Berkshire News Briefs - 11/20/17

What Warren Buffett's Berkshire Hathaway has been buying and selling lately

Adding to one of its largest positions, Berkshire bought another 3.9 million shares of Apple, bringing the company's total stake to 134.1 million shares, which represents a 2.6% stake in the tech giant. Buffett and company have been accumulating Apple shares over the past two years or so and are sitting on a nice gain, especially with the stock recently reaching a new record high.

Synchrony Financial was one of Berkshire's most recent stock investments, with the position initiated during the second quarter. In the third quarter, Berkshire purchased another 3.3 million shares of the credit card issuer.

Berkshire also bought another 832,000 shares of Monsanto, which increases that stake by about 10%. [...]

Stock sales included IBM, Wells Fargo, Charter Communications, and WABCO. For a complete look at the changes in Berkshire Hathaway's 13F filing of stock holdings, visit Dataroma for updated holdings and activity.

Taking a longer view:

Here's How Warren Buffett's Stock Portfolio Has Changed Over the Past 2 Years

Berkshire's stock portfolio consists of more than 45 positions but is heavily weighted toward its largest holdings. So here's a look at how Berkshire's "top 10" stocks have changed since the third quarter of 2015. [...]

NV Energy seeks OK for 3 new power purchase agreements

NV Energy is requesting that three new long-term power purchase agreements totaling 100 megawatts — enough energy to serve about 60,000 average customer homes — be approved by the Public Utilities Commission of Nevada. [...]

The largest of the three new projects is the 50-megawatt Turquoise Nevada solar project, to be built in the Reno Technology Park in Washoe County. The project will benefit from a 25-year power purchase agreement with NV Energy and is expected to be operational by the end of 2020.

The other two new proposed 25-year power purchase agreements are the result of a request for proposals issued June 14 by NV Energy. The 25-megawatt Techren Solar 3 project will benefit NV Energy customers in Southern Nevada and the 25-megawatt Techren Solar 4 project will benefit customers in Northern Nevada. If approved, the new solar energy projects will be operational on or before Sept. 1, 2020. [...]

The 25 year purchase agreement for the Reno project is a deal with Apple.

Berkshire Hathaway's 14-Year Winning Streak Is Coming to an End

A 14-year winning streak at Berkshire Hathaway will likely come to an end this year, as its insurance companies are set to post their first full-year underwriting loss since 2002. It's an unfortunate end to an incredible run, but insurance remains one of Berkshire's best businesses, regardless of recent losses. [...]

Here's How Berkshire Hathaway Crushed It in 2017

We're not at the end of 2017 quite yet, but it's safe to say that Berkshire Hathaway has had a solid year. Warren Buffett's investment vehicle made a number of splashy, value-enhancing moves, and strengthened its already formidable portfolio, this year.

Of course, not every play Buffett and company made was a win, but for the most part Berkshire did very well. Here's a look at the more impressive highlights of its 2017. [...]

Electronics distributor is hiring to staff massive Fort Worth warehouse

TTI, a global distributor of electronic components, is moving into a new 641,000-square-foot distribution center in north Fort Worth with plans to expand its workforce.

The new building [...] will consolidate and replace TTI’s current warehouse operations. When construction began in 2016, the estimated price tag was $40 million.

TTI, which is owned by Warren Buffett’s Berkshire Hathaway, already “is actively hiring for the new location” along with transferring employees from other facilities [...] The company employs 1,020 workers locally, up from about 870 in 2014.

The company, founded in 1971, is a major distributor of electronic components for industrial, military, aerospace and consumer electronics manufacturers worldwide. [...] TTI and its subsidiaries, Mouser Electronics, Sager Electronics and Symmetry Electronics, employ more than 4,700 workers at more than 100 locations in North America, Europe and Asia.

