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Berkshire Hathaway: Difference between revisions
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[[David L. Sokol]], CEO of [[Berkshire Hathaway Energy]] until early 2008,<ref>{{Cite news | url=https://www.theledger.com/story/news/2010/08/24/berkshire-hathaway-exec-cant-break-away/26330976007/ | title=Berkshire Hathaway Exec Can't Break Away | first1=ANDREW | last1=FRYE | first2=BETTY | last2=LIU | work=[[The Ledger]] | date=August 24, 2010}}</ref> was a top lieutenant for Buffett. Sokol, who was paid $24 million per year, resigned from Berkshire in 2011 after it was disclosed that he personally made a $3 million profit from Berkshire Hathaway's purchase of [[Lubrizol]].<ref>{{Cite news | url=https://www.theguardian.com/business/2011/apr/30/warren-buffett-big-mistake-david-sokol-lubrizol | title=Warren Buffett admits 'I made a big mistake' over David Sokol's purchase of Lubrizol shares | first=Dominic | last=Rushe | work=[[The Guardian]] | date=April 30, 2011}}</ref> | [[David L. Sokol]], CEO of [[Berkshire Hathaway Energy]] until early 2008,<ref>{{Cite news | url=https://www.theledger.com/story/news/2010/08/24/berkshire-hathaway-exec-cant-break-away/26330976007/ | title=Berkshire Hathaway Exec Can't Break Away | first1=ANDREW | last1=FRYE | first2=BETTY | last2=LIU | work=[[The Ledger]] | date=August 24, 2010}}</ref> was a top lieutenant for Buffett. Sokol, who was paid $24 million per year, resigned from Berkshire in 2011 after it was disclosed that he personally made a $3 million profit from Berkshire Hathaway's purchase of [[Lubrizol]].<ref>{{Cite news | url=https://www.theguardian.com/business/2011/apr/30/warren-buffett-big-mistake-david-sokol-lubrizol | title=Warren Buffett admits 'I made a big mistake' over David Sokol's purchase of Lubrizol shares | first=Dominic | last=Rushe | work=[[The Guardian]] | date=April 30, 2011}}</ref> | ||
In October 2010, Berkshire announced that 39-year old [[Todd Combs]], manager of the [[hedge fund]] Castle Point Capital, would join as an [[investment manager]].<ref>{{cite news |url=https://www.reuters.com/article/idUSTRE69O52R20101025 |title=Berkshire moves step closer to Buffett succession | work= | In October 2010, Berkshire announced that 39-year old [[Todd Combs]], manager of the [[hedge fund]] Castle Point Capital, would join as an [[investment manager]].<ref>{{cite news |url=https://www.reuters.com/article/idUSTRE69O52R20101025 |title=Berkshire moves step closer to Buffett succession | work=Reuters |date=October 25, 2010 |archive-url=https://web.archive.org/web/20101029044033/http://www.reuters.com/article/idUSTRE69O52R20101025|archive-date=October 29, 2010 |url-status=live}}</ref><ref>{{cite news | url=https://www.nytimes.com/2010/10/26/business/26berkshire.html | title=Warren Buffett Hires Todd Combs to Invest for Berkshire | work=The New York Times | date=October 26, 2010 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.cnbc.com/2010/10/25/berkshires-hiring-of-hedge-fund-manager-creates-instant-leading-contender-for-warren-buffetts-investment-role.html | title=Buffett Watch: Berkshire's Hiring of Hedge Fund Manager Creates Instant Leading Contender for Warren Buffett's Investment Role | first=Alex | last=Crippen | work=[[CNBC]] | date=October 25, 2010}}</ref><ref>{{Cite news | url=https://www.marketwatch.com/story/berkshire-names-new-investment-manager-2010-10-25 | title=Berkshire names new investment manager | first=Alistair | last=Barr | work=[[MarketWatch]] | date=October 25, 2010 | url-access=limited}}</ref> | ||
In early 2012, 50-year-old [[Ted Weschler]], founder of Peninsula Capital Advisors, joined Berkshire as a second investment manager.<ref>{{cite web |url=http://pdf.secdatabase.com/741/0001193125-13-087679.pdf |title=Berkshire Hathaway, Form 10-K, Annual Report, Filing Date |publisher=SECDatabase | date=March 1, 2013 |archive-url=https://web.archive.org/web/20130522084440/http://pdf.secdatabase.com/741/0001193125-13-087679.pdf |archive-date=May 22, 2013 |url-status=live}}</ref><ref>{{cite press release | url=https://www.businesswire.com/news/home/20110912005483/en/Berkshire-Hathaway-to-Add-Second-Investment-Manager | title=Berkshire Hathaway to Add Second Investment Manager | publisher=[[Business Wire]] | date=September 12, 2011}}</ref> | In early 2012, 50-year-old [[Ted Weschler]], founder of Peninsula Capital Advisors, joined Berkshire as a second investment manager.<ref>{{cite web |url=http://pdf.secdatabase.com/741/0001193125-13-087679.pdf |title=Berkshire Hathaway, Form 10-K, Annual Report, Filing Date |publisher=SECDatabase | date=March 1, 2013 |archive-url=https://web.archive.org/web/20130522084440/http://pdf.secdatabase.com/741/0001193125-13-087679.pdf |archive-date=May 22, 2013 |url-status=live}}</ref><ref>{{cite press release | url=https://www.businesswire.com/news/home/20110912005483/en/Berkshire-Hathaway-to-Add-Second-Investment-Manager | title=Berkshire Hathaway to Add Second Investment Manager | publisher=[[Business Wire]] | date=September 12, 2011}}</ref> | ||
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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= | 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=== | ||
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Buffett's letters to shareholders are published annually. | Buffett's letters to shareholders are published annually. | ||
Berkshire's annual shareholders' meetings, nicknamed "[[Woodstock]] for Capitalists", take place at the [[CHI Health Center Omaha]] in Omaha, Nebraska. Attendance generally totals over 40,000 people and the meetings last for 6 to 8 hours, with Buffett himself, as well as Abel and Jain, answering questions from shareholders.<ref>{{Cite news | url=https://www.reuters.com/business/want-attend-warren-buffetts-woodstock-capitalists-get-vaccinated-2022-02-26/ | title=Want to attend Warren Buffett's 'Woodstock for Capitalists'? Get vaccinated. | first=Jonathan | last=Stempel | work= | Berkshire's annual shareholders' meetings, nicknamed "[[Woodstock]] for Capitalists", take place at the [[CHI Health Center Omaha]] in Omaha, Nebraska. Attendance generally totals over 40,000 people and the meetings last for 6 to 8 hours, with Buffett himself, as well as Abel and Jain, answering questions from shareholders.<ref>{{Cite news | url=https://www.reuters.com/business/want-attend-warren-buffetts-woodstock-capitalists-get-vaccinated-2022-02-26/ | title=Want to attend Warren Buffett's 'Woodstock for Capitalists'? Get vaccinated. | first=Jonathan | last=Stempel | work=Reuters | date=February 27, 2022}}</ref><ref>{{Cite news | url=https://qz.com/emails/quartz-obsession/1269094/ | title=Berkshire Hathaway's annual meeting | work=[[Quartz (publication)|Quartz]] | date=May 4, 2018 |archive-url=https://web.archive.org/web/20190330055956/https://qz.com/emails/quartz-obsession/1269094/ | archive-date=March 30, 2019 | url-status=live}}</ref> | ||
