Berkshire Annual Meeting Briefs - 4/30/15

Today's post is all Annual Meeting news!

Why Buffett’s Capitalist Woodstock Won’t Endure Like Garcia Jams (Bloomberg)

Tens of thousands of people will gather at an Omaha, Nebraska, arena Saturday to listen to the billionaire and his sidekick, Charles Munger, entertain the crowd with their thoughts about business. As in years past, recording will be strictly off limits.

The prohibition makes the session a must-attend event for investors and financial journalists, who pay jacked-up airfares and hotel rates to be there when two of the business world’s rock stars open their mouths. It also highlights the leeway corporations have in organizing their annual meetings with shareholders.

“There is no legal obligation to make a transcript available, or to allow recording of an event that is otherwise public,” said Joseph Grundfest, a professor at Stanford Law School and a former member of the U.S. Securities and Exchange Commission. [...]

Warren Buffett watch: Oracle to be less visible at shareholder festivities (Omaha World-Herald)

Warren Buffett will be somewhat less visible at next weekend’s festivities for Berkshire Hathaway Inc. shareholders, which seems to continue a trend that he and longtime partner Charlie Munger have followed in recent years.

15 Things to Expect at Berkshire Hathaway's Annual Meeting This Weekend (Fool)

There are certain things that Buffett-watchers can expect every year from the meeting, but every year's meeting is a bit different. And this year promises to be particularly memorable, as it marks the 50-year anniversary of Buffett and Munger at the helm of Berkshire.

So what exactly should we expect from this year's edition of the Woodstock for Capitalists? Let's see...

11 quirky events Warren Buffett's 'ringmaster' is planning for Berkshire's blowout this weekend (Business Insider)

Carrie Sova spends the better part of nine months a year planning the annual meeting, reported the Wall Street Journal's Anupreeta Das – from hiring an outside design firm to organize the 40 companies at the exhibition to that time she had to figure out how to park a real Burlington Northern train outside the downtown Omaha hall.

Whatever Buffett’s whims may be, Sova is the one to carry them out: “The big picture—any of the really good concepts . . . stemmed from Warren, and the little details of making all of it come together were worked out by our staff,” Sova, 30, who was Buffett's second assistant before becoming his "ringmaster," told the Journal.

Finally, in case you're going to the annual meeting and want to bring me back something as a gift...

Business Wire Raises Money for Children's Charity at the 2015 Berkshire Hathaway Annual Meeting (BusinessWire)

At this year’s Berkshire Hathaway annual meeting on May 2, Business Wire will once again be raising money for charity selling commemorative gold-colored themed tumblers that benefit a local youth organization.

“What a great opportunity to raise awareness while generating much-needed funds to support advocates for children within the court system. Every dollar that Business Wire raises ultimately helps transform a child’s future,” said Kimberly Thomas, Executive Director of CASA for Douglas County.

A popular show tradition, Business Wire's fundraiser mementos provide Berkshire Hathaway shareholders with creative, limited edition keepsakes that mark the theme of the year’s gathering.

For 2015, Business Wire features a Berkshire Hathaway 50th anniversary coffee tumbler, available for $10 each.

50-Carat Rare Diamond On Display For Berkshire Hathaway's 50th (WOWT)

It may be called the Golden Jubilee, but Borsheim's is celebrating 50 years of Berkshire Hathaway with diamonds!

A 50-carat fancy yellow diamond ring, a set of Exceptional Diamonds from Forevermark, and a limited collection of loose diamonds with Warren Buffett’s signature engraved on the culet will all be available for Berkshire Hathaway shareholders to see and purchase at Borsheim's during Berkshire Hathaway shareholders weekend.

The diamonds are incredibly rare. The 50-carat cushion cut diamond ring is a natural fancy yellow color and retails for $2.3 million. A Berkshire Hathaway shareholder can take it home for just over $1.7 million.

(And don't forget the Brooks Buffett-themed running shoe that I posted last month. I'm a size 10.)

Berkshire News Briefs - 4/29/15

Berkshire Hathaway Inc BNSF Retakes Agricultural Transport Market Share From Union Pacific Corporation (Bidness Etc)

Berkshire Hathaway Inc.-owned Burlington Northern Santa Fe Corp (BNSF) railway reported yesterday that it has taken back its market share of grain and agricultural goods. The company lost its share last year as it failed to meet the customer demand and because its competitor, Union Pacific Corporation, had taken the market share lost by BNSF, and has been providing services since then. [...]