Warren Buffett announces changes at Berkshire Hathaway's Ben Bridge Jeweler

Ben Bridge Jeweler, the distinguished family-run fine jeweler with over 90 retail stores in 11 states and one province, announced today that Co-CEO and General Counsel Jonathan (Jon) Bridge is retiring, and current President and Co-CEO, Edward (Ed) Bridge will become Chairman and CEO. As of November 1, 2017, Lisa Bridge C.G., the company's Vice President of Education and the creator of the Lisa Bridge Collection, has been appointed as the company's President and Chief Operating Officer.

8 Warren Buffett Deals That Won Big

Warren Buffett is widely considered to be the best investor of all time, and for good reason. Since he took control of Berkshire Hathaway, the company has generated annualized returns of nearly double those of the S&P 500, mainly on Buffett's sound ability to make great investment deals.

With that in mind, here are eight examples of investments, acquisitions, and other deals that Warren Buffett has made over the years that have worked out especially well. [...]

Berkshire News Briefs - 8/22/16

Berkshire Hathaway's quarterly 13F statement was filed with the SEC last week, detailing the company's investment holdings. Visit Dataroma for a quick summary table of changes from last quarter.

Buffett’s Berkshire Hathaway Increases Bet on Apple (WSJ / MoneyBeat)

Warren Buffett's Berkshire Hathaway sharply increased its bet on Apple Inc. during the second quarter, bringing its stake in the iPhone maker to roughly $1.5 billion. [...]

Berkshire reduced its holdings in discount retailer Wal-Mart Stores by 27% and cut its stake in farm machinery maker Deere & Co. by 5.7%. The firm cut its stake in Suncor Energy, Canada’s largest crude oil producer by 26%.

Berkshire continued to build its stake in refiner Phillips 66, increasing its stake by 4.3% but left its stake in pipeline giant Kinder Morgan unchanged. [...]

Brooks Running is leading the charge against a controversial Olympics rule

Who’s behind the [@rule40 Twitter] account? The Berkshire Hathaway-owned sneaker company Brooks Running, based in Seattle, which sponsors 12 athletes competing at this year’s Olympics. Brooks CEO Jim Weber says Rule 40 must change.

In addition to the @rule40 Twitter handle, Brooks owns the rule40.com domain name, and is using both to wage a PR war against the USOC.

Under Rule 40 guidelines, non-official sponsors cannot refer to the Olympics in any marketing, advertising, or social media during a blackout period that begins nine days before the opening ceremony and ends three days after the closing ceremony. [...]

Berkshire Hathaway: The Lamest $1.2 Billion Haul (Fool)

Berkshire Hathaway earned about $1.2 billion in pre-tax income from the investment portfolios of its many insurance companies in the second quarter -- this represents a combination of interest and dividend income on investment assets of nearly $185 billion.

In dollars and cents, a billion dollars is something marvelous. Relative to Berkshire Hathway's massive investment portfolio, however, it's mere pocket change, and symbolic of a problem that plagues financial companies across the spectrum: Interest rates are simply too low to really move the needle. [...]

Warren Buffett Just Unloaded $195 Million Worth of These 'Weapons of Mass Destruction' (Fortune)

Warren Buffett, the famed CEO of Berkshire Hathaway, paid $195 million in June in order to terminate Berkshire’s final contract in which Buffett insurance and investing conglomerate sold protection against losses on bonds, according to a regulatory filing by the company Friday. That contract was initiated in 2008, and tied to municipal debt, with maturities ranging from 2019 to 2054.

The terminated contract gave Berkshire pre-tax earnings of $103 million in the second quarter and $89 million in the first six months of 2016. [...]

The Playbook Interview: Warren Buffett (Politico)

“There’s two things that make it [the economy] better: innovation and productivity, which are interlocked in certain ways. When you think of it, all of the products that you and I are using to make our lives better weren’t even around 30 years ago. It’s pretty extraordinary. And if you go back 100 years, every time I get in the dental chair, I think to myself, if this was 100 years ago, they’d be pouring whiskey down me and holding my arms. Now, I sit there and daydream about other stuff. So anything that improves experiences – what people want to do with the 24 hours in the day that they have. And secondly, what really counts is gains in productivity. If you go back 100 years … the farms around where I live here were producing 30 bushels of corn per acre. Now they’re producing 160 bushels of corn per acre. Well, that’s dramatic, and of course they take less people to do it as well, so, just up and down the line, you look at how many man-hours it takes to produce an auto now compared to 50 years ago. So, productivity – that’s the way the human race improves.” [...]