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. | ||
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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= | 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]]]] | ||
In 1999, Berkshire acquired MidAmerican Energy Holdings. At the time of purchase, Berkshire's [[voting interest]] was limited to 10% of the company's shares, but this restriction ended when the [[Public Utility Holding Company Act of 1935]] was repealed in 2005. It owns [[Northern Powergrid]], which operates in the UK.<ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1081316/000119312514441370/d836928dex211.htm |title=BERKSHIRE HATHAWAY ENERGY COMPANY SUBSIDIARIES AND JOINT VENTURES | publisher=[[U.S. Securities and Exchange Commission]]}}</ref> In 2005, it acquired [[PacifiCorp]] for $5.1 billion in cash, and assumed $4.3 billion in PacificCorp debt and preferred stock.<ref>{{cite news | url=https://www.nbcnews.com/id/wbna7962826 | title=Buffett buys PacifiCorp for $5.1 billion cash | agency=[[Associated Press]] | work=[[NBC News]] | date=May 24, 2005}}</ref> MidAmerican was rebranded as [[Berkshire Hathaway Energy]] (BHE) in April 2014.<ref>{{Cite news | url=https://www.reuters.com/article/berkshirehathaway-midamerican-namechange-idUSL2N0NM21620140430 | title=Buffett's MidAmerican Energy adopts Berkshire name | last=Stempel | first=Jonathan |work= | In 1999, Berkshire acquired MidAmerican Energy Holdings. At the time of purchase, Berkshire's [[voting interest]] was limited to 10% of the company's shares, but this restriction ended when the [[Public Utility Holding Company Act of 1935]] was repealed in 2005. It owns [[Northern Powergrid]], which operates in the UK.<ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1081316/000119312514441370/d836928dex211.htm |title=BERKSHIRE HATHAWAY ENERGY COMPANY SUBSIDIARIES AND JOINT VENTURES | publisher=[[U.S. Securities and Exchange Commission]]}}</ref> In 2005, it acquired [[PacifiCorp]] for $5.1 billion in cash, and assumed $4.3 billion in PacificCorp debt and preferred stock.<ref>{{cite news | url=https://www.nbcnews.com/id/wbna7962826 | title=Buffett buys PacifiCorp for $5.1 billion cash | agency=[[Associated Press]] | work=[[NBC News]] | date=May 24, 2005}}</ref> MidAmerican was rebranded as [[Berkshire Hathaway Energy]] (BHE) in April 2014.<ref>{{Cite news | url=https://www.reuters.com/article/berkshirehathaway-midamerican-namechange-idUSL2N0NM21620140430 | title=Buffett's MidAmerican Energy adopts Berkshire name | last=Stempel | first=Jonathan |work=Reuters |date=April 30, 2014}}</ref> The division owns a residential real estate brokerage business, which, in March 2013, was rebranded as [[HomeServices of America]], a division of [[Berkshire Hathaway Energy]].<ref>{{cite news | url=https://www.inman.com/2014/12/29/warren-buffetts-real-estate-franchise-network-poised-to-expand/ | title=Berkshire Hathaway HomeServices kicks off next phase of expansion | first=Paul | last=Hagey | work=[[Bradley Inman]] | date=December 29, 2014}}</ref> In addition to brokerage services, it provides [[mortgage loan]] originations, [[title insurance]] and closing services, [[home warranty]], [[property insurance]] and [[casualty insurance]] and other related services. The company has acquired several residential real estate brokerages including [[Long & Foster]], acquired in September 2017.<ref>{{Cite press release | url=https://newsroom.longandfoster.com/news/homeservices-america-acquires-long-foster-companies/ | title=HomeServices of America Acquires The Long & Foster Companies | publisher=[[Long & Foster]] | date=September 7, 2017}}</ref> | ||
In October 1999, Berkshire acquired [[Jordan's Furniture]] for an estimated $200 million to $300 million.<ref>{{Cite news | url=https://www.bizjournals.com/boston/stories/1999/10/11/daily1.html | title=Berkshire Hathaway unit to acquire Jordan's Furniture | work=[[American City Business Journals]] | date=October 11, 1999}}</ref> | In October 1999, Berkshire acquired [[Jordan's Furniture]] for an estimated $200 million to $300 million.<ref>{{Cite news | url=https://www.bizjournals.com/boston/stories/1999/10/11/daily1.html | title=Berkshire Hathaway unit to acquire Jordan's Furniture | work=[[American City Business Journals]] | date=October 11, 1999}}</ref> | ||
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CORT Business Services Corporation was acquired in February 2000 by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire and is the largest U.S. provider of rental furniture, accessories and related services in the "rent-to-rent" segment of the furniture rental industry.<ref>{{Cite news |url=https://www.latimes.com/archives/la-xpm-2000-jan-15-fi-54236-story.html |title=Wesco to Buy Furniture Renter Cort | work=[[Los Angeles Times]] |date=January 15, 2000 | url-access=limited}}</ref> | CORT Business Services Corporation was acquired in February 2000 by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire and is the largest U.S. provider of rental furniture, accessories and related services in the "rent-to-rent" segment of the furniture rental industry.<ref>{{Cite news |url=https://www.latimes.com/archives/la-xpm-2000-jan-15-fi-54236-story.html |title=Wesco to Buy Furniture Renter Cort | work=[[Los Angeles Times]] |date=January 15, 2000 | 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= | 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> | ||
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In 2008, Berkshire Hathaway acquired 60% [[Marmon Group]], a conglomerate owned by the [[Pritzker family]] for over fifty years that owned and operated companies that produce railroad tank cars, shopping carts, plumbing pipes, metal fasteners, wiring and water treatment products used in residential construction. Berkshire acquired the remainder of Marmon in 2013.<ref>{{cite press release |title=Berkshire Hathaway Inc. To Acquire 60% of Pritzker Family Company, Marmon Holdings, Inc. |url=https://www.berkshirehathaway.com/news/mar1808.pdf |publisher=Berkshire Hathaway |date=December 25, 2007 |archive-url=https://web.archive.org/web/20110926222818/http://www.berkshirehathaway.com/news/dec2507.pdf|archive-date=September 26, 2011|url-status=live}}</ref> | In 2008, Berkshire Hathaway acquired 60% [[Marmon Group]], a conglomerate owned by the [[Pritzker family]] for over fifty years that owned and operated companies that produce railroad tank cars, shopping carts, plumbing pipes, metal fasteners, wiring and water treatment products used in residential construction. Berkshire acquired the remainder of Marmon in 2013.<ref>{{cite press release |title=Berkshire Hathaway Inc. To Acquire 60% of Pritzker Family Company, Marmon Holdings, Inc. |url=https://www.berkshirehathaway.com/news/mar1808.pdf |publisher=Berkshire Hathaway |date=December 25, 2007 |archive-url=https://web.archive.org/web/20110926222818/http://www.berkshirehathaway.com/news/dec2507.pdf|archive-date=September 26, 2011|url-status=live}}</ref> | ||
