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☆ Warren Buffett breaks down how to repeat his success and return 50% a year
▼ + stars: | 2024-05-26 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Warren Buffett's best return — on a percentage basis — was scored when he was starting out with little money seven decades ago. The Oracle of Omaha once vowed that he could easily produce a 50% annual return if he was only managing $1 million. "If I was running $1 million today, or $10 million for that matter, I'd be fully invested. At an early age, Buffett developed an extraordinary knack for picking cheap stocks, oftentimes troubled companies at deep discounts. You can't just be in love with the money, you've really got to just find it," he said.

Persons: Warren Buffett's, —, I've, Dow, Berkshire Hathaway, Buffett, poring, Benjamin Graham, outsized, Charlie, Charlie Munger, you've Organizations: Berkshire, Moody's, Columbia University, BNSF Railway Locations: Omaha, Coast, Munger

☆ Warren Buffett's company dumped stocks and grew its cash pile to a record $189 billion last quarter
▼ + stars: | 2024-05-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett's Berkshire Hathaway grew its cash pile to a record $189 billion last quarter. Berkshire dumped a net $17 billion of stocks, and boosted its buyback spend to $2.6 billion. The famed investor's Berkshire Hathaway raised its stockpile of cash and Treasury bills by $21 billion to a record $189 billion — a 13% increase in just three months. Related storiesThe centibillionaire and his team only spent $2.7 billion on stocks last quarter, while they dumped $20 billion worth, marking their largest quarterly disposal in several years. AdvertisementBerkshire's net stock sales totaled $24 billion in 2023, which was a big turnaround from its purchase of $34 billion of stocks on a net basis in 2022.

Persons: Warren, Berkshire Hathaway, —, Buffett, NetJets Organizations: Berkshire, Service, BNSF Railway, Travel Centers Locations: Woodstock

☆ 'A lot to be done' with improving BNSF Railway operations, says Berkshire's Greg Abel
▼ + stars: | 2024-05-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'A lot to be done' with improving BNSF Railway operations, says Berkshire's Greg AbelBerkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting. Buffett answers shareholder question about BNSF Railway performance issues.

Persons: Greg Abel Berkshire Hathaway, Warren Buffett, Buffett Organizations: Railway, Berkshire Hathaway, BNSF

☆ BNSF CEO Katie Farmer on the economy, company profit margins and 2024 CapEx
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBNSF CEO Katie Farmer on the economy, company profit margins and 2024 CapExBNSF CEO Katie Farmer joins 'Squawk Box' to discuss the state of the economy, the challenges facing the company, getting profit margins on track, 2024 capital expenditures, and more.

Persons: Katie Farmer

But this year’s event will be the first without Munger, who died in November at age 99 — and comes amid growing questions about Berkshire post-Buffett, who’s 93. Buffett will have a different crew answering questions alongside him on Saturday. Berkshire’s vice chairmen, Greg Abel and Ajit Jain, will be on hand for much of the day. Shareholders most likely will be focused on what Abel, Buffett’s appointed successor as C.E.O. In Buffett’s annual letter to investors, he noted challenges to Berkshire’s biggest businesses, including the BNSF railroad (falling shipment volumes) and its utility business (forest fires).

Persons: Warren Buffett, Charlie Munger, Munger, Buffett, Greg Abel, Ajit Jain, Abel, Buffett’s Organizations: Berkshire, Shareholders Locations: Berkshire, Omaha, Woodstock, America

☆ Steel bridge: Train derailment shuts down historic Portland, Oregon, bridge
▼ + stars: | 2024-04-29 | by ( Andy Rose | ) edition.cnn.com time to read: +1 min

CNN —A historic bridge in Portland, Oregon, was shut down Monday morning after a derailed train car was seen leaning against a bridge support. Two cars had fully derailed on a Union Pacific line on the east side of the century-old Steel Bridge. “One train car is leaning against bridge structural support column,” Portland Fire and Rescue stated on X. The derailment happened after 35 train cars derailed in New Mexico on Friday, prompting evacuations that lasted until Sunday. Six of the derailed train cars were carrying propane, according to BNSF Railway.