Berkshire Hathaway group firm Mouser to invest ₹90 crore in India over three years (Hindu Business Line)

Mouser Electronics, a subsidiary of TTI Inc and part of Warren Buffett’s Bershire Hathaway, is expected to invest ₹90 crore to ramp up its India presence.

Speaking to BusinessLine during the company’s opening of a new customer service and back office support centre on MG Road here, Mark Burr-Lonnon, Mouser’s Senior Vice-President of APAC and EMEA, said: “The India sales trend looks good as customer traction is up 45 per cent. A major part of that demand comes from Bengaluru, followed by Hyderabad, Delhi and Pune. Online sales from Indian customers which was 57 per cent in 2015 has grown to 62 per cent in January-July 2016. Therefore, we have decided to ramp up our India team, to increase the levels of local support we offer to customers here.” [...]

Berkshire Hathaway Travel Protection Teams Up With TripInsuranceZone (Digital Journal)

Berkshire Hathaway Travel Protection (BHTP) is now teaming up with TripInsuranceZone to bring BHTP’s suite of travel insurance products to the online travel insurance comparison website TripInsuranceZone.com. [...]

Using TripInsuranceZone’s unique comparison engine, travelers can research, quote, compare and purchase travel insurance from most major travel insurance providers in the United States. [...]

How Risky Is Berkshire Hathaway Inc.? (Fool)

No stock is without risk, and Berkshire certainly isn't an exception. Here are just a couple of the reasons Berkshire's share price could go down. The stock market could drop significantly. [...] Interest rates could stay low. [...]

Either of these things could cause Berkshire's stock to plunge in the short term, and there are plenty of other economic and company-specific issues that could hurt Berkshire. It has happened before: Berkshire lost nearly half of its share price in 1974 and more recently took a 32% haircut in 2008. So, if you buy Berkshire, do it for the long term. Thanks to the incredible diversity of Berkshire's revenue stream, any weakness should be temporary. [...]

Richard Holland, who helped launch Buffett-Munger partnership, dies at 95 (Washington Post)

Richard Holland, the Nebraska advertising executive who helped link up one of the great partnerships in business history — between Berkshire Hathaway Chairman Warren Buffett and his deputy, Charles Munger — died Aug. 9 at his home in Omaha. He was 95. [...]

As one of Buffett’s earliest investors, Mr. Holland reaped gains that made him and his wife, Mary, among Omaha’s wealthiest people and most generous philanthropists. Although their net worth wasn’t public, their private charitable foundation reported assets of $158.8 million in 2014. [...]

Wanted: Help handing out Warren Buffett’s fortune (Boston Globe)

Each year, Buffett, the billionaire investor, receives thousands of letters from people asking whether he would pay their mortgages, medical bills, credit card debt, and more. Through a unique sibling partnership, Buffett forwards the letters to his older sister, Doris, who decides which ones to fund. Over the past decade, at least 22,000 letters have crossed their collective desks, and they have given away more than $12 million.

And now, in what might be Boston’s most unusual volunteer opportunity, Doris Buffett — who moved to the city last fall — is looking for people in Greater Boston to help her read a backlog of those letters, as well as new batches that continually arrive. [...]

Berkshire News Briefs - 5/25/15

Warren Buffett Is Sending Mixed Messages on Green Energy (Bloomberg)

Warren Buffett highlights how his Berkshire Hathaway Inc. utilities make massive investments in renewable energy. Meanwhile, in Nevada, the company is fighting a plan that would encourage more residents to use green power.

Berkshire’s NV Energy, the state’s dominant utility, opposes the proposal to increase a cap on the amount of energy that can be generated with solar panels by residents who sell power back to the grid in a practice known as net metering.