In February 2010, Berkshire acquired the remaining portion of [[BNSF Railway]] that it did not already own for stock and cash totaling $26 billion.<ref>{{cite news |url=https://www.nytimes.com/2009/11/04/business/04deal.html | title=Buffett Bets Big on Railroads' Future | first1=Michael J. | last1=de la Merced | first2=Andrew | last2=Ross Sorkin | authorlink2=Andrew Ross Sorkin | work=The New York Times | date=November 3, 2009 | archive-url=https://web.archive.org/web/20170322204522/http://www.nytimes.com/2009/11/04/business/04deal.html | archive-date=March 22, 2017 | url-status=live}}</ref> This was the largest acquisition to date in Berkshire's history.<ref>{{cite news | url=https://www.reuters.com/article/business/buffett-buying-burlington-rail-in-his-biggest-deal-idUSTRE5A22A7/ | title=Buffett buying Burlington rail in his biggest deal | first=Nick | last=Zieminski | work= | In February 2010, Berkshire acquired the remaining portion of [[BNSF Railway]] that it did not already own for stock and cash totaling $26 billion.<ref>{{cite news |url=https://www.nytimes.com/2009/11/04/business/04deal.html | title=Buffett Bets Big on Railroads' Future | first1=Michael J. | last1=de la Merced | first2=Andrew | last2=Ross Sorkin | authorlink2=Andrew Ross Sorkin | work=The New York Times | date=November 3, 2009 | archive-url=https://web.archive.org/web/20170322204522/http://www.nytimes.com/2009/11/04/business/04deal.html | archive-date=March 22, 2017 | url-status=live}}</ref> This was the largest acquisition to date in Berkshire's history.<ref>{{cite news | url=https://www.reuters.com/article/business/buffett-buying-burlington-rail-in-his-biggest-deal-idUSTRE5A22A7/ | title=Buffett buying Burlington rail in his biggest deal | first=Nick | last=Zieminski | work=Reuters | date=November 3, 2009}}</ref> | ||
In September 2011, Berkshire Hathaway acquired [[Lubrizol]] for $9 billion in cash.<ref>{{cite news | url=https://www.cleveland.com/business/2011/09/berkshire_hathaway_closes_on_9.html | title=Berkshire Hathaway closes on $9 billion deal for Lubrizol Corp. of Wickliffe | agency=[[Associated Press]] | work=[[The Plain Dealer]] | date=September 16, 2011}}</ref> | In September 2011, Berkshire Hathaway acquired [[Lubrizol]] for $9 billion in cash.<ref>{{cite news | url=https://www.cleveland.com/business/2011/09/berkshire_hathaway_closes_on_9.html | title=Berkshire Hathaway closes on $9 billion deal for Lubrizol Corp. of Wickliffe | agency=[[Associated Press]] | work=[[The Plain Dealer]] | date=September 16, 2011}}</ref> | ||
In March 2011, Berkshire Hathaway made its first foray into the Indian insurance sector with its non-direct subsidiary BerkshireInsurance.com.<ref>{{Cite news | url=https://www.reuters.com/article/markets/funds/warren-buffett-to-visit-india-next-week-for-insurance-launch-idUSSGE72F019/ | title=Warren Buffett to visit India next week for insurance launch | first=Prashant | last=Mehra | work= | In March 2011, Berkshire Hathaway made its first foray into the Indian insurance sector with its non-direct subsidiary BerkshireInsurance.com.<ref>{{Cite news | url=https://www.reuters.com/article/markets/funds/warren-buffett-to-visit-india-next-week-for-insurance-launch-idUSSGE72F019/ | title=Warren Buffett to visit India next week for insurance launch | first=Prashant | last=Mehra | work=Reuters | location=[[Mumbai]] | date=March 16, 2011}}</ref><ref>{{cite news |url=https://economictimes.indiatimes.com/news/company/corporate-trends/warren-buffett-to-meet-policyholders-in-india/articleshow/7700947.cms |title=Warren Buffett to meet policyholders in India | agency=[[Press Trust of India]] | work=[[The Economic Times]] |date=March 14, 2011 |archive-url=https://web.archive.org/web/20151001135438/http://articles.economictimes.indiatimes.com/2011-03-14/news/28688137_1_motor-insurance-warren-buffett-insurance-policies |archive-date=October 1, 2015 | url-status=live}}</ref> | ||
In 2012, Berkshire acquired [[Oriental Trading Company]], a [[direct marketing]] company for [[novelty item]]s, small toys, and party items for around $500 million.<ref>{{cite news | url=https://archive.nytimes.com/dealbook.nytimes.com/2012/11/02/berkshire-to-buy-oriental-trading-company/ |title=Berkshire to Buy Oriental Trading Company | first=Michael J. | last=De La Merced | work=The New York Times | date=November 2, 2012 |archive-url=https://web.archive.org/web/20150911025823/http://dealbook.nytimes.com/2012/11/02/berkshire-to-buy-oriental-trading-company/ |archive-date=September 11, 2015 | url-status=live}}</ref><ref>{{cite news | url=https://www.reuters.com/article/business/warren-buffett-buys-toy-and-party-supplies-company-idUSBRE8A10DN/ | title=Warren Buffett buys toy and party-supplies company | last1=Oran | first1=Olivia | last2=Roumeliotis | first2=Greg | work= | In 2012, Berkshire acquired [[Oriental Trading Company]], a [[direct marketing]] company for [[novelty item]]s, small toys, and party items for around $500 million.<ref>{{cite news | url=https://archive.nytimes.com/dealbook.nytimes.com/2012/11/02/berkshire-to-buy-oriental-trading-company/ |title=Berkshire to Buy Oriental Trading Company | first=Michael J. | last=De La Merced | work=The New York Times | date=November 2, 2012 |archive-url=https://web.archive.org/web/20150911025823/http://dealbook.nytimes.com/2012/11/02/berkshire-to-buy-oriental-trading-company/ |archive-date=September 11, 2015 | url-status=live}}</ref><ref>{{cite news | url=https://www.reuters.com/article/business/warren-buffett-buys-toy-and-party-supplies-company-idUSBRE8A10DN/ | title=Warren Buffett buys toy and party-supplies company | last1=Oran | first1=Olivia | last2=Roumeliotis | first2=Greg | work=Reuters | date=November 2, 2012}}</ref><ref>{{cite press release | url=https://www.businesswire.com/news/home/20121102005098/en/Berkshire-Hathaway-to-Acquire-Oriental-Trading-Company | title=Berkshire Hathaway to Acquire Oriental Trading Company | publisher=[[Business Wire]] | date=November 2, 2012}}</ref> | ||
