Berkshire News Briefs - 3/27/15

Buffett's HJ Heinz to merge with Kraft Foods (CNBC)

Kraft Foods Group stock surged Wednesday after the company announced a merger deal with H.J. Heinz financed in part by Warren Buffett. Buffett told CNBC that his Berkshire Hathaway company will have $9.5 billion worth of common stock in the newly merged H.J. Heinz-Kraft Foods company. It will be headed by Heinz Chief Executive Bernardo Hees. [...] Under the terms of the deal, Heinz will return to the public market with a 51 percent ownership of Kraft. Current holders of Kraft stock will own 49 percent of the company.

We'll have $9.5B in new Kraft-Heinz: Buffet (CNBC)

The deal to create the third-largest food and beverage company in the North America—announced hours before Buffett's interview on CNBC's "Squawk Box"—was in the works for about four weeks, the billionaire investor said. "It moved along quite promptly," he said, but stressed he's in it for the long haul. [...] "The short term doesn't make much difference to us, because we will be in this stock forever," Buffett said. "This is a business with us. It's not really a stock. It's a company that we'll own 26 and a fraction percent of."

3G Capital: Warren Buffett's Favorite Partner in Deals Worth Billions (NY Times)

Warren E. Buffett has made a habit of criticizing ruthless Wall Street bankers and rapacious private equity firms over the years. As recently as last month, he railed against both in his annual letter to his shareholders at Berkshire Hathaway. Yet for Mr. Buffett, a genteel billionaire who has managed to put a friendly face on big business, one private equity firm stands apart from the rest. 3G Capital, the Brazilian private equity firm co­founded by the billionaire financier Jorge Paulo Lemann, has in recent years emerged as Mr. Buffett’s preferred business partner in striking multibillion­dollar deals.

Buffett’s ‘German scout’ on the hunt (Omaha World Herald)

Zypora Kupferberg started her own investment business after leaving a larger company because she wanted to be “closer to the customer.” Now the 48-year-old is “Warren Buffett’s German scout,” scanning the European business landscape for businesses Buffett would buy [...] “She knows what we are looking for and we hope we will hear more from her,” Buffett told Handelsblatt.

How Warren Buffett Wins From Bank of America's Capital Plan (Fool)

Warren Buffett has a sizable stake in Bank of America, even if it's hidden from plain view. Berkshire Hathaway owns warrants that entitle it to purchase 700 million Bank of America shares for $7.14 each at any time before 2021. [...] By holding the warrants, Buffett is reducing his downside risk. If he exercised the warrants, Berkshire Hathaway would have $5 billion in additional capital at risk in Bank of America in exchange for only $140 million in incremental dividend income each year. Exercising the warrants gives Berkshire very little upside for a tremendous amount of additional downside.

Nebraska Furniture Mart begins stocking shelves for customers (Dallas Business Journal)

After promises that shelves would begin to be stocked at Nebraska Furniture Mart's new North Texas store in The Colony, work began Wednesday on filling the 560,000-square-foot retail showroom with appliances, furniture and electronics. The retail showroom will anchor the $1.5 billion, 433-acre Grandscape development and is part of the larger 1.9 million-square-foot Nebraska Furniture Mart, which includes a distribution center.

Justin Brands Inc. to close distribution facility, give 68 workers the boot (Dallas Business Journal)

Berkshire Hathaway-owned Justin Brands Inc. will lay off 68 employees and close an entire distribution facility in Forth Worth. [...] However, it may not be the end of the road for the affected workers. Justin Brands plans to turn over its distribution operations to logistics company GENCO, and the employees will have a chance to apply for jobs there. "Justin is just getting out of the distribution business because it's not our core competency," Lisa Albert, Justin Brands' senior communications manager, told the Dallas Business Journal.

Are Oil Refiners Putting Profits Over Safety in Lawsuit Against Buffett's BNSF Railways? (Fool)

(Commentary on this lawsuit, which was originally mentioned in the 3/16 News Briefs post.)

The reality is, this is about both profits and safety, and it looks like both the railways and petrochemical companies are trying to establish the balance of responsibility. And while BNSF's parent stands to benefit from the surcharge and the potential for more updated tanker cars being bought by refiners, that doesn't mean it's not still beneficial to public safety. At the same time, AFPM has an obligation to its members to challenge this surcharge if it feels it is illegal or unfair, and frankly, whether their motivation is the regulatory precedent, or purely the bottom line, really doesn't matter.