Organizations: CNN, Union, Portland, Union Pacific, . Union Pacific, BNSF Railway, National Transportation Locations: Portland , Oregon, Portland, New Mexico

☆ Evacuations ordered after dozens of train cars derailed near New Mexico state line, some carrying propane
▼ + stars: | 2024-04-27 | by ( Rebekah Riess | Paradise Afshar | ) edition.cnn.com time to read: +2 min

CNN —Thirty-five rail cars of a train derailed in New Mexico Friday afternoon, prompting evacuations and forcing a 50-mile stretch of Interstate 40 to close. McKinley County Fire & Rescue was dispatched around 12:40 p.m. Friday after the train derailed and caught fire off Interstate 40 near the state line. Six of the derailed train cars were carrying propane, according to BNSF Railway. There is currently “no projected end to this closure,” said New Mexico State Police on Facebook. “I am deeply concerned about the train derailment along the Arizona-New Mexico border and am monitoring the situation closely,” Hobbs wrote.

Persons: ”, Transportation Pete Buttigieg, Katie Hobbs, ” Hobbs, “, Buttigieg Organizations: CNN, Fire, Rescue, BNSF Railway, New Mexico State Police, Facebook, National Transportation Safety, NTSB, Unified Command, Transportation, Tribal, ”, New Locations: New Mexico, McKinley, Arizona, ” Arizona, New Mexican, State of Arizona

☆ Baltimore port bridge collapse: Global ocean carriers declare 'force majeure,' leaving U.S. companies on hook for urgent cargo pickup
▼ + stars: | 2024-03-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

"The impact of the Baltimore port stoppage on construction and contractor supply chains may be significant," said William George, director of research for ImportGenius. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. COSCO announced Wednesday morning that its services would "be concluded" once the diverted container arrives at the alternate port. Out of the diverted ports, New York/New Jersey and Savannah, are included. One of the biggest concerns among logistics companies is availability of chassis for both truck and rail to handle the diverted cargo.

Persons: Dali, Francis Scott Key, William George, ImportGenius, Maersk, COSCO, majeure, CGM, Paul Brashier, Brashier, Matt Castle, Robinson, Val Noel, Mike Wilson, Noel, Alan Baer, Baer, Stephen Edwards, Edwards Organizations: Francis Scott Key Bridge, Logistics, CNBC, Baltimore, Evergreen, CMA, ITS Logistics, U.S Department of Transportation, Home Depot, Nike, Walmart, Union Pacific, BNSF, Robinson, DHL, FedEx, Port, DOT's, Rail, TRAC, Freight, Consolidated Chassis Management, USA, Norfolk . Our Midwest Locations: Baltimore , Maryland, Baltimore, The Port, U.S, Port of Baltimore, Target, East, , New York, New Jersey, Savannah, Chicago, Brunswick, Virginia, Charleston, New York, Philadelphia, Norfolk, Wilmington , Savannah, Jacksonville, UAE, Saudi, Doha, India, Bangladesh, NY, Montreal, Port of Virginia, Port

(AP) — Transportation Secretary Pete Buttigieg has reiterated his concerns about railroad safety and scolded the industry for not doing more to improve since last year's fiery Ohio derailment. In a new letter to the freight railroads' main trade group, Buttigieg acknowledged that railroads say they are committed to safety. But he said too often regulators encounter resistance when trying to get the industry to do more to improve safety. And he said the Federal Railroad Administration's statistics don't show safety improving significantly over the past decade. But Buttigieg said that with two workers killed last year in rail yard accidents he's still concerned about those incidents.

Persons: Pete Buttigieg, Buttigieg, Ian Jefferies, ” Jefferies Organizations: —, Federal Railroad, Association of American Railroads, Railroads, Union Pacific, AAR, BNSF, CSX, Canadian National, Norfolk Southern Locations: OMAHA, Neb, Ohio, Palestine , Ohio, U.S, Nebraska, Norfolk Southern, Norfolk, East Palestine

☆ Why Warren Buffett thinks the power of compound interest is the key to his success
▼ + stars: | 2024-03-03 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett believes successful investing is like rolling a little snowball down a very long hill — the longer the hill, the bigger the snowball. The key is the power of compound interest , something Buffett often credits as the driving force behind his unmatched investment legacy. Compound interest describes the ability to earn not only interest on the principle but also reinvested interest on the interest. "The trick is to have a very long hill, which means either starting very young or living ... to be very old." For example, $10,000 with compound interest of 10% annually is worth almost $175,000 in 30 years, more than $450,000 in 40 years and $1.17 million in 50 years.