In 2017, Berkshire acquired 38.6% of [[truck stop]] chain [[Pilot Flying J]] for $2.8 billion, followed by the acquisition of an additional 41.4% of the company for $8.2 billion in 2023, and the remaining 20% in 2024 for $3 billion. It appointed two Berkshire Hathaway Energy executives as CEO and CFO of the company, retaining [[Jimmy Haslam]] as chairman.<ref>{{cite news |url=https://www.usatoday.com/story/money/markets/2017/10/03/warren-buffett-berkshire-hathaway-pilot-flying-j-truck-stops/726378001/ |title=Warren Buffett, Berkshire Hathaway buying Pilot Flying J truck stops | work=[[USA Today]] | date=October 3, 2017 | archive-url=https://web.archive.org/web/20180619045916/https://www.usatoday.com/story/money/markets/2017/10/03/warren-buffett-berkshire-hathaway-pilot-flying-j-truck-stops/726378001/ | archive-date=June 19, 2018 |url-status=live}}</ref><ref>{{Cite news |url=https://www.knoxnews.com/story/money/business/2023/04/10/pilot-flying-j-new-ceo-after-warren-buffett-berkshire-hathaway/70085946007/ | title=EXCLUSIVE: Berkshire Hathaway launches new era of Pilot Company ownership with CEO change | first=Brenna | last=McDermott | work=[[Knoxville News Sentinel]] | date=April 10, 2023}}</ref><ref>{{cite news | title=Pilot Flying J Is Fully Acquired By Berkshire Hathaway | url=https://www.convenience.org/Media/Daily/2024/Jan/19/3-Pilot-Flying-J-Acquired-Berkshire-Hathway_Ops | work=[[National Association of Convenience Stores]] | date=January 19, 2024}}</ref><ref>{{cite news | url=https://link.cnbc.com/public/34063969 | title=Price stays secret as Berkshire completes contested PTC acquisition | work=[[CNBC]] | date=January 19, 2024}}</ref> | In 2017, Berkshire acquired 38.6% of [[truck stop]] chain [[Pilot Flying J]] for $2.8 billion, followed by the acquisition of an additional 41.4% of the company for $8.2 billion in 2023, and the remaining 20% in 2024 for $3 billion. It appointed two Berkshire Hathaway Energy executives as CEO and CFO of the company, retaining [[Jimmy Haslam]] as chairman.<ref>{{cite news |url=https://www.usatoday.com/story/money/markets/2017/10/03/warren-buffett-berkshire-hathaway-pilot-flying-j-truck-stops/726378001/ |title=Warren Buffett, Berkshire Hathaway buying Pilot Flying J truck stops | work=[[USA Today]] | date=October 3, 2017 | archive-url=https://web.archive.org/web/20180619045916/https://www.usatoday.com/story/money/markets/2017/10/03/warren-buffett-berkshire-hathaway-pilot-flying-j-truck-stops/726378001/ | archive-date=June 19, 2018 |url-status=live}}</ref><ref>{{Cite news |url=https://www.knoxnews.com/story/money/business/2023/04/10/pilot-flying-j-new-ceo-after-warren-buffett-berkshire-hathaway/70085946007/ | title=EXCLUSIVE: Berkshire Hathaway launches new era of Pilot Company ownership with CEO change | first=Brenna | last=McDermott | work=[[Knoxville News Sentinel]] | date=April 10, 2023}}</ref><ref>{{cite news | title=Pilot Flying J Is Fully Acquired By Berkshire Hathaway | url=https://www.convenience.org/Media/Daily/2024/Jan/19/3-Pilot-Flying-J-Acquired-Berkshire-Hathway_Ops | work=[[National Association of Convenience Stores]] | date=January 19, 2024}}</ref><ref>{{cite news | url=https://link.cnbc.com/public/34063969 | title=Price stays secret as Berkshire completes contested PTC acquisition | work=[[CNBC]] | date=January 19, 2024}}</ref> | ||
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On October 2, 2014, Berkshire Hathaway Automotive, an auto dealership subsidiary, was created through the acquisition of Van Tuyl Group, the remaining largest auto dealer in the nation and independently owned up to that date. It is the fifth-largest with ownership of 81 dealerships and revenues of $8 billion.<ref>{{cite news | url=https://www.forbes.com/sites/jimhenry/2014/10/02/warren-buffett-jumps-into-autos-buying-van-tuyl-group/ | title=Warren Buffett Jumps Into Autos, Buying Van Tuyl Group | first=Jim | last=Henry | work=[[Forbes]] |date=October 2, 2014 | url-access=limited |archive-url=https://web.archive.org/web/20161011191859/http://www.forbes.com/sites/jimhenry/2014/10/02/warren-buffett-jumps-into-autos-buying-van-tuyl-group/ |archive-date=October 11, 2016 |url-status=live}}</ref><ref>{{cite news | url=https://www.mysanantonio.com/business/article/Billionaire-Warren-Buffett-s-Berkshire-Hathaway-7976438.php | title=Billionaire Warren Buffett's Berkshire Hathaway buys North Park Toyota | first=Richard | last=Webner | work=[[San Antonio Express-News]] | date=June 10, 2016 |archive-url=https://web.archive.org/web/20170422205751/http://www.mysanantonio.com/business/article/Billionaire-Warren-Buffett-s-Berkshire-Hathaway-7976438.php |archive-date=April 22, 2017 |url-status=live}}</ref> | On October 2, 2014, Berkshire Hathaway Automotive, an auto dealership subsidiary, was created through the acquisition of Van Tuyl Group, the remaining largest auto dealer in the nation and independently owned up to that date. It is the fifth-largest with ownership of 81 dealerships and revenues of $8 billion.<ref>{{cite news | url=https://www.forbes.com/sites/jimhenry/2014/10/02/warren-buffett-jumps-into-autos-buying-van-tuyl-group/ | title=Warren Buffett Jumps Into Autos, Buying Van Tuyl Group | first=Jim | last=Henry | work=[[Forbes]] |date=October 2, 2014 | url-access=limited |archive-url=https://web.archive.org/web/20161011191859/http://www.forbes.com/sites/jimhenry/2014/10/02/warren-buffett-jumps-into-autos-buying-van-tuyl-group/ |archive-date=October 11, 2016 |url-status=live}}</ref><ref>{{cite news | url=https://www.mysanantonio.com/business/article/Billionaire-Warren-Buffett-s-Berkshire-Hathaway-7976438.php | title=Billionaire Warren Buffett's Berkshire Hathaway buys North Park Toyota | first=Richard | last=Webner | work=[[San Antonio Express-News]] | date=June 10, 2016 |archive-url=https://web.archive.org/web/20170422205751/http://www.mysanantonio.com/business/article/Billionaire-Warren-Buffett-s-Berkshire-Hathaway-7976438.php |archive-date=April 22, 2017 |url-status=live}}</ref> | ||
In January 2016, Berkshire Hathaway acquired [[Precision Castparts Corp.]] for $32.1 billion.<ref>{{Cite press release | url=https://www.globenewswire.com/news-release/2016/01/29/806102/0/en/Berkshire-Hathaway-Completes-Acquisition-of-Precision-Castparts.html | title=Berkshire Hathaway Completes Acquisition of Precision Castparts | publisher=[[GlobeNewswire]] | date=January 29, 2016}}</ref> In 2020, Buffett said he overpaid for the company and wrote down its value by approximately $10 billion.<ref>{{cite news | url=https://www.reuters.com/article/business/warren-buffetts-10-billion-mistake-precision-castparts-idUSKCN2AR0MY/ | title=Warren Buffett's $10 billion mistake: Precision Castparts | first=Jonathan | last=Stempel | work= | In January 2016, Berkshire Hathaway acquired [[Precision Castparts Corp.]] for $32.1 billion.<ref>{{Cite press release | url=https://www.globenewswire.com/news-release/2016/01/29/806102/0/en/Berkshire-Hathaway-Completes-Acquisition-of-Precision-Castparts.html | title=Berkshire Hathaway Completes Acquisition of Precision Castparts | publisher=[[GlobeNewswire]] | date=January 29, 2016}}</ref> In 2020, Buffett said he overpaid for the company and wrote down its value by approximately $10 billion.<ref>{{cite news | url=https://www.reuters.com/article/business/warren-buffetts-10-billion-mistake-precision-castparts-idUSKCN2AR0MY/ | title=Warren Buffett's $10 billion mistake: Precision Castparts | first=Jonathan | last=Stempel | work=Reuters | date=February 27, 2021}}</ref> | ||