Power investor Warren Buffett backs Israeli power saver tech (Times of Israel)

Bandwidth isn’t the only thing the burgeoning cell network is consuming more of. Already electricity costs account for a large chunk – as much as a third – of operating costs, and that amount will likely get larger as networks get bigger and more devices come on line. [...]

To solve that problem, eVolution Networks has developed a big-data solution that examines the relationship between phones, usage rates, locations, energy costs, and other factors, to activate and deactivate base stations as needed.

And although it sounds like a technical, even prosaic solution, top investor Warren Buffett likes the idea – enough to invest in the company. eVolution announced this week that Berkshire Hathaway Energy subsidiary IES Holding and GE Ventures have invested $22.5 million.

(See also: eVolution's press release)

Geronimo Energy Sells Portfolio Of Wind And Solar Projects To BHE Renewables (North American Wind Power)

Geronimo Energy has sold a portfolio of wind and solar energy projects to BHE Renewables, a subsidiary of Berkshire Hathaway Energy.

The sale includes the Grande Prairie Wind Farm, located in Holt County, Neb.; the Walnut Ridge Wind Farm in Bureau County, Ill.; and a portfolio of Minnesota solar project developments. The Grand Prairie and Walnut Ridge acquisitions were previously announced by BHE Renewables.

Berkshire Hathaway Cuts Stakes in Charter Communications, Viacom (WSJ Moneybeat)

Warren Buffett’s Berkshire Hathaway Inc. reduced its stake in several media-company holdings–including Charter Communications Inc., Viacom Inc. and Liberty Global PLC–in the first quarter. [...] Berkshire increased its stake in 21st Century Fox by 1.48 million shares. [...] Berkshire sold 3.28 million shares in National Oilwell Varco, in its latest move away from energy companies that have been hurt by the collapse in oil prices. [...] Additionally, in the most recent quarter, Berkshire reduced its stake in Bank of New York Mellon Corp., selling off 1.3 million shares.

As always, Dataroma has an excellent chart of Berkshire Hathaway's holdings, highlighting the most recent changes.

Berkshire CEOs pull back the curtain on Buffett and business (Fort Worth Business Press)

On Monday, May 18, an executive panel featuring the CEOs of four Fort Worth-based Berkshire Hathaway companies – Dennis Knautz of Acme Brick, Carl Ice of BNSF, Randy Watson of Justin Brands and Paul Andrews of TTI – sat with moderator Matt Rose, executive chairman of BNSF, and discussed working with Buffett. The event, titled Breakfast with the Berkshires, was presented by Leadership Fort Worth at the Fort Worth Club. [...]

Aside from BNSF, Acme, Justin and TTI, Berkshire Hathaway continues to have a big interest in North Texas. In October, Berkshire Hathaway acquired Dallas-based Van Tuyl Group, which has several Fort Worth area dealers and is the largest privately owned U.S. auto dealership group. Several other Berkshire Hathaway companies either have large operations here or are subsidiaries of other Berkshire companies. NetJets operates Dallas Jet Charter, and Mouser Electronics in Mansfield is a subsidiary of TTI. Speaking just prior to the panel discussion, Fort Worth Mayor Betsy Price said Berkshire brands contribute thousands of jobs and billions of dollars to the region.

Berkshire Hathaway's Sustainable Competitive Advantage (Fool)

Another edge that Berkshire enjoys is its diversification. Its operations and investments span many industries, such as insurance, railroads, energy, home building, jewelry, furniture, paint, private jets, candy, recreational vehicles, ice cream, chemicals, newspapers, underwear, tools, food-service equipment, and car dealerships, among others. When one sector is in a slump, others may not be, and can provide offsetting effects. That's especially true because some of his businesses are in defensive and not very cyclical industries: When the economy is stalled or slumping, people will still use energy and buy insurance and underwear.

Time to Take Profit in Berkshire Hathaway Stock? (Fool)

Warren Buffett's company, Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B), has been rewarding shareholders handsomely for many decades. (Indeed, the company just celebrated its 50th anniversary, with 40,000-plus shareholders gathering in Omaha for the company's annual meeting.) Over the past 30 years, its stock has grown by an annual average of 17.3%, and over the past decade, it has returned a market-trouncing 10.2%.