Persons: Warren Buffett, Buffett, Berkshire Hathaway Organizations: Oracle, Cities Service, Berkshire, BNSF Railway, Burlington Northern, Apple Locations: Omaha, Burlington Northern Santa Fe

☆ UBS says Warren Buffett’s Berkshire Hathaway will top $1 trillion in market value in next 12 months
▼ + stars: | 2024-02-28 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway is firing on all cylinders with a $1 trillion market value in sight, according to UBS. Analyst Brian Meredith hiked his 12-month price target on the Berkshire Class A shares to $715,000 from $655,000, and Class B shares to $477 from $435. BRK.A 1Y mountain Berkshire Hathaway Berkshire on Saturday reported a 28% jump in operating earnings in the fourth quarter due to huge gains in its insurance business. Meanwhile, Berkshire's reinsurance and primary insurance operations continued to look solid and benefit from the current market environment, UBS said. The conglomerate recently touched consecutive record highs, trading above $647,000 for Class A shares at its peak and boasting a market value above $900 billion.

Persons: Warren, Berkshire Hathaway, Brian Meredith, Meredith, BRK, Geico Organizations: UBS, Berkshire Class, Insurance, Berkshire Hathaway Berkshire, BNSF Locations: Omaha, Berkshire

☆ After Walmart's stock split, Jim Cramer says this chipmaker should be next
▼ + stars: | 2024-02-26 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Walmart : The Arkansas-based retail giant's 3-for-1 stock split went into effect Monday, and Jim Cramer said he'd like to see other companies consider taking similar moves. "This is something that [CEO] Doug McMillon said that [founder] Sam Walton liked because people don't like partial stock. I think that companies like Broadcom should be listening to that, and they should be splitting," Cramer said. "They gave you a really long-term view, and it was very positive," Cramer said.

Persons: Jim Cramer's, Jim Cramer, Cramer, Doug McMillon, Sam Walton, Berkshire Hathaway, Warren Buffett's, there's, Buffett, it's, Boehringer Ingelheim, Eli Lilly, — Organizations: CNBC, Club, Walmart, Broadcom, Cramer's Charitable Trust, Berkshire, Zealand Pharma Locations: Arkansas, Cramer's, Arbor , Michigan, Danish

☆ Warren Buffett says Berkshire may only do slightly better than the average company due to its sheer size
▼ + stars: | 2024-02-24 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett and Charlie Munger at press conference during the Berkshire Hathaway Shareholders Meeting in Omaha, Nebraska, April 30, 2022. Berkshire Hathaway 's Warren Buffett said his sprawling conglomerate may only slightly outperform the average American company due to its sheer size and the lack of buying opportunities that could make an impact. The 93-year-old Buffett said Berkshire's group of diversified, quality businesses should provide "slightly better" performance than the average U.S. company, but anything more than that is unlikely. 'With our present mix of businesses, Berkshire should do a bit better than the average American corporation and, more important, should also operate with materially less risk of permanent loss of capital," Buffett said. "Anything beyond 'slightly better,' though, is wishful thinking."

Persons: Warren Buffett, Charlie Munger, Berkshire Hathaway, Apple —, Buffett, — Organizations: Berkshire, BNSF Railway, Apple, Oracle, Occidental Petroleum, Berkshire ., Mitsubishi, Mitsui, Sumitomo Locations: Omaha , Nebraska, Omaha, Dairy, Berkshire, Alleghany, U.S

☆ Warren Buffett calls the late Charlie Munger 'part older brother, part loving father' in heartfelt tribute
▼ + stars: | 2024-02-24 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett shared a heartfelt tribute to the late Charlie Munger, calling his business partner of 60 years the architect of today's Berkshire Hathaway . "In reality, Charlie was the 'architect' of the present Berkshire, and I acted as the 'general contractor' to carry out the day-by-day construction of his vision," Buffett wrote. In a way his relationship with me was part older brother, part loving father." With much back-sliding I subsequently followed his instructions," Buffett wrote in the letter. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect," Buffett said.