In February 2016, Berkshire Hathaway acquired [[Duracell]] from [[Procter & Gamble]] for $4.7 billion in stock in P&G previously owned by Berkshire Hathaway.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20160229006829/en/PG-Completes-Exchange-of-Duracell-to-Berkshire-Hathaway | title=P&G Completes Exchange of Duracell to Berkshire Hathaway | publisher=[[Business Wire]] | date=February 29, 2016}}</ref><ref>{{cite news | url=https://money.com/warren-buffett-duracell/ | title=Why Warren Buffett Just Bought Duracell |last=Morris |first=Patrick | date=November 14, 2014 | work=[[Money.com]] | url-status=live | archive-url=https://web.archive.org/web/20210530024646/https://money.com/warren-buffett-duracell/ |archive-date=May 30, 2021}}</ref> | In February 2016, Berkshire Hathaway acquired [[Duracell]] from [[Procter & Gamble]] for $4.7 billion in stock in P&G previously owned by Berkshire Hathaway.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20160229006829/en/PG-Completes-Exchange-of-Duracell-to-Berkshire-Hathaway | title=P&G Completes Exchange of Duracell to Berkshire Hathaway | publisher=[[Business Wire]] | date=February 29, 2016}}</ref><ref>{{cite news | url=https://money.com/warren-buffett-duracell/ | title=Why Warren Buffett Just Bought Duracell |last=Morris |first=Patrick | date=November 14, 2014 | work=[[Money.com]] | url-status=live | archive-url=https://web.archive.org/web/20210530024646/https://money.com/warren-buffett-duracell/ |archive-date=May 30, 2021}}</ref> | ||
==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= | 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/> | ||
In early 2008, Berkshire sharply increased its stake in [[ConocoPhillips]] to 85 million shares.<ref>{{Cite news | url=https://www.cnbc.com/2008/11/14/warren-buffetts-berkshire-hathaway-sharply-boosts-conocophillips-stake.html | title=Warren Buffett's Berkshire Hathaway Sharply Boosts ConocoPhillips Stake | first=Alex | last=Crippen | work=[[CNBC]] | date=November 14, 2008}}</ref> In one of Buffett's interviews, he later described this as "a major mistake" as the [[price of oil]] collapsed during the [[Great Recession]]. Berkshire sold most of its shares but held 472,000 shares until 2012. In that year, ConocoPhillips spun off a subsidiary, [[Phillips 66]], of which Berkshire owned 27 million shares. Berkshire later sold $1.4 billion worth of shares to Phillips 66 in exchange for Phillips Specialty Products.<ref>{{Cite news |url=https://www.fool.com/investing/general/2014/12/10/the-1-company-warren-buffett-is-most-likely-to-sel.aspx |title=The 1 Stock Warren Buffett Is Most Likely to Sell in 2015 |last=Hall |first=Jason | work=[[The Motley Fool]] |date=December 10, 2014}}</ref> Buffett frequently referred to Phillips 66 as one of the best businesses Berkshire invested in because of its consistent dividends and share buyback programs. However, Berkshire sold its entire holdings in 2020.<ref>{{Cite news |url=https://www.reuters.com/article/us-investment-funds-berkshire/buffetts-berkshire-slashes-goldman-stake-exits-phillips-66-travelers-idUSKBN22R3DL |title=Buffett's Berkshire slashes Goldman stake; exits Phillips 66, Travelers | last=Stempel | first=Jonathan | work= | In early 2008, Berkshire sharply increased its stake in [[ConocoPhillips]] to 85 million shares.<ref>{{Cite news | url=https://www.cnbc.com/2008/11/14/warren-buffetts-berkshire-hathaway-sharply-boosts-conocophillips-stake.html | title=Warren Buffett's Berkshire Hathaway Sharply Boosts ConocoPhillips Stake | first=Alex | last=Crippen | work=[[CNBC]] | date=November 14, 2008}}</ref> In one of Buffett's interviews, he later described this as "a major mistake" as the [[price of oil]] collapsed during the [[Great Recession]]. Berkshire sold most of its shares but held 472,000 shares until 2012. In that year, ConocoPhillips spun off a subsidiary, [[Phillips 66]], of which Berkshire owned 27 million shares. Berkshire later sold $1.4 billion worth of shares to Phillips 66 in exchange for Phillips Specialty Products.<ref>{{Cite news |url=https://www.fool.com/investing/general/2014/12/10/the-1-company-warren-buffett-is-most-likely-to-sel.aspx |title=The 1 Stock Warren Buffett Is Most Likely to Sell in 2015 |last=Hall |first=Jason | work=[[The Motley Fool]] |date=December 10, 2014}}</ref> Buffett frequently referred to Phillips 66 as one of the best businesses Berkshire invested in because of its consistent dividends and share buyback programs. However, Berkshire sold its entire holdings in 2020.<ref>{{Cite news |url=https://www.reuters.com/article/us-investment-funds-berkshire/buffetts-berkshire-slashes-goldman-stake-exits-phillips-66-travelers-idUSKBN22R3DL |title=Buffett's Berkshire slashes Goldman stake; exits Phillips 66, Travelers | last=Stempel | first=Jonathan | work=Reuters | date=May 16, 2020}}</ref><ref>{{Cite news | url=https://www.fool.com/investing/2020/05/20/warren-buffett-sold-phillips-66-heres-why-im-holdi.aspx | title=Warren Buffett Sold Phillips 66 -- Here's Why I'm Holding (and May Buy More) |last=Hall | first=Jason | work=[[The Motley Fool]] | date=May 20, 2020}}</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 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 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 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= | In September 2008, BHE invested about US$230 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= | 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 early 2011, Berkshire first invested in [[IBM]]. The shares were entirely sold in 2018.<ref>{{cite news | url=https://www.bloomberg.com/news/articles/2018-02-14/warren-buffett-s-berkshire-cuts-almost-its-entire-stake-in-ibm | title=Buffett's Bumpy Ride With IBM Draws to a Close With Stock Sales | first=Noah | last=Buhayar | work=[[Bloomberg News]] | date=February 14, 2018 | url-access=subscription | archive-url=https://web.archive.org/web/20180505070508/https://www.bloomberg.com/news/articles/2018-02-14/warren-buffett-s-berkshire-cuts-almost-its-entire-stake-in-ibm | archive-date=May 5, 2018 | url-status=live}}</ref><ref>{{cite news| url=https://www.cnbc.com/2018/05/04/warren-buffett-says-berkshire-hathaway-has-sold-completely-out-of-ibm.html |title=Warren Buffett says Berkshire Hathaway has sold completely out of IBM | first=Matthew J. | last=Belvedere | work=[[CNBC]] | date=May 4, 2018 |archive-url=https://web.archive.org/web/20180504195836/https://www.cnbc.com/2018/05/04/warren-buffett-says-berkshire-hathaway-has-sold-completely-out-of-ibm.html | archive-date=May 4, 2018 | url-status=live}}</ref> | In early 2011, Berkshire first invested in [[IBM]]. The shares were entirely sold in 2018.