Union Pacific managed to increase its carload by 6.7% during last year, benefiting from the market share loss of BNSF. As BNSF is increasing its market share in agricultural goods, Union Pacific will ultimately lose some of its cargo load and market share. BNSF managed to increase its grain carload by 27% in the first quarter of the current year, hitting Union Pacific carload, which declined 3%. BNSF aims at further increasing its market share of agricultural product cargo, which contributed to 19% of the company’s total revenues last year.

Berkshire insurance unit has unique birthday celebrations (Boston Globe)

Most financial companies don’t celebrate their birthday with a slide show and a song written for the occasion. But Berkshire Hathaway Specialty Insurance isn’t a typical financial company.

The company already employs more than 550 people, including nearly 75 at its downtown Boston headquarters, even though the Berkshire Hathaway subsidiary will be only two years old on April 29. It’s aiming to exceed $1 billion in premiums this year. [...]

The company now has nine offices in the United States and operates in five other countries. It has made at least one big acquisition, the purchase in 2014 of travel assistance firms MyAssist and Insure America, so far. Eastwood said he hopes to expand into the United Kingdom and continental Europe later this year.

MiTek Acquires BuilderMT (BusinessWire)

MiTek Industries, Inc. (“MiTek”), a diversified, global business supplying a wide range of engineered products; proprietary business management and design software; and automated equipment sold into the broad construction and industrial end markets announced today that it has acquired BuilderMT, headquartered in Denver, Colorado. BuilderMT is a leader in providing industry-specific workflow process management software to the residential home building market, serving both single family and multi-family builders.

Berkshire Hathaway Specialty Insurance Company Expands into Australia (BusinessWire)

Berkshire Hathaway Specialty Insurance Company (BHSI) today announced that it has received its insurance license to provide all lines of General Business in Australia, established operations in Sydney, and named Chris Colahan as President of its Australasia Region. [...]

Beginning immediately, BHSI will be providing property, casualty, financial lines and marine cargo insurance in Australia.

Angie's List Announces Exclusive Relationship with Shaw Industries (BusinessWire)

Angie’s List today announced an exclusive relationship with Shaw Industries, the world’s largest carpet manufacturer, that will provide Angie’s List members with exclusive product offers from Shaw. [...]

Brady added that the agreement with Shaw comes on the heels of a similar agreement Angie’s List announced last month with Benjamin Moore & Company. Both Shaw and Benjamin Moore are Berkshire Hathaway companies.

Under the agreement, Shaw will provide discounts to service providers on Angie’s List who buy Shaw flooring for installation to Angie’s List members. In addition, members will be able to purchase pre-packaged offers from Angie’s List’s online marketplace that include Shaw flooring and installation.

3 Ways Berkshire Hathaway Will Look Different 10 Years From Now (Fool)

Berkshire Hathaway is Mr. Buffett's life work and he has directly contributed an incalculable amount of value to the firm through his capital allocation choices. However, his retirement or death wouldn't be catastrophic -- contrary to what some investors appear to believe. As one should reasonably expect, given the care and effort with which he has built Berkshire, Buffett has been equally deliberate in putting in place the people and the structures necessary to ensure that the business will continue to thrive without him.

CORT Partners with FamilyAid Boston to Address Homelessness (Furniture World)

CORT, a Berkshire Hathaway Company and the nation’s leading provider of transition services, has partnered with FamilyAid Boston to provide supportive housing solutions for approximately 2,500 homeless parents and children in Boston, Massachusetts, each year. More specifically, CORT has provided furniture solutions for FamilyAid Boston’s apartment-based shelter units in an effort to provide families with private, neighborhood-based shelter while they work to regain their stability and return to permanent housing. [...]

Over the past eight years, CORT has worked with FamilyAid Boston to provide furniture and accessories for roughly 1,000 shelter housing units. CORT furniture solutions include sofas, beddings, dressers and artwork. In addition, CORT has donated furniture accessories such as lamps and artwork, helping turn the apartment units into homes.

Berkshire News Briefs - 4/21/15

British regulator challenges US over Berkshire scrutiny (Financial Times)

British regulators have challenged their US peers over their apparent reluctance to subject Warren Buffett’s Berkshire Hathaway to tougher scrutiny as part of a worldwide push to make the financial system safer.

