Berkshire Hathaway Inc. doesn’t usually respond to criticism, preferring to explain its decisions in the company’s famous annual shareholders letter, but it seems that Mark Greenblatt at Scripps News has hit a nerve. “Over a century ago, Mark Twain observed ‘Never pick a fight with people who buy ink by the barrel.’ We are about to ignore Twain’s sage advice,” the company wrote in a press release.
Here is the Berkshire Hathaway press release.
MiTek Acquires Cubic Designs, Inc. (Business Wire)
MiTek Industries, a Berkshire Hathaway company, and the world’s leading supplier of advanced engineered structural connector systems, equipment, software and services for the building components industry, announced today that it has acquired Cubic Designs, Inc. Cubic is the recognized leader in the design, prefabrication and installation of custom work platforms and structural mezzanine systems used in distribution, processing, manufacturing, aerospace, and other types of operating facilities.
BH Media CEO: No new newspaper deals in the works (Lynchburg News & Advance / AP)
The head of Warren Buffett’s newspaper subsidiary said Wednesday that the company is not working on any new newspaper deals despite its reported interest in possibly acquiring parts of Tribune Co. BH Media Group President and CEO Terry Kroeger said during the annual conference of Associated Press Media Editors in Indianapolis that he wishes the company had some new newspaper acquisitions in the works, but it does not.
Inside look at NetJets' $13M investment at PBIA (South Florida Business Journal Slideshow)
Berkshire Hathaway's private airline, NetJets, unveiled its $13 million facility at Palm Beach International Airport on Wednesday. NetJets partnered with Signature Flight Support Corp. to develop the 10,000-square-foot, state-of-the-art facility, which is located on the northwest corner of the West Palm Beach airport. PBIA is one of the airline's most popular domestic destinations, with more than 10,000 NetJets flights in and out of the airport annually.
Revisiting Berkshire Hathaway’s Acquisition of BNSF (Rational Walk)
Four years have passed since Berkshire Hathaway announced that it would acquire Burlington Northern Santa Fe (BNSF) in a cash and stock transaction. The acquisition was explicitly meant to be an “all-in wager on the economic future of the United States” according to Berkshire Hathaway Chairman Warren Buffett. In November 2009, the United States was starting to emerge from the most severe economic downturn since the Great Depression and purchasing a major railroad was a controversial move based on what appeared to be a relatively full valuation. Enough time has now passed to revisit the rationale behind the acquisition and to judge how the railroad has performed in the midst of a slow economic recovery.
1 More Reason Berkshire Hathaway's GEICO Is Destined To Be King (Fool Video)
The personal auto insurance market is one of the toughest spaces to compete in the broader insurance market. And with Berkshire Hathaway's GEICO division stealing the No. 2 spot from competitor Allstate in the past few weeks, it's become clear that the Gecko is doing something right. Though Allstate and Progressive have been promoting the new use-based insurance model, the new technology is still not standing up to GEICO's tried-and-true method.
Berkshire Hathaway GUARD Expands BOP Product to California (Insurance Journal)
Berkshire Hathaway GUARD Insurance Companies (formerly known as GUARD Insurance Group) has begun offering its business owners policy (BOP) and umbrella coverage in California. The company already has a presence in the state offering workers’ compensation with a premium total of about $100 million and is looking to provide a complement to this coverage, while continuing its focus on small- to medium-sized accounts. [...] Berkshire Hathaway GUARD first began writing other lines in Pennsylvania five years ago and has since launched a full complement of products under the name of BizGUARD Plus in 11 states. [...] In October of 2012, GUARD Insurance Group was acquired by National Indemnity Co., which is a wholly owned subsidiary of Berkshire Hathaway. This fall, GUARD unveiled a new logo and identity as Berkshire Hathaway GUARD Insurance Companies.
Buffett's Purchase Of Prudential Realty Is A Good Sign For Real Estate (Seeking Alpha)
On October 30, 2012, Warren Buffett's Berkshire Hathaway (BRK.A) (BRK.B) made the investment community sit up and take notice with a move into a significant area of our economy. This time, he did it with a bold move into the real estate market with the purchase of local Prudential agencies by Berkshire Hathaway HomeServices. We are already noticing the new real estate for sale signs here in Naples, Florida. [...] Going national by using an established brand like Prudential shows that he is serious in his intention to make large gains in this area. [...] The "Berkshire" name will give the Prudential real estate agents increased credibility.
More Real Estate News
Prudential Real Estate agencies switched their names to Berkshire Hathaway HomeServices in Houston, Kansas City, Portland, and Allentown PA (which brought in Mario Andretti for a kick-off party). Many more brokerages have also joined Berkshire Hathaway in California, Michigan, Florida, Tennessee, and Colorado, with plans to switch names to the new brand in 2014. Like I said last week, there are so many of these little stories, I stopped linking to all of them and am now just summarizing.
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