<ref>{{cite news | url=https://www.bloomberg.com/news/articles/2018-02-14/warren-buffett-s-berkshire-cuts-almost-its-entire-stake-in-ibm | title=Buffett's Bumpy Ride With IBM Draws to a Close With Stock Sales | first=Noah | last=Buhayar | work=[[Bloomberg News]] | date=February 14, 2018 | url-access=subscription | archive-url=https://web.archive.org/web/20180505070508/https://www.bloomberg.com/news/articles/2018-02-14/warren-buffett-s-berkshire-cuts-almost-its-entire-stake-in-ibm | archive-date=May 5, 2018 | url-status=live}}</ref><ref>{{cite news| url=https://www.cnbc.com/2018/05/04/warren-buffett-says-berkshire-hathaway-has-sold-completely-out-of-ibm.html |title=Warren Buffett says Berkshire Hathaway has sold completely out of IBM | first=Matthew J. | last=Belvedere | work=[[CNBC]] | date=May 4, 2018 |archive-url=https://web.archive.org/web/20180504195836/https://www.cnbc.com/2018/05/04/warren-buffett-says-berkshire-hathaway-has-sold-completely-out-of-ibm.html | archive-date=May 4, 2018 | url-status=live}}</ref> | ||
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On August 26, 2011, Berkshire Hathaway purchased $5 billion of preferred shares in [[Bank of America]].<ref>{{cite news |url=https://www.bloomberg.com/news/2011-08-25/franc-reverses-gain-versus-dollar-as-buffett-buys-bank-of-america-shares.html |title=Franc Reverses Gain Versus Dollar as Buffett Buys Bank of America Shares | first=Anchalee | last=Worrachate | work=[[Bloomberg News]] |date=August 25, 2011 |archive-url=https://web.archive.org/web/20120419172604/http://www.bloomberg.com/news/2011-08-25/franc-reverses-gain-versus-dollar-as-buffett-buys-bank-of-america-shares.html |archive-date=April 19, 2012|url-status=live}}</ref> The investment had an annual interest cost of 6% earning Berkshire $300 million in annual interest. Alongside the preferred stock investment, Berkshire obtained warrants allowing Berkshire to buy 700 million common shares at $7.14 per share, which were exercised. By 2017, this position had yielded a profit of about $12 billion excluding the annual interest earned from the preferred stock.<ref>{{Cite news |url=https://www.cnbc.com/2017/06/30/warren-buffett-just-made-a-quick-12-billion-on-bank-of-america.html |title=Warren Buffett just made a quick $12 billion on a clever Bank of America investment |last=Melloy |first=John | work=[[CNBC]] | date=June 30, 2017}}</ref> | On August 26, 2011, Berkshire Hathaway purchased $5 billion of preferred shares in [[Bank of America]].<ref>{{cite news |url=https://www.bloomberg.com/news/2011-08-25/franc-reverses-gain-versus-dollar-as-buffett-buys-bank-of-america-shares.html |title=Franc Reverses Gain Versus Dollar as Buffett Buys Bank of America Shares | first=Anchalee | last=Worrachate | work=[[Bloomberg News]] |date=August 25, 2011 |archive-url=https://web.archive.org/web/20120419172604/http://www.bloomberg.com/news/2011-08-25/franc-reverses-gain-versus-dollar-as-buffett-buys-bank-of-america-shares.html |archive-date=April 19, 2012|url-status=live}}</ref> The investment had an annual interest cost of 6% earning Berkshire $300 million in annual interest. Alongside the preferred stock investment, Berkshire obtained warrants allowing Berkshire to buy 700 million common shares at $7.14 per share, which were exercised. By 2017, this position had yielded a profit of about $12 billion excluding the annual interest earned from the preferred stock.<ref>{{Cite news |url=https://www.cnbc.com/2017/06/30/warren-buffett-just-made-a-quick-12-billion-on-bank-of-america.html |title=Warren Buffett just made a quick $12 billion on a clever Bank of America investment |last=Melloy |first=John | work=[[CNBC]] | date=June 30, 2017}}</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= | 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= | 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 third quarter of 2016, Berkshire surprised investors by making large equity investments in the major US [[airline]]s. Buffett had previously described airlines as a "deathtrap for investors". Buffett had made an investment in US Airways in 1989 which, although he sold for a profit, almost lost Berkshire a substantial sum of money.<ref>{{cite news |url=https://www.cnbc.com/2016/11/14/buffetts-berkshire-takes-stakes-in-four-major-airlines.html | title=Buffett's Berkshire takes stakes in four major airlines | first=Becky | last=Quick |authorlink=Becky Quick | date=November 14, 2016 | work=[[CNBC]] |url-status=live |archive-url=https://web.archive.org/web/20170605182205/https://www.cnbc.com/2016/11/14/buffetts-berkshire-takes-stakes-in-four-major-airlines.html |archive-date=June 5, 2017}}</ref> In 2017, Berkshire was the largest shareholder in [[United Airlines]] and [[Delta Air Lines]] and a top 3 shareholder in [[Southwest Airlines]] and [[American Airlines]]. Buffett himself has described this as a "call on the industry" rather than a choice in an individual company. American Airlines' CEO [[Doug Parker]] is said to have won over Ted Weschler in arguing that the airline industry had consolidated sufficiently and rationalized supply such that longer-term profitability could be achieved in an industry that has historically been loss-making in aggregate.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2017-02-15/airlines-rise-to-a-record-as-buffett-s-berkshire-deepens-bet | first=Mary | last=Schlangenstein |title=Airline Shares Reach Record as Buffett's Berkshire Extends Bet | work=[[Bloomberg News]] | date=February 15, 2017 | url-access=subscription |archive-url=https://web.archive.org/web/20170414191506/https://www.bloomberg.com/news/articles/2017-02-15/airlines-rise-to-a-record-as-buffett-s-berkshire-deepens-bet |archive-date=April 14, 2017 |url-status=live}}</ref> In April 2020, Berkshire sold all shares in the airlines due to the [[impact of the COVID-19 pandemic on commercial air transport]].<ref>{{Cite news |url=https://www.forbes.com/sites/geoffwhitmore/2020/05/04/warren-buffett-dumps-airline-stocks/ |title=Warren Buffett Dumps Airline Stocks |first=Geoff |last=Whitmore | work=[[Forbes]] | date=May 4, 2020 | url-access=limited}}</ref> | In the third quarter of 2016, Berkshire surprised investors by making large equity investments in the major US [[airline]]s. Buffett had previously described airlines as a "deathtrap for investors". Buffett had made an investment in US Airways in 1989 which, although he sold for a profit, almost lost Berkshire a substantial sum of money.