The Bank of England has written to the US Treasury asking why Berkshire’s reinsurance operation — among the world’s most powerful — was left off a provisional list of “too big to fail” institutions drawn up by the Financial Stability Board.

Kraft looked around before accepting Heinz offer (Pittsburgh Post-Gazette)

Kraft Foods Group chairman and CEO John Cahill spent St. Patrick’s Day in Munich talking with two of the founding partners of 3G Capital about what a combined Kraft/​Heinz company might look like and how it could succeed.

That detail, among others, is disclosed in a recent regulatory filing describing negotiations that culminated March 25 with an announcement that two of the more historic names in the American food pantry would merge to form the new Kraft Heinz Co. as early as the second half of 2015.

The tale is of a determined suitor, Pittsburgh-based H.J. Heinz Co., pressing its case, even as the Northfield, Ill.-based company that had caught its eye moved quickly to assess its options while at the same time angling for a better offer.

Berkshire Hathaway buys group of small Oklahoma newspapers (WRAL)

Warren Buffett's company is adding a group of small Oklahoma newspapers near Tulsa to its growing group of more than two dozen small and medium-sized newspapers.

Berkshire Hathaway Media Group said Monday that it had acquired six weekly newspapers and the daily Tulsa Business and Legal News from Community Publishers Inc.

Berkshire Hathaway Still Looks Undervalued (Fool)

Every year, I value Berkshire Hathaway using the "two-column" approach (if you're not familiar with this approach, don't worry, I'll explain it). About a year ago, I found it to be at least 20% undervalued at $116 per B-share. Fast-forward to 2015, and the B-shares have advanced 22% to $142. So I figured it was time to sharpen up my pencil and reestimate the value.

My conclusion: The stock is just as undervalued, even at today's higher prices.

Bigger Than Buffett: 6 Advisors Who Matter More to Berkshire Hathaway's Future (Fool)

If you're picking from this list, it almost doesn't matter who the next CEO is. [...] One of the great and often overlooked byproducts of the way Berkshire operates is that it attracts and retains "world-leading" business leaders like the people discussed here. That's partly by design, as Buffett looks for great managers who will stay around when he acquires a company. But it's also a product of the culture itself, which draws executives who want to be part of something great while being given the autonomy to do great things.

Why Warren Buffett Is Destined for a Small Role in American History Books (Fool)

How will historians write about Warren Buffett 100 years from now? Will they treat him like the magnificent Commodore Cornelius Vanderbilt? Or will the 84-year-old multibillionaire play a more muted role in history books, akin to the venerated Gilded Age stock operator Henry Clews? [...]

But unlike the great business moguls of America's past, Buffett didn't invent a product or process that will live on in perpetuity. Vanderbilt gave us steamship lines, the New York Central Railroad, and New York City's Grand Central Station. Carnegie industrialized steel, paving the way for skyscrapers and the Golden Gate Bridge. Ford popularized mass production and democratized the automobile. Even J. P. Morgan, while playing a similar role to Buffett's, put America's financial sector on the map by supplanting the Rothschilds and Baring brothers at the summit of global finance.

Up to 44,000 expected for Berkshire Hathaway shareholders weekend (Omaha World-Herald)

Between 42,000 and 44,000 shareholders are expected to celebrate Warren Buffett’s 50 years of managing Berkshire Hathaway Inc. when the company holds its annual meeting in Omaha on May 2. That’s 3,000 to 5,000 more than last year’s record of 39,000 attendees, Buffett’s office said Wednesday.

The estimate is based on an increase in the number of shareholder requests for meeting credentials this year. [...] Not all credentials are used at the meeting, but the requests are a gauge of expected attendance.

Berkshire Hathaway Travel Protection Honored For Best Travel Mobile App and Site in The 19th Annual Webby Awards (MarketWatch / BusinessWire)

Berkshire Hathaway Travel Protection, part of Berkshire Hathaway Specialty Insurance, announced today that it has been honored for Best Mobile Travel App in the 19th Annual Webby Awards. Hailed as the “Internet’s highest honor” by The New York Times, The Webby Awards, presented by the International Academy of Digital Arts and Sciences (IADAS), is the leading international award honoring excellence on the Internet. [...]

Berkshire Hathaway Travel Protection, made history last year with the introduction of AirCare™, the first-ever low-cost, fixed-benefit flight-protection coverage. The innovative product covers travelers from everyday mishaps such as missed connections, flight delays and lost/delayed baggage. The engine behind AirCare™ is a user-friendly mobile app that allows for ease of purchase and for simple and fast claims processing. Berkshire Hathaway Travel Protection is the only travel insurance provider to offer such an app.

