Agriculture Secretary Tom Vilsack said Tuesday he met with Warren Buffett last week to press the billionaire investor to make sure his railroad, BNSF Railway, was ready for the expected record corn and soybean harvest this fall. The 45-minute meeting Friday comes as BNSF and Canadian Pacific Railway work to reduce a backlog of grain car deliveries that started last winter and spring. The delays were largely the result of a robust 2013 harvest, higher coal and oil volumes, and the extraordinarily long, cold winter that reduced the size and speed of trains that operated. [...] The White House, lawmakers and the Surface Transportation Board, which oversees the railroads, have said BNSF has taken meaningful strides to reduce its car backlog, while CP has been criticized for moving with less urgency and not being as transparent.
Berkshire Hathaway Specialty Insurance plans to offer life sciences coverage (Boston Globe)
Berkshire Hathaway Specialty Insurance, a Boston-based unit of Berkshire Hathaway Inc., said Thursday that it is expanding its underwriting capabilities to address the risks of the life sciences industry. In a press release, Berkshire Hathaway Specialty Insurance, or BHSI, said that it is “targeting a range of life sciences product liability risks, including medical devices, nutraceuticals, generic pharmaceuticals, compounding pharmacies, and clinical trials.
Berkshire newspaper group buys remaining interest in N.J. publisher (Omaha World Herald)
BH Media Group, a division of Berkshire Hathaway Inc. of Omaha, has announced that it will acquire the remaining 50 percent interest of New Jersey publisher Catamaran Media Co. LLC. Catamaran publishes 12 weekly newspapers in Atlantic and Cape May Counties with a total weekly distribution of more than 93,000. With the purchase of the Press of Atlantic City in August 2013, BH Media Group acquired an initial half-interest in the chain.
Doubling Down on Pot: Buffett Sells Upper Deck, Room to Grow (Bloomberg)
Cubic Designs Inc., a unit of Berkshire’s MiTek business that makes platforms for maximizing usable floor space in warehouses, sent about 1,000 fliers to weed dispensaries in recent weeks, offering to help growers expand the number of plants they cultivate. [...] Cubic Designs spotted the opportunity after a few pot growers approached the firm about its platforms, or mezzanine systems, according to Shannon Salchert, the company’s marketing coordinator. Warehouse space has gotten tight in places like Denver, where growers are looking for facilities to cultivate their product. That demand has allowed landlords to raise prices. “We sold a few mezzanines into that market and decided internally, ‘Why don’t we do some marketing?’” Salchert said today in a phone interview.
Berkshire Hathaway Inc. Chairman Buffett Sees Small Business Saving Detroit (Insider Monkey)
Berkshire Hathaway Inc. Chairman Warren Buffett believes Detroit is on the road to recovery, and that small businesses will be the driving force paving the way. [...] Berkshire Hathaway Inc. has some direct involvement and vested interest in the bankruptcy proceedings, as Buffett’s bond insurance firm Berkshire Hathaway Assurance Corp. insured more than $380 million of Detroit’s secured sewer debt.
Buffett’s Salty Steak Draws Warning From Wells Fargo CEO (Bloomberg)
Wells Fargo & Co. Chief Executive Officer John Stumpf, telling the story of his first meal with Warren Buffett in Omaha, Nebraska, said the billionaire investor’s eating habits came as a shock. Stumpf, responding to a question about Buffett at the National Press Club in Washington today, said the world’s third-richest person dined on a T-bone steak cooked medium rare, a side of chicken parmigiana, mashed potatoes and a Cherry Coke. Buffett, 84, runs Berkshire Hathaway Inc., the largest shareholder in San Francisco-based Wells Fargo.
Warren Buffett: 'I'm Having More Fun At 84 Than I've Ever Had' (Business Insider)
In an interview on Bloomberg TV, Warren Buffett made clear he doesn't really want to leave his post at Berkshire Hathaway. Bloomberg's Erik Schatzker asked Buffett about his future at Berkshire Hathaway, and Buffett — who turned 84 on Aug. 30 — said, "I'm having more fun at my job at 84 than I've ever had."
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