After all that growth, is it time to take profit in Berkshire Hathaway stock? Should you consider selling?

Warren Buffett can’t seem to get enough of Wells Fargo (San Francisco Business Times)

Warren Buffett appears to have embraced the adage that you can never get enough of a good thing.

At least that might explain why he recently plowed more money into some of his largest holdings, including some $350 million into Wells Fargo, which he has described as his favorite bank. He was picking up shares of the San Francisco-based bank even as the stock traded at all-time highs this year. Perhaps Buffett sees Wells fitting into his strategy of buying wonderful companies at a “fair price.”

Berkshire Hathaway Specialty Insurance Launches Crime Protection with Innovative Impersonation Endorsement in Canada (Marketwatch)

Berkshire Hathaway Specialty Insurance (BHSI) today announced that it is introducing the Crime Protection Policy and the Executive Impersonation Coverage endorsement for large public and private companies in Canada.

"Designed by BHSI executives with more than three decades in the fidelity and crime insurance market, our Crime Protection Policy makes it easy for brokers and customers in Canada to secure broad coverage and address the rising risk of fraud losses," said Michael Densham, Vice President, Executive and Professional Lines, Canada, BHSI.

Berkshire Subsidiary Briefs - 4/29/14

How Brooks Reinvented Its Brand (Inc.)

It is hard to believe that Brooks, known for is brand ethos 'Run Happy,' was on the brink of bankruptcy in 2001. A white-hot brand in the '70s and '80s, Brooks made shoes and apparel for a variety of sports including basketball, tennis, and football, until 2001 when Jim Weber came on as CEO. With the company losing money on many of its product lines, Weber decided to undertake a massive strategy change. He narrowed Brooks's focus to running, cutting products that produced $30 million in annual revenue. The move paid off. According to Weber, in the last 13 years the Seattle-based company has grown 18 percent compound, and is expected to crack $500 million in revenue this year.

NetJets Nearing Official Launch in China (Business Wire)

NetJets Inc., a Berkshire Hathaway company and the worldwide leader in private aviation, announced today that it is hiring employees in China, partnering with vendors and positioning aircraft in the market so it can quickly begin operating its NetJets China business once government approval for the operating certificate is finalized – expected mid-year in 2014. [...] The company is also expanding relationships with key vendors, such as Savoya, one of the world’s finest chauffeured ground transportation service providers and the industry leader in applying technology to deliver precise and reliable service to every passenger.

New Heinz Co. owners offer buyouts to all HQ workers (Dallas News / AP)

The new owners of H.J. Heinz Co. have offered buyouts to all workers in Pittsburgh, where the ketchup-and-food giant has been based for decades, but insist the offer doesn’t signal a plan to move the company’s headquarters. Instead, Heinz officials said the buyout is being offered because the new owners Berkshire Hathaway and Brazilian investment firm 3G Capital recognize the company’s new culture might not be “the perfect fit” for longtime Pittsburgh-based employees. Heinz officials said any workers who quit will be replaced, leaving the company with the same number of workers in Pittsburgh. The buyout offers, which begin at six months’ severance pay and increase depending on years of service, were sent out last week to all 775 Pittsburgh employees.

Google Signs Renewable Energy Deal With MidAmerican Energy (RTT News)

Google Inc. has signed a renewable energy deal with MidAmerican Energy Holdings Co., the two companies said Tuesday. Under the deal, MidAmerican Energy, a unit of billionaire Warren Buffett's Berkshire Hathaway Inc. will supply up to 407 megawatts of wind-sourced energy to Google's data center in Council Bluffs, Iowa. The deal with MidAmerican represents Google's seventh and largest renewable energy purchase to date, bringing the total amount of renewable energy that the company has contracted for to over one gigawatt, or 1,000 megawatts. The wind power for the Iowa data center will come from several wind projects that are part of MidAmerican Energy's Wind VIII program, an initiative under which that company will bring 1,050 megawatts of new Iowa wind power online by the end of 2015.