<ref>{{cite news |url=https://www.cnbc.com/2016/11/14/buffetts-berkshire-takes-stakes-in-four-major-airlines.html | title=Buffett's Berkshire takes stakes in four major airlines | first=Becky | last=Quick |authorlink=Becky Quick | date=November 14, 2016 | work=[[CNBC]] |url-status=live |archive-url=https://web.archive.org/web/20170605182205/https://www.cnbc.com/2016/11/14/buffetts-berkshire-takes-stakes-in-four-major-airlines.html |archive-date=June 5, 2017}}</ref> In 2017, Berkshire was the largest shareholder in [[United Airlines]] and [[Delta Air Lines]] and a top 3 shareholder in [[Southwest Airlines]] and [[American Airlines]]. Buffett himself has described this as a "call on the industry" rather than a choice in an individual company. American Airlines' CEO [[Doug Parker]] is said to have won over Ted Weschler in arguing that the airline industry had consolidated sufficiently and rationalized supply such that longer-term profitability could be achieved in an industry that has historically been loss-making in aggregate.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2017-02-15/airlines-rise-to-a-record-as-buffett-s-berkshire-deepens-bet | first=Mary | last=Schlangenstein |title=Airline Shares Reach Record as Buffett's Berkshire Extends Bet | work=[[Bloomberg News]] | date=February 15, 2017 | url-access=subscription |archive-url=https://web.archive.org/web/20170414191506/https://www.bloomberg.com/news/articles/2017-02-15/airlines-rise-to-a-record-as-buffett-s-berkshire-deepens-bet |archive-date=April 14, 2017 |url-status=live}}</ref> In April 2020, Berkshire sold all shares in the airlines due to the [[impact of the COVID-19 pandemic on commercial air transport]].<ref>{{Cite news |url=https://www.forbes.com/sites/geoffwhitmore/2020/05/04/warren-buffett-dumps-airline-stocks/ |title=Warren Buffett Dumps Airline Stocks |first=Geoff |last=Whitmore | work=[[Forbes]] | date=May 4, 2020 | url-access=limited}}</ref> | ||
In June 2017, Berkshire invested $377 million Store Capital, a Scottsdale-based [[real estate investment trust]] that owned more than 1,750 properties in 48 states; the company was sold to [[private equity firm]]s in 2022.<ref>{{Cite news | url=https://www.fool.com/investing/2022/09/16/this-high-yielding-warren-buffett-stock-is-getting/ | title=This High-Yielding Warren Buffett Stock Is Getting Acquired -- Here Are 2 Excellent Replacements to Buy | first=Matt | last=DiLallo | work=[[The Motley Fool]] | date=September 16, 2022}}</ref><ref name=Attracts>{{cite news |url=https://kjzz.org/content/498911/metro-phoenix-real-estate-attracts-warren-buffett | title=Metro Phoenix Real-Estate Attracts Warren Buffett| first=Heather | last=van Blokland | work=[[KJZZ (FM)]] |date=July 3, 2017 |archive-url=https://web.archive.org/web/20170727163324/https://kjzz.org/content/498911/metro-phoenix-real-estate-attracts-warren-buffett |archive-date=July 27, 2017 |url-status=live}}</ref><ref>{{Cite news | url=https://www.reuters.com/article/store-capital-ma-berkshire-hatha-idUSL1N1JN0H5/ |title=Berkshire bulks up in real estate with Store Capital stake | last=Stempel |first=Jonathan |work= | In June 2017, Berkshire invested $377 million Store Capital, a Scottsdale-based [[real estate investment trust]] that owned more than 1,750 properties in 48 states; the company was sold to [[private equity firm]]s in 2022.<ref>{{Cite news | url=https://www.fool.com/investing/2022/09/16/this-high-yielding-warren-buffett-stock-is-getting/ | title=This High-Yielding Warren Buffett Stock Is Getting Acquired -- Here Are 2 Excellent Replacements to Buy | first=Matt | last=DiLallo | work=[[The Motley Fool]] | date=September 16, 2022}}</ref><ref name=Attracts>{{cite news |url=https://kjzz.org/content/498911/metro-phoenix-real-estate-attracts-warren-buffett | title=Metro Phoenix Real-Estate Attracts Warren Buffett| first=Heather | last=van Blokland | work=[[KJZZ (FM)]] |date=July 3, 2017 |archive-url=https://web.archive.org/web/20170727163324/https://kjzz.org/content/498911/metro-phoenix-real-estate-attracts-warren-buffett |archive-date=July 27, 2017 |url-status=live}}</ref><ref>{{Cite news | url=https://www.reuters.com/article/store-capital-ma-berkshire-hatha-idUSL1N1JN0H5/ |title=Berkshire bulks up in real estate with Store Capital stake | last=Stempel |first=Jonathan |work=Reuters |date=June 26, 2017}}</ref> | ||
In June 2017, Berkshire acquired a 38.4% stake in [[Home Capital Group]] for $400 million giving lifeline to the [[Toronto]]-based embattled mortgage lender.<ref>{{cite news |url=https://financialpost.com/real-estate/canadian-real-estate-industry-welcomes-buffett-to-the-neighbourhood |title=Canadian real estate industry welcomes Buffett to the neighbourhood | first=Garry | last=Marr | work=[[National Post]] |date=June 22, 2017 |archive-url=https://web.archive.org/web/20170826160938/http://business.financialpost.com/real-estate/canadian-real-estate-industry-welcomes-buffett-to-the-neighbourhood |archive-date=August 26, 2017 | url-status=live}}</ref><ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2017-06-22/berkshire-hathaway-to-invest-in-embattled-lender-home-capital | title=Berkshire Hathaway Invests in Embattled Lender Home Capital | first1=Sree Vidya | last1=Bhaktavatsalam | first2=Jacqueline | last2=Thorpe | work=[[Bloomberg News]] | date=June 22, 2017 | url-access=subscription}}</ref> The shares were sold in 2018.<ref>{{Cite news | url=https://www.cbc.ca/news/business/home-capital-berkshire-hathaway-1.4952331 | title=Home Capital shares sell off after Berkshire Hathaways discloses it's sold most of its stake | first=Pete | last=Evans | work=[[CBC News]] | date=December 19, 2018}}</ref> | In June 2017, Berkshire acquired a 38.4% stake in [[Home Capital Group]] for $400 million giving lifeline to the [[Toronto]]-based embattled mortgage lender.<ref>{{cite news |url=https://financialpost.com/real-estate/canadian-real-estate-industry-welcomes-buffett-to-the-neighbourhood |title=Canadian real estate industry welcomes Buffett to the neighbourhood | first=Garry | last=Marr | work=[[National Post]] |date=June 22, 2017 |archive-url=https://web.archive.org/web/20170826160938/http://business.financialpost.com/real-estate/canadian-real-estate-industry-welcomes-buffett-to-the-neighbourhood |archive-date=August 26, 2017 | url-status=live}}</ref><ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2017-06-22/berkshire-hathaway-to-invest-in-embattled-lender-home-capital | title=Berkshire Hathaway Invests in Embattled Lender Home Capital | first1=Sree Vidya | last1=Bhaktavatsalam | first2=Jacqueline | last2=Thorpe | work=[[Bloomberg News]] | date=June 22, 2017 | url-access=subscription}}</ref> The shares were sold in 2018.<ref>{{Cite news | url=https://www.cbc.ca/news/business/home-capital-berkshire-hathaway-1.4952331 | title=Home Capital shares sell off after Berkshire Hathaways discloses it's sold most of its stake | first=Pete | last=Evans | work=[[CBC News]] | date=December 19, 2018}}</ref> | ||