National Indemnity moving to new space (Omaha World-Herald)

National Indemnity Co., Berkshire Hathaway Inc.’s Omaha-based property insurance operation, is moving out of its home office at 3024 Harney St., its location since the building opened in 1950. The company also is leaving other space it occupies nearby.

Over the past year, affiliates of National Indemnity have moved to the Omaha World-Herald Building at 1314 Douglas St., occupying four floors with a total of 108,000 square feet of office space.

By the end of 2016, National Indemnity may move the rest of its operations to the 16-story World-Herald Building, occupying as many as nine floors in all. Those arrangements aren’t final, but the result would be an inter-company lease: The World-Herald Building also is owned by Berkshire.

If it seems like there are an unusual number of Motley Fool stories in here this week, it's because they're ramping up their annual coverage for the annual meeting. Check out and bookmark the Fool's Berkshire Hathaway 2015 coverage page.

Berkshire News Briefs - 4/11/15

Berkshire takes 8.7 pct stake in Carlyle-controlled Axalta (Reuters)

Paint maker Axalta Coating Systems Ltd said Berkshire Hathaway Inc would buy an 8.7 percent stake in the company from controlling shareholder Carlyle Group for $560 million. [...] Warren Buffett's Berkshire is buying 20 million shares at $28 per share, a slight discount to the stock's Monday closing. [...] Axalta, the Dupont unit which Carlyle bought for $4.9 billion in February 2013, makes liquid and powder coatings for the automotive and transportation industries.

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One of the biggest news stories of the week was the Seattle Times investigation into Clayton Homes. It was included in last week's News Briefs post, but the story ran over into this week too.

Here's the back and forth:

• The mobile-home trap: How a Warren Buffett empire preys on the poor (Seattle Times)
• Clayton Homes statement on mobile-home buyer investigation (Omaha World Herald)
• A look at Berkshire Hathaway’s response to mobile-home investigation (Seattle Times)

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Brazilian investors help Buffett to big share of food industry pie (Omaha World Journal)

Jorge Paulo Lemann, Brazil’s richest man with a net worth estimated at $26 billion, built his business empire on beverages, using a series of mergers to create AB InBev. The company brews about 20 percent of the world’s beer, including global brands Stella Artois, Corona and Budweiser. [...] Lemann, 75, was born in Brazil to Swiss parents. He is a former Davis Cup tennis player and a graduate of Harvard University. In acquisitions, he and partners Marcel Telles and Alberto Sicupira deploy “cost killer” managers who eliminate non-productive spending so that savings can be reinvested in marketing and innovation, a 3G spokeswoman said.

We were taking a bet on what the global economy would do, but we weren’t lucky, we were right (Yahoo Finance UK)

Within seconds of climbing the short stairs into the gleaming Bombardier 6000, it’s clear why so many billionaires, Hollywood A-listers and sporting megastars choose to do their globe-trotting this way. [...] In fact, NetJets liked it so much that it was one of several new models on a list of 670 assorted jets that the company ordered in 2010 at a cost of $17.6bn, the largest single purchase ever made in private aviation. With the global economy in the throes of recession, it was a staggeringly bold move that stunned the industry, particularly as NetJets had only recently been saved from bankruptcy by its famous benefactor, Warren Buffett.

Buffett extends a hand to dealers -- 'If we shake hands, we've got a deal' (Automotive News)

With the deeper pockets of Berkshire Hathaway Inc. now backing it, the former Van Tuyl Group intends to add dealerships going forward. "In the next couple of years, we're likely to make a number of acquisitions," Berkshire Hathaway Chairman Warren Buffett told the NADA/J.D. Power Automotive Forum here last week. Buffett then made a pitch of sorts to the room full of dealers and other auto industry representatives: "We always do what we say. If we shake hands, we've got a deal. We've always got the money. We don't renegotiate ever in the last minute like some people do. Manufacturers are likely to approve us. So we will make more deals."