Warren Buffett Thinks This is The Most Important Business in Our Economy (Fool)

BNSF carries about 15% (measured by ton-miles) of all inter-city freight, whether it is transported by truck, rail, water, air, or pipeline. Indeed, we move more ton-miles of goods than anyone else, a fact establishing BNSF as the most important artery in our economy's circulatory system. Its hold on the number-one position strengthened in 2013.

N2Power Announces Agreement with TTI Europe, Inc. to Partner as N2Power’s Master Distributor for Europe(BusinessWire / MarketWatch)

N2Power, a division of Qualstar Corporation, is pleased to announce its distributor agreement with TTI Europe, Inc. (TTI). TTI will handle all coordination of orders, shipments, and inventory of all N2Power products throughout Europe to better serve our European distributor and customer base, as well as promoting the adoption of N2Power products in new designs. [...] TTI, Inc., a Berkshire Hathaway company, is the world’s leading specialist distributor of passive, connector, electromechanical, discrete and power components.

Johns Manville Announces Expanded Mineral Wool Availability in Canada (BusinessWire / MarketWatch)

Johns Manville (JM), a Berkshire Hathaway company and leading building products manufacturer, has added commercial and residential mineral wool to its full spectrum of insulation products, giving Canadian customers more options, security and flexibility when sourcing mineral wool to meet project demands. JM mineral wool insulation offers a variety of performance benefits in both commercial and residential construction. With a high melting point in excess of 109C, mineral wool can help delay fire spread, create quieter buildings and homes, increase privacy between rooms and reduce heating and cooling costs by keeping structures warm in winter and cool in summer.

R.C. Willey opens largest store in Draper (Furniture Today)

Even before today’s grand opening, R.C. Willey’s new and largest store here got off to a quick start. The Salt Lake City-based Top 100 retailer, part of Berkshire Hathaway’s furniture division, soft-opened the 160,000-square-foot store a couple of weeks early “to make sure we get all the bugs worked out,” said President Jeff Child, and it immediately exceeded expectations. Sales over the first four days of the soft opening approached $1.5 million, he said, adding that R.C. Willey is hoping the store will do $65 million to $70 million in annual sales. That would be more than double the volume of its nearby Taylorsville location, which closed with the Draper opening.

Future Metals Opens Dayton, Ohio Service Center (BusinessWire / Yahoo) Thanks to writing these news posts for over two years, I can now spot a Berkshire Hathaway subsidiary from 500 yards away. But even I can't begin to keep track of every sub-subsidiary that Marmon owns. This one is new to me.

Future Metals, a worldwide specialty metals distributor to the aerospace manufacturing and maintenance industry, recently opened its ninth metals service center. [...] The new Dayton facility, which officially opened its doors in January 2014, provides aerospace manufacturing and aftermarket customers in the Midwestern United States with localized inventory and just-in-time deliveries. Products being carried include stainless, nickel, titanium and aluminum tubing as well as extrusions, sheet and bar products. [...] Future Metals and its affiliate companies, including Marmon/Keystone LLC, are Marmon Distribution Services/Berkshire Hathaway companies and members of The Marmon Group [...]

Berkshire News Briefs - 10/10/13

Scripps News investigates lawsuits involving Berkshire Hathaway (Scripps)

Buffett's Berkshire Hathaway Inc. of Omaha, Neb., has become one of the most powerful forces in asbestos and pollution litigation in the world. Insurers such as American Insurance Group, CNA Financial Corp. and Lloyd's of London have paid Berkshire to assume their risk for tens of billions of dollars in future asbestos and pollution claims. That money, known as "float," has proven to be a great source of investment income for Berkshire. But instead of paying people like Charles Lute, Berkshire subsidiaries are accused in lawsuits across the country of delaying or denying payments. Rather than paying victims, the suits claim, Berkshire is holding onto the cash, the float, to keep its money invested. "They wanted to hit the projected numbers in the books of business so they could maximize their return on investment," said one former claims executive under oath.