Persons: Warren Buffett, Charlie Munger, Berkshire Hathaway, Charlie, Buffett, Munger, Warren, Ben Graham, Benjamin Graham, jerked Organizations: Oracle, Columbia University, BNSF Railway Locations: Berkshire, Omaha, Dairy

☆ Berkshire Hathaway Reports Profit of $97 Billion Last Year, a Record
▼ + stars: | 2024-02-24 | by ( Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Berkshire Hathaway, the conglomerate run for decades by Warren E. Buffett, recorded its highest-ever annual profit last year. But its chief executive found reason to blame government regulation for hurting the results of some of its biggest businesses. In his letter to investors that traditionally accompanies the annual report, Mr. Buffett also paid tribute to Charlie Munger, his longtime lieutenant and Berkshire’s vice chairman until his death in November at age 99. Berkshire also reported $37.4 billion in operating earnings, the financial metric that Mr. Buffett prefers because it excludes paper investment gains and losses, for the year, up 21 percent from 2022. (Investors often see Berkshire as a bellwether of the American economy, given the breadth of its business.)

Persons: Berkshire Hathaway, Warren E, Buffett, Charlie Munger, Brooks Organizations: BNSF Locations: Berkshire

☆ Warren Buffett’s highly anticipated annual letter arrives Saturday. Here’s what to expect
▼ + stars: | 2024-02-23 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett is about to release his must-read annual letter where he's expected to pay a heartwarming tribute to the late Charlie Munger. The 93-year-old chairman and CEO of Berkshire Hathaway is slated to release his annual shareholder letter Saturday at 8:00 a.m. "Succession is a top-of-mind issue for many Berkshire investors," Cathy Seifert, Berkshire analyst at CFRA Research, said in a note. Buffett's investment lieutenants, Todd Combs and Ted Weschler, have taken on more responsibilities at Berkshire, independently overseeing about $15 billion each. The run up in Berkshire shares may have curbed the amount of buyback activity in the fourth quarter.

Persons: Warren Buffett, Charlie Munger, Berkshire Hathaway, Steve Check, Munger, Buffett, Munger's, it's, Greg Abel, Cathy Seifert, Todd Combs, Ted Weschler, Todd, Ted Organizations: Check Capital Management, Berkshire, CFRA Research, Investors, Berkshire Hathaway, BNSF Railway Locations: Berkshire, Berkshire Hathaway The Omaha, Dairy

☆ Wall Street billionaires dump Alphabet. How they traded 7 other portfolio stocks as well
▼ + stars: | 2024-02-16 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

In the fourth quarter, specifically, shares of Alphabet rose 6.75%. Third Point owned Alphabet for less than a year , while Druckenmiller traded in and out of the stock in recent quarters. Some Wall Street veterans merely pared back their exposure to Alphabet in the quarter, including David Tepper's Appaloosa Management . Baupost Group — the hedge fund run by value investor Seth Klarman — sold about 23% of its Alphabet stock over the same stretch. Berkshire parted ways with about 10 million shares of the iPhone maker, leaving the conglomerate with more than 905 million shares, worth $174.35 billion, at the end of the quarter.

Persons: Dan Loeb's, Stanley Druckenmiller, Druckenmiller, David Tepper, David Tepper's, Seth Klarman —, Jim Cramer, Michael Bury, Bill Ackman's, Tepper, Druckenmiller —, —, Eli Lilly, Lilly, Danaher, Warren Buffett's Berkshire Hathaway, Buffett, Jeff Smith's, Marc Benioff, shouldn't, Jim, Jim Cramer's, Justin Sullivan Organizations: Club, Securities and Exchange Commission, SEC, Microsoft, Apple, Nvidia, Palo Alto Networks, Wall, Management, Bill Ackman's Pershing, Capital Management, Duquesne Family, Trust, CNBC, Warren, Berkshire, BNSF Railway, Geico, Inclusive, Jim Cramer's Charitable Locations: Palo, 13Fs, Jim's, Mountain View , California

☆ Berkshire Hathaway topped $600,000 a share last week, aiming at $1 trillion market value
▼ + stars: | 2024-02-11 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The swift rally has pushed Berkshire's market cap above $863 billion as of Friday's close, making it the seventh most valuable company in the U.S. Road to 600k It took Berkshire Class A shares about two years to go from $500,000 to $600,000. In terms of market cap weighting and earnings contribution to the S & P 500, Berkshire is now the best candidate to join the crowd, Strategas said. High price tag Berkshire's original Class A shares carry one of the highest price tags on Wall Street . Berkshire's Class B shares have gained more than 11% this year and also hit an intraday record of $399.15 earlier this week.