The Dairy Queen System Announces Jordan as the Latest Country Outside of North America that will expand the DQ brand (Marketwatch / BusinessWire)

The Dairy Queen® system, global retail treat category leader and international (quick-service restaurant) QSR fan favorite, part of Berkshire Hathaway , announced that SKM Franchise Co. Ltd., a subsidiary of El Rancho Group in Garland, Texas, has signed a multi-unit agreement to develop DQ Grill & Chill® and DQ® Treat locations throughout the country of Jordan. These will be the very first locations in Jordan for the Dairy Queen system. SKM Franchise Co. LTD plans to open a minimum of 10 DQ locations within the first five years of the long-term agreement. The company’s first of five DQ Grill & Chill restaurants will open later in 2015.

Is Berkshire Hathaway Becoming More Private Equity Than Conglomerate Under Buffett? (24/7 Wall St)

Warren Buffett and his team may be gradually making changes to how they operate Berkshire Hathaway Inc. (NYSE: BRK-A). The changes have been subtle in recent years, but the way in which Berkshire Hathaway makes acquisitions and takes stakes being taken is becoming rather unique, compared to other conglomerates. It might be easier to argue that Berkshire Hathaway is becoming more like a public private equity shop, rather than being a conglomerate. The good news here is that Berkshire Hathaway is unlikely to lose its conglomerate status. Still, the influence and dealings with private equity are becoming easier to see.

Buffett Answers Student Questions (Ben Graham Investing)

Q: What are some common traits of good investors?

A: A firmly held philosophy and not subject to emotional flow. Good investors are data driven and enjoy the game. These are people doing what they love doing. It really is a game, a game they love. They are driven more by being right than making money, the money is a consequence of being right. Toughness is important. There is a lot of temptation to cave in or follow others but it is important to stick to your own convictions. I have seen so many smart people do dumb things because of what everyone else is doing. Finally good investors are forward looking and don’t dwell on either past successes or failures but rather look toward the future. Just look at history to see how bad things have been. We had World War 2 and a Civil War. This Country works!

Warren Buffett, strumming his ukulele, is star attraction at Nebraska Furniture Mart’s charity gala in Texas (Omaha World Herald)

There's a 22 minute video of the Q&A session, but sadly it doesn't include the ukulele number.

Warren Buffett treated Texans to investment advice — and a ukulele rendition of “Deep in the Heart of Texas” — in support of a Dallas-area charity Wednesday at Berkshire Hathaway’s new Nebraska Furniture Mart-Texas store. Gala guests expected a speech from the Berkshire chairman and chief executive officer but applauded when Buffett said he would take their questions instead.

Warren Buffett-themed Brooks running shoes: A sneak peek (CNN Money)

The latest version of the Warren Buffett commemorative sneakers are about to be unveiled, and Brooks, the running shoe company that is owned by Berkshire Hathaway, has just given us a sneak peek. The shoe will be introduced on May 2, in conjunction with the conglomerate's annual investor meeting held in Omaha, Nebraska.

Berkshire News Briefs - 4/3/15

Buffett: Tesla doesn't threaten me (CNBC)

Warren Buffett and Larry Van Tuyl appeared on CNBC this week, with lots to say about the auto business. Buffett went on to talk about a number of other topics (Kraft, the Euro, Iran, interest rates, etc.), far more than I could squeeze into this excerpt.

Warren Buffett's new auto dealership business isn't under any threat from Elon Musk or his Tesla distribution model, the billionaire said Tuesday. [...] Buffett said he did not anticipate much of a threat from the electric car company's direct-to-consumer model because of Tesla's relatively small market. [...] Buffett also dismissed the notion of an near-term takeover of self-driving cars, saying "I think it's a long way off and I don't think everybody will adopt it." The billionaire said that he would bet there is less than a 10 percent penetration rate for self-driving cars by 2030. He did admit, however, that "if it's a safer way of driving, it's good for society and it's bad for our insurance business." Buffett also revealed Tuesday that he has big plans for his newly acquired unit, and that it is already on the prowl for new deals. "I'd be very surprised if five years from now we aren't a whole lot bigger," he said.

Full transcript of the interview here.

Berkshire Hathaway Automotive targets growth, possibly abroad (Automotive News)

Another perspective on the news from a different source.

Its chairman, Larry Van Tuyl, and Berkshire Hathaway Inc. CEO Warren Buffett spoke today on CNBC’s “Power Lunch.” Van Tuyl said the company is interested in buying dealerships “in the U.S. primarily,” leaving open the option for some foreign investments. Van Tuyl went on to list what he is looking for in future acquisitions: “We look for throughput and volume, high-volume dealerships that are reasonably priced and owned by somebody who wants to put it in good hands.” The company wants to buy the real estate, too, where available, he added.