Here's the full Scripps report, including Berkshire's response.

Ford, Berkshire Hathaway subsidiary settle insurance dispute (Cleveland News 5)

(There's a 1:30 video version of the story here too, if you want a summary.)

The Ford Motor Co. announced Monday it settled a lawsuit with Berkshire Hathaway Inc. subsidiary National Indemnity Co. for $22.1 million -- $2 million more than the automaker sued for in the dispute related to unpaid claims from rollover deaths. [...] “We filed the complaint because we were experiencing no pay and slow pay,” Oostdyk said, claiming National Indemnity intentionally delayed paying Ford’s claims as part of a larger pattern of wrongful conduct. [...] In this instance, Oostdyk said, Ford wanted to send a message, and refused in negotiations to settle the claim until National Indemnity agreed to let it announce the amount of the settlement. New York asbestos attorney Joe Belluck said the scrutiny of Berkshire’s business practices leading up to the publication of the Scripps investigation “likely played a part” in the Ford settlement before a public trial.

Moving on to better news...

Buffett Makes Sweet Profit Off Mars Investment (Wall St. Cheat Sheet)

Berkshire Hathaway Chairman and CEO Warren Buffett has logged a lot of wins in the wake of the late-2000s crisis. During the crisis itself, the firm served as a white knight investor to major companies with a need for a huge amount of cash, and fast. [...] One of the companies that Berkshire lent money to was Mars Inc., which in 2008 needed to finance the $23 billion purchase of Wm. Wrigley Jr. Co. Buffett loaned Mars $4.4 billion and purchased a minority interest in Wrigley for $2.1 billion at a discount to the buyout price. [...] The Wall Street Journal reports that Berkshire is set to bank a profit of at least $680 million from the deal. Berkshire sold the notes back to Mars at about 115 percent of face value plus interest.

Buffett's $2.15 Billion Payday (Fool)

On Tuesday, Warren Buffett's Berkshire Hathaway was set to become the sixth-largest external investor in Goldman Sachs by grabbing a stake in the banking giant worth around $2.15 billion. Oh, and did I mention Buffett scored the position for free? You read that correctly. That's right. For his mammoth stake in Goldman Sachs, Buffett paid absolutely nothing.

Warren Buffett protégé in trouble at Benjamin Moore (NY Post)

Tracy Britt, a handpicked favorite of Buffett who has an office down the hall to his at Berkshire’s Omaha headquarters, was tapped last year to tackle Benjamin Moore’s sliding market share and serves as the company’s chairman. Late last month, sources said, Britt led a Friday afternoon conference call with Benjamin Moore employees, surprising them with the news that CEO Bob Merritt had abruptly left the company after just 14 months on the job. [...] The bombshell exit of Merritt, a former restaurant exec tapped last year to reverse a tailspin at Benjamin Moore, is a rare embarrassment for Buffett, who had fired Merritt’s predecessor, Denis Abrams, just 15 months earlier. The reason for 61-year-old Merritt’s departure couldn’t be confirmed, but some insiders say he appears to have clashed with Britt.

Berkshire Hathaway unit TTI buys Lod-based Ray-Q (Globes)

On Friday, TTI, Inc. an indirect, wholly owned subsidiary of Berkshire Hathaway, announced the acquisition of Lod-based Ray-Q Interconnect. Financial details of the deal were not disclosed. Ray-Q was founded in 1969 as a Raychem subsidiary based in Israel with offices in Turkey and India. It provides high quality electrical interconnect solutions to military, aerospace and other high-reliability product industries. TTI is a specialty distributor of passive, interconnect, electromechanical and discrete semiconductor components. [...] Ray-Q employs approximately 70 associates and counts among their customers virtually every major defense contractor.

