares (0.3% of Apple). By December 31, 2016, Berkshire had built up a stake of 57.4 million shares (1.1% of Apple) with an estimated average acquisition price of $110 per share (before the 2020 4:1 split). Aggressive stock purchases continued and by March 31, 2017, Berkshire had amassed a stake of 129 million shares (2.5% of Apple). By December 31, 2017, Berkshire owned 166 million shares (3.3% of Apple). Berkshire bought 75 million more shares in early 2018.<ref>{{cite news | url=https://www.usatoday.com/story/money/2018/05/04/buffett-buys-75-m-more-shares-apple-stock/579974002/ | title=Warren Buffett's Berkshire Hathaway buys 75M more Apple shares, sells off IBM | work=[[USA Today]] | first=Adam | last=Shell | date=May 4, 2018 | archive-url=https://web.archive.org/web/20180504150548/https://www.usatoday.com/story/money/2018/05/04/buffett-buys-75-m-more-shares-apple-stock/579974002/ | archive-date=May 4, 2018 | url-status=live}}</ref><ref>{{cite news | url=https://www.reuters.com/article/business/apple-hits-record-high-after-buffetts-berkshire-increases-stake-idUSKBN1I506S/ |title=Apple hits record high after Buffett's Berkshire increases stake| work=[[Reuters]] |first=Sonam | last=Rai | date=May 4, 2018 | archive-url=https://web.archive.org/web/20180505070107/https://www.nasdaq.com/article/apple-hits-record-high-after-buffetts-berkshire-increases-stake-20180504-00860 | archive-date=May 5, 2018 | url-status=live}}</ref> {{As of|2022|12|31| post=,|df=US}} Berkshire owned 5.8% of Apple.<ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1067983/000119312523038262/d382361dsc13ga.htm | title=Apple Inc. Schedule 13G |date=February 14, 2023 |publisher=U.S. Securities and Exchange Commission}}</ref><ref name=dumps>{{cite news | url=https://www.reuters.com/business/buffetts-berkshire-reduces-stake-activision-blizzard-2023-02-14/ | last1=Mandl | first1=Carolina | last2=S | first2=Sittarasu | title=Berkshire dumps shares in TSMC, banks; increases Apple stake | work=[[Reuters]] |date=February 14, 2023}}</ref> Berkshire Hathaway reduced its Apple stake by nearly 50%, selling $75.5 billion worth of stock in the second quarter of 2024, increasing its cash reserves to a record $276.9 billion.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2024-08-03/berkshire-hathaway-s-cash-pile-soars-to-record-276-9-billion | title=Berkshire Cuts Apple Stake by Almost Half in Selling Spree | first1=Amanda | last1=Cantrell | first2=Katherine | last2=Chiglinsky | work=[[Bloomberg News]] | date=August 3, 2024 | url-access=subscription}}</ref> Buffett had said that Apple has developed an ecosystem and level of brand loyalty that provides it with an [[economic moat]], and that consumers appear to have a degree of price insensitivity when it comes to the [[iPhone]]. While Buffett generally does not invest in tech stocks, he has said that Apple is a consumer products company and that he understands consumer products businesses.<ref>{{cite news | url=https://www.reuters.com/article/us-berkshire-buffett-apple-idUSKBN1I60V8 | title=Buffett owns 5 percent of Apple. He'd like to own more | first=Jonathan | last=Stempel | work=[[Reuters]] |date=May 5, 2018 |archive-url=https://web.archive.org/web/20190202042302/https://www.reuters.com/article/us-berkshire-buffett-apple-idUSKBN1I60V8 |archive-date=February 2, 2019 |url-status=live}}</ref>
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