The mobile-home trap: How a Warren Buffett empire preys on the poor (Seattle Times)

But until informed recently by a reporter, they didn’t realize that the homebuilder (Golden West), the dealer (Oakwood Homes) and the lender (21st Mortgage) were all part of a single company: Clayton Homes, the nation’s biggest homebuilder, which is controlled by its second-richest man — Warren Buffett. Buffett’s mobile-home empire promises low-income Americans the dream of homeownership. But Clayton relies on predatory sales practices, exorbitant fees, and interest rates that can exceed 15 percent, trapping many buyers in loans they can’t afford and in homes that are almost impossible to sell or refinance, an investigation by The Seattle Times and Center for Public Integrity has found.

Berkshire Hathaway's media business buys two Virginia newspapers (Chicago Tribune)

Berkshire Hathaway Inc. has purchased two Virginia newspapers as the company run by billionaire Warren Buffett adds to its stable of publications. Berkshire's BH Media Group acquired a daily, the Martinsville Bulletin, and the tri-weekly Franklin News-Post from closely held Haskell Newspapers, according to a statement issued Tuesday. The papers have a combined circulation of 17,350. Terms weren't disclosed.

BNSF Slows Oil Trains Up to 30% to Boost Safety After Accidents (Bloomberg)

BNSF Railway Co. is cutting the speed of oil-carrying trains in some urban areas to as slow as 35 miles per hour, a 30 percent reduction, to improve safety following crude-by-rail accidents this month. BNSF, owned by Warren Buffett’s Berkshire Hathaway Inc., implemented the slower train speeds and measures to inspect tracks and rail cars more closely on March 25, Mike Trevino, a spokesman, said on Monday. The reduction trims the speed from the 40 mph (64 kilometers per hour) in high-risk areas that railroads, including BNSF, last year voluntarily installed in 46 urban areas. In some cases, the cut is from 50 mph for cities with populations of at least 100,000, the Fort Worth, Texas-based rail company said.

POSCO shares drop following media reports on Warren Buffet's stake sale (Korea Herald)

POSCO shares fell sharply on Wednesday following media reports that Berkshire Hathaway Inc., led by U.S. billionaire investor Warren Buffet, has sold its entire stake in the steelmaking giant, raising speculation that the sell-off might have been prompted by concerns over the South Korean steelmaker's cloudy business outlook. [...] The drop comes after Maeil Business Newspaper and other local media reports showed that Berkshire Hathaway unloaded 4.5 percent, or nearly 4 million shares, of POSCO during the second quarter of last year, citing an analysis by a global financial information provider.

Kraft Deal Boosts Buffett (Barrons)

The merger deal announced last week between Kraft Foods Group and H.J. Heinz is a good deal for Kraft shareholders, who will get a nice premium, but it’s a far better one for 3G Capital and Berkshire Hathaway, which took Heinz private nearly two years ago in a leveraged buyout. [...] By our calculation, 3G and Berkshire have more than tripled their original $8.5 billion equity investment in Heinz in less than two years, which amounts to a private-equity type score on a deal that originally looked like it was fully priced. Heinz was taken private at about 20 times forward earnings. We estimate that Berkshire and 3G are each sitting on more than $10 billion in profits from their investments in Heinz.

Regulator accuses Iowa governor of appeasing MidAmerican (Lincoln Journal Star / AP)

An outgoing member of the Iowa Utilities Board bluntly told Gov. Terry Branstad in a letter that his decision to remove her is improper and is being done to placate a powerful energy subsidiary of Warren Buffett's Berkshire Hathaway. Sheila Tipton told the governor in the March 18 letter that his move to replace her and demote board chair Elizabeth Jacobs is an inappropriate attempt to influence future decisions to favor utilities and "appease MidAmerican Energy." The company had complained about a ruling requiring the company to use some proceeds from a $280 million wind energy investment to reduce customers' rates.

Warren Buffett sees no weakness in economy, but too many 'are left behind' (Omaha World Herald)

Investor Warren Buffett says the economy continues to grow steadily, but too many people continue to miss out on the American dream. Buffett told CNN Thursday that he doesn't see any real sign of weakness in the economy. Buffett looks at reports from the more than 80 businesses his Berkshire Hathaway conglomerate owns for insight. But Buffett reiterated his concerns about income inequality in this country while the super-rich continue to thrive. He said that America should be able to do more to help people who are struggling do better.