Between September 2019 and August 2020, Berkshire purchased more than 5% of the outstanding stock of each of the five largest Japanese [[sogo shosha]] ([[Itochu]], [[Mitsubishi Corporation|Mitsubishi]], [[Mitsui & Co.|Mitsui]], [[Sumitomo Corporation|Sumitomo]], and [[Marubeni]]) through its National Indemnity subsidiary. These stakes were worth a total of over $6 billion as of August 2020. By April 2023, Berkshire increased its stake in each of those companies to 7.4%.<ref>{{cite news |last=Lies |first=Elaine |title=Buffett says he holds 7.4% stake in five Japanese trading houses, including Itochu, Nikkei reports | url=https://www.reuters.com/markets/asia/buffett-says-he-holds-74-stake-five-japanese-trading-houses-including-itochu-2023-04-11/ | work= | Between September 2019 and August 2020, Berkshire purchased more than 5% of the outstanding stock of each of the five largest Japanese [[sogo shosha]] ([[Itochu]], [[Mitsubishi Corporation|Mitsubishi]], [[Mitsui & Co.|Mitsui]], [[Sumitomo Corporation|Sumitomo]], and [[Marubeni]]) through its National Indemnity subsidiary. These stakes were worth a total of over $6 billion as of August 2020. By April 2023, Berkshire increased its stake in each of those companies to 7.4%.<ref>{{cite news |last=Lies |first=Elaine |title=Buffett says he holds 7.4% stake in five Japanese trading houses, including Itochu, Nikkei reports | url=https://www.reuters.com/markets/asia/buffett-says-he-holds-74-stake-five-japanese-trading-houses-including-itochu-2023-04-11/ | work=Reuters | date=April 10, 2023}}</ref> He continued to increase the stakes over time.<ref>{{Cite news | url=https://www.barrons.com/articles/warren-buffett-berkshire-hathaway-japan-sumitomo-davos-9d9310a3 | title=Warren Buffett Steadily Increasing Stakes in 5 Japanese Companies: Sumitomo CEO | first=Jack | last=Denton | work=[[Barron's]] | date=January 16, 2024}}</ref> | ||
In the second quarter of 2020, Berkshire added a position of more than 20 million shares in mining company [[Barrick Gold]]; the shares were sold in 2021.<ref>{{cite news |url=https://www.cnbc.com/2020/08/17/barrick-golds-stock-soars-after-buffetts-berkshire-reveals-stake.html |title=Barrick Gold's stock soars after Buffett's Berkshire reveals stake | last=Fitzgerald | first=Maggie | work=[[CNBC]] | date=August 17, 2020}}</ref> In the third quarter of 2020, the company agreed to buy Dominion Energy's natural gas transmission and storage operations.<ref>{{Cite news |url=https://www.morningstar.com/articles/990825/berkshire-hathaway-adds-to-energy-assets |title=Berkshire Hathaway Adds to Energy Assets |last=Warren |first=Greggory | work=[[Morningstar, Inc.]] | date=July 6, 2020}}</ref> | In the second quarter of 2020, Berkshire added a position of more than 20 million shares in mining company [[Barrick Gold]]; the shares were sold in 2021.<ref>{{cite news |url=https://www.cnbc.com/2020/08/17/barrick-golds-stock-soars-after-buffetts-berkshire-reveals-stake.html |title=Barrick Gold's stock soars after Buffett's Berkshire reveals stake | last=Fitzgerald | first=Maggie | work=[[CNBC]] | date=August 17, 2020}}</ref> In the third quarter of 2020, the company agreed to buy Dominion Energy's natural gas transmission and storage operations.<ref>{{Cite news |url=https://www.morningstar.com/articles/990825/berkshire-hathaway-adds-to-energy-assets |title=Berkshire Hathaway Adds to Energy Assets |last=Warren |first=Greggory | work=[[Morningstar, Inc.]] | date=July 6, 2020}}</ref> | ||
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In the first quarter of 2022, Berkshire acquired 121 million shares of [[HP Inc.]] valued at more than $4.2 billion; the shares were sold in 2023 and 2024.<ref>{{Cite news |url=https://www.bloomberg.com/news/articles/2022-04-07/buffett-s-berkshire-hathaway-builds-new-4-2-billion-hp-stake |title=HP Soars to Record High After Buffett's Berkshire Buys a Stake | last=Chiglinsky | first=Katherine | work=[[Bloomberg News]] |date=April 7, 2022 | url-access=subscription}}</ref> | In the first quarter of 2022, Berkshire acquired 121 million shares of [[HP Inc.]] valued at more than $4.2 billion; the shares were sold in 2023 and 2024.<ref>{{Cite news |url=https://www.bloomberg.com/news/articles/2022-04-07/buffett-s-berkshire-hathaway-builds-new-4-2-billion-hp-stake |title=HP Soars to Record High After Buffett's Berkshire Buys a Stake | last=Chiglinsky | first=Katherine | work=[[Bloomberg News]] |date=April 7, 2022 | url-access=subscription}}</ref> | ||
In the third quarter of 2022, Berkshire purchased 60 million shares in semiconductor manufacturing company [[TSMC]] valued at $4.1 billion; the shares were sold in late 2022 and 2023 in part due to geopolitical tensions.<ref>{{cite news | url=https://www.ft.com/content/6d4bb1f4-270a-46bd-8069-81148b636647 | title=Warren Buffett's Berkshire Hathaway buys $4bn stake in chipmaker TSMC | last=Platt | first=Eric | work=[[Financial Times]] | date=November 15, 2022 | url-access=limited}}</ref><ref name=dumps/><ref>{{cite news | last=Stempel | first=Jonathan | title=Buffett says geopolitics a factor in Berkshire sale of TSMC stake | url=https://www.reuters.com/technology/buffett-says-geopolitics-factor-berkshire-sale-tsmc-stake-2023-04-11/ | work= | In the third quarter of 2022, Berkshire purchased 60 million shares in semiconductor manufacturing company [[TSMC]] valued at $4.1 billion; the shares were sold in late 2022 and 2023 in part due to geopolitical tensions.<ref>{{cite news | url=https://www.ft.com/content/6d4bb1f4-270a-46bd-8069-81148b636647 | title=Warren Buffett's Berkshire Hathaway buys $4bn stake in chipmaker TSMC | last=Platt | first=Eric | work=[[Financial Times]] | date=November 15, 2022 | url-access=limited}}</ref><ref name=dumps/><ref>{{cite news | last=Stempel | first=Jonathan | title=Buffett says geopolitics a factor in Berkshire sale of TSMC stake | url=https://www.reuters.com/technology/buffett-says-geopolitics-factor-berkshire-sale-tsmc-stake-2023-04-11/ | work=Reuters | date=April 11, 2023}}</ref> | ||
Berkshire began investing in [[Chubb Limited]] in 2023; by 2024, it owned a 6.4% stake worth $6.7 billion.<ref>{{Cite news | title=Warren Buffett's Berkshire Reveals Its Mystery Stock: Chubb | url=https://www.wsj.com/finance/stocks/warren-buffetts-berkshire-reveals-its-mystery-stock-chubb-8ca0b4a3 | last=Langley | first=Karen | work=The Wall Street Journal | date=May 15, 2024}}</ref> | Berkshire began investing in [[Chubb Limited]] in 2023; by 2024, it owned a 6.4% stake worth $6.7 billion.<ref>{{Cite news | title=Warren Buffett's Berkshire Reveals Its Mystery Stock: Chubb | url=https://www.wsj.com/finance/stocks/warren-buffetts-berkshire-reveals-its-mystery-stock-chubb-8ca0b4a3 | last=Langley | first=Karen | work=The Wall Street Journal | date=May 15, 2024}}</ref> | ||