Persons: Warren Buffett's Berkshire Hathaway, Tesla, Tesla —, Eli Lilly, Strategas, Buffett, Ben Graham Organizations: U.S, BNSF Railway, Geico Insurance, U.S ., PetroChina, Alleghany, Occidental Petroleum, Microsoft, Apple, Nvidia, Tesla, Strategas Securities, Broadcom Locations: Warren Buffett's, U.S, Omaha, Berkshire, Saudi Aramco

Before last year, paid sick leave was generally not offered to railroad workers. That's instead of joining all the other major freight railroads in negotiating jointly with rail unions on an agreement over pay and benefits. The rail industry reached the brink of a strike in the fall of 2022 before Congress and President Joe Biden intervened to force rail workers to accept a contract. Union Pacific, BNSF and Norfolk Southern now have paid sick time agreements in place with all their unions. Canadian National also trails behind the big U.S. railroads, but still offers sick time to about 46% of its U.S. workers.

Persons: —, Ed Dowell, CPKC “, ” CPKC, That's, Patrick Waldron, ” Waldron, “, CPKC, Joe Biden, wouldn't Organizations: Rail, CPKC's, American Train, Association, Kansas City Southern, Canadian Pacific, CSX, Union Pacific, Norfolk, Canadian Locations: OMAHA, Neb, Kansas City , Missouri, CPKC's U.S, Minnesota, U.S, Calgary, United States, Kansas City, Kansas, Canadian Pacific, North America, BNSF, Norfolk Southern

☆ Berkshire Hathaway is trading at record highs, and UBS thinks it can rise another 15%
▼ + stars: | 2024-01-25 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Berkshire Hathaway shares reached a fresh all-time high to start off a strong 2024, and one analyst thinks the conglomerate's stock is still attractively priced and sees double digit upside. UBS analyst Brian Meredith hiked his 12-month price target for Berkshire's Class B shares to $435 from $410 previously. Secondly, the UBS analyst said Berkshire's array of different businesses remains strong. In insurance, UBS expects profit margins to improve at auto insurer Geico this year, while Berkshire Hathaway Reinsurance Group is expected to see strong growth in premiums and improved profitability. Lastly, UBS noted that Berkshire has historically benefited, on a relative basis, from an economic slowdown.

Persons: Brian Meredith, Warren, Meredith, Buffett Organizations: Berkshire Hathaway, UBS, Berkshire, BRK's Insurance, Insurance, BNSF Railway Co Locations: Berkshire, repurchases, buybacks . Berkshire, U.S, Omaha

Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Berkshire owns 80% of Pilot, having paid the Haslams $2.76 billion for a 38.6% stake in 2017 and $8.2 billion for another 41.4% in January. The Haslams sued Omaha, Nebraska-based Berkshire in October, accusing it of seeking a "windfall" by adopting "pushdown" accounting for Pilot. Berkshire countersued on Nov. 28, saying Jimmy Haslam tried to bribe Pilot executives with millions of dollars to inflate earnings in 2023 at the expense of future years. According to court papers, the Haslams believe the 20% Pilot stake was worth $3.2 billion before Berkshire's accounting change, an amount Berkshire disputes.

Persons: Warren Buffett, Scott Morgan, Warren Buffett's Berkshire Hathaway, Jimmy Haslam, Chancellor Morgan Zurn, Haslam, Zurn, Berkshire, Berkshire countersued, Tom Hals, David Holmes Organizations: Berkshire Hathaway, REUTERS, Rights, Travel Centers, Cleveland Browns, Berkshire, Pilot, Thomson Locations: Omaha , Nebraska, U.S, Rights WILMINGTON , Delaware, Delaware, Delaware's, Berkshire, Knoxville , Tennessee, Wilmington , Delaware

(AP) — An attorney for the billionaire Haslam family called bribery allegations leveled by Warren Buffett's company a “wild invention” Thursday. The Haslam family — which includes Cleveland Browns owner Jimmy Haslam and former Tennessee governor Bill Haslam — accused Berkshire last month of trying to understate Pilot’s earnings this year by changing its accounting practices. A senior executive who had been promised a bonus revealed that to the current Pilot CEO, according to Berkshire. Haslam’s side promises have forced the company to investigate and interrogate many of the key employees it relies on today to operate the company,” Lavoie said. In addition to Pilot, Berkshire owns an eclectic assortment of other businesses including Geico insurance, BNSF railroad and several major utilities along with a number of smaller manufacturing and retail businesses.