Warren Buffett's pick for Borsheims CEO took six-year break on rise to the top (Omaha World-Herald)

In fall 2004, Susan Jacques, president and chief executive of Borsheims Fine Jewelry, ran into Karen Goracke at a soccer game. Goracke had been a watch buyer at Borsheims until leaving in 1998 to tend to her growing family. “I said, 'Why don't you come back and work part time?' ” Jacques recalled. [...] Now Goracke has been chosen by Warren Buffett to be the Berkshire Hathaway-owned retailer's president and chief executive starting Dec. 31. [...] Jacques is leaving Borsheims after 31 years, including 20 years as president and CEO, to head the Gemological Institute of America, a Carlsbad, Calif.-based nonprofit organization that offers gem and jewelry education and oversees industry standards.

Berkshire News Briefs - 8/10/13

TTI acquires assets of NPCS Autotronics (evertiq)

TTI, Inc. an indirect, wholly owned subsidiary of Berkshire Hathaway, acquired the assets of NPCS Autotronics Co. Ltd. Based in Shanghai, China, NPCS Autotronics is a specialty distributor of connector products used in the transportation market segment. The company is an official distributor of Delphi Connection Systems.

Warren Buffett could soon own the largest energy holding company in the U.S. (Mother Nature Network)

Billionaire investor Warren Buffett sees dollar signs in Nevada. Buffett's Berkshire Hathaway has made a $10 billion offer to acquire NV Energy, Inc., a deal that would create what has been called the largest utility holding company in the U.S. [...] MidAmerican Energy Holdings already owns several large energy and utility companies, including namesake MidAmerican Energy Company, MidAmerican Renewables, PacifiCorp and Northern Natural Gas. NV Energy has two main subsidiaries, Nevada Power Company and Sierra Pacific Power Company, both of which operate under the NV brand name. The deal, if approved by regulators, would add another 2.4 million customers to Berkshire Hathaway's energy rolls.

"This Time" Is Never Different for Buffett and Berkshire Hathaway (Fool)

Friday's Wall Street Journal featured an article detailing Warren Buffett's increasingly difficult task of allocating Berkshire Hathaway's massive cash pile toward multibillion-dollar acquisitions. While many of the conglomerate's recent purchases have been small nominally, the results have been outsized and continue to add to Berkshire Hathaway's already gigantic equity base.

Berkshire Hathaway HomeServices Adds Five More Brokerage Signees (MarketWatch / Business Wire)

Berkshire Hathaway HomeServices, the new real estate brokerage network operated by HSF Affiliates LLC, today announced the signing of five additional brokerage companies for the network. The companies - Prudential Ambassador Real Estate, Omaha, NE; Prudential California Realty, Rancho Cucamonga, CA; Prudential Colorado Properties, Vail, CO; Prudential Real Estate of the Rockies, Denver, CO; and Prudential Preferred Homes (with Parkersburg Realty and Landmark REALTORS(R)), Parkersburg, WV - will begin operating as Berkshire Hathaway HomeServices affiliates later this year and in early 2014.

Berkshire Sells $1 Billion of Bonds in First Offering Since May (Bloomberg Businessweek)

Warren Buffett’s Berkshire Hathaway Inc. issued its first bonds in three months with a $1 billion, two-part offering. Berkshire’s $600 million of 0.95 percent, three-year securities priced to yield 37 basis points more than similar-maturity Treasuries and $400 million of 2 percent, five-year notes pay a relative yield of 65 basis points, according to data compiled by Bloomberg. The bonds are expected to be rated Aa2 by Moody’s Investors Service and will be used to repay debt.

Southwest Greens Launches New Bolt™ Fiber (PRWeb)

Southwest Greens International, a division of Shaw Industries, a Berkshire Hathaway company and one of the leading synthetic turf companies in North America, announced today the launch of Bolt™, its newest fiber innovation which is highlighted by a cutting-edge shape designed for increased performance and durability. [...] Engineered to handle the demands of a high-traffic sports surface, Bolt features a patent-pending, lightning bolt-shaped fiber which creates a stronger vertical axis that causes the fibers to stand upright for greater resiliency and increased durability. In fact, Bolt exceeds the most stringent industry standard for simulated wear twice over. Additionally, Bolt’s unique cross section features curved angles reflecting light for lower luster and a more natural looking lawn.