Persons: Haslam, Warren Buffett's, Berkshire Hathaway, Jimmy Haslam, Bill Haslam —, ”, Anitha Reddy, Craig Lavoie, Berkshire, Jim Haslam — Jimmy, Bill Haslam’s, —, Lavoie, it's, Mr, Haslam’s, ” Lavoie, Buffett Organizations: Berkshire, Cleveland Browns, BNSF, Apple, American Express, Bank of America Locations: OMAHA, Neb, Berkshire, Tennessee, United States, Canada

☆ After Munger's death, Berkshire succession comes into focus
▼ + stars: | 2023-11-29 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/4] Berkshire Hathaway Inc Vice Chairman Charles Munger speaks at the Daily Journal annual meeting in Los Angeles, U.S., February 15, 2017. Munger's death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett's top advisers and sounding boards. At the 2021 annual meeting, Jain was asked how he and Abel interact with each other. "You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company." "It particularly doesn't feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here," Buffett said.

Persons: Charles Munger, Lucy Nicholson, Berkshire, Charlie Munger, Warren Buffett, Buffett, Munger, Munger's, Greg Abel, Ajit Jain, Abel, Jain, Warren, Charlie, Bill Stone, Howard Buffett, Todd Combs, Ted Weschler, Bill Smead, Whitney Tilson, Munger didn't, Jonathan Stempel, Megan Davies, Paritosh Bansal, Stephen Coates Organizations: Berkshire Hathaway, Daily, REUTERS, Berkshire Hathaway's, Berkshire, BNSF, Investors, Glenview Trust, Berkshire Hathaway Energy, University of Alberta, PricewaterhouseCoopers, Energy, MidAmerican's, Apple, Smead Capital Management, Kase Capital, Thomson Locations: Los Angeles , U.S, Berkshire, Omaha , Nebraska, Munger, Glenview, Edmonton, Alberta, Indian, Odisha, Phoenix, Woodstock, Omaha, New York

The Haslams' lawyers and a representative for the family didn't immediately respond to requests for comment. A senior executive who had been promised a bonus revealed that to the current Pilot CEO, who Berkshire appointed after it took over, according to the filing. Berkshire initially bought 38.6% of Pilot back then for $2.758 billion before more than doubling that to 80% this year for an additional $8.2 billion. Pilot is the nation’s largest network of truck stops with more than 850 locations and roughly 30,000 employees in the United States and Canada. Berkshire said it's impossible to calculate how much Pilot's profits may have been inflated this year because of decisions executives who were promised bonuses made.

Persons: — Warren, Berkshire Hathaway, Haslam, Jimmy Haslam, Bill Haslam —, Berkshire, Jim Haslam — Jimmy, Bill Haslam's, —, Buffett Organizations: Cleveland Browns, Berkshire, BNSF, Apple, American Express, Bank of America Locations: OMAHA, Neb, Berkshire, Tennessee, Knoxville , Tennessee, United States, Canada

☆ Munger in final interview describes how he and Buffett turned Berkshire Hathaway into such a success
▼ + stars: | 2023-11-28 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Today, Berkshire Hathaway is massive conglomerate worth north of $785 billion with businesses and investments all around the world. "I did not think we'd ever have … so many hundreds of billions in Berkshire," Munger, the former vice chairman of Berkshire, said in his final interview with CNBC's Becky Quick just a few weeks before passing away at the age of 99. "It was an amazing occurrence," said Munger in bits of the interview aired by CNBC on Tuesday evening. Munger attributed the success of he and Buffett, 93, to two reasons. In addition, we were given much longer time to run than most people, because something kept us alive in our 90s.

Persons: Berkshire Hathaway, Charlie, Munger, CNBC's Becky Quick, Buffett Organizations: CNBC, Apple, American Express Locations: Berkshire

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