North American Railroads Caught by Speed of Crude-Oil Collapse (Bloomberg)

BNSF Railway Co., the railroad owned by Warren Buffett’s Berkshire Hathaway Inc., posted a 4.5 percent drop in petroleum products in the last four weeks after a gain of 12.4 percent last year. BNSF’s network runs through North Dakota, making it the largest hauler of Bakken oil production. [...] Demand for Bakken crude from U.S. East Coast refineries may decline as the price premium for imported Brent crude narrows. It costs about $2 to $3 a barrel to ship Brent by boat while hauling Bakken crude by train adds as much as $14 a barrel [...]

Is This Warren Buffett's Next Cinderella Story? (Fool)

(Commentary on the acquisition of Van Tuyl Automotive. Terrible headline.)

Operating dealers at scale -- in big groups -- has long been a way for local entrepreneurs to turn modest income streams into fortunes. Bigger dealer groups can get more operating efficiencies around everything from financing to employee benefits, lowering costs and helping to boost those thin margins. Buffett clearly sees this business as one where Berkshire's scale and entrepreneurial values can bring more of those kinds of efficiencies. He also sees it as a business likely to endure for many decades.

First trailer rolls out of new manufacturing plant (PE)

With the sounds of drilling, hammering and sawing in the background, the first trailer has rolled out of Forest River’s new Hemet manufacturing plant. [...] Forest River has hired 80 employes, with hopes to more than double that. [...] Forest River Inc., a Berkshire Hathaway company, bought the Hemet plant in December to open its 67th assembly plant in the nation. [...] Miller said Forest River spent more than $1 million to retrofit the two buildings on the 18-acre site [...]

Should I bet it all on Buffett? (CNN Money)

(Beware the auto-playing video)

I don't think it's a good idea to invest too much of your retirement savings into Berkshire. As a rule, it's not wise to concentrate more than 10% or so of your stock holdings in the shares of any single company. Assuming you have an otherwise well-diversified portfolio, I suppose you could make a case for pushing that percentage to 20% or so for a unique company like Berkshire Hathaway. But I wouldn't go beyond that.

Warren Buffett’s most common misunderstood pieces of advice (Omaha World Herald)

With a net worth of about $71 billion, Berkshire Hathaway Chairman and CEO Warren Buffett is undeniably the most successful investor in history. People often ask him for advice, and he is never short of blunt and witty tidbits. But with all of these pieces of investment advice floating around, many of them without additional context, it can be easy for someone to misconstrue his words. So before you rush out and start taking the Oracle of Omaha’s comments to heart, here is a list of his most common misunderstood pieces of advice.

Nutritionists warn diners to be wary of Warren Buffett's 'junk-food' portfolio (Reuters)

Following Warren Buffett's investment advice may be smart but nutritionists say that eating too many of the "junk-food" products made by companies he has invested in isn't quite as wise. His move on Wednesday to inject Velveeta cheese, Jell-O, Lunchables, Oscar Mayer wieners, and Kool-Aid into his portfolio, stuffs an already amply supplied larder. [...] He told Fortune magazine last month that he's talked to the management of Utz, the Pennsylvania-based snack maker, about potentially buying the company. And with Kraft now under his belt, Buffett could decide to literally drink his own Kool-Aid and push ahead with more such acquisitions.

Airbnb contest: Stay at Warren Buffett's childhood home during Berkshire Hathaway meeting (San Jose Mercury News)

Some fortunate Berkshire Hathaway investors at this year's annual meeting will get the chance to sleep in the same bedroom Warren Buffett did as a boy. The home-sharing service Airbnb is offering a free three-night stay at the Omaha home around the May 2 meeting as a way to promote its services. Shareholders who want to stay at the three-bedroom house must submit short essays and prove they own Berkshire stock.

Berkshire News Briefs - 3/16/15

This week's post broke down clearly into BNSF and non-BNSF news, so I broke up the post accordingly.

BNSF News

Berkshire's railroad revamps service with billions, fewer cars (Reuters)

Stung by customer backlash over last winter's patchy service, Berkshire Hathaway's BNSF Railways invested billions in shoring up its operations. But in addition to hiring more than 7,000 new workers and spending $5.5 billion on improvements to its 32,500-mile network, the railway also has done something unexpected: it pulled thousands of rail cars off its lines. The strategy appears to have paid big dividends this winter, helping ease congestion on tracks and speed up traffic [...]

CN Rail, BNSF Tackle Accidents as Group Seeks Ban on Oil Trains (Bloomberg)

The accidents bring to four the number of oil train wrecks in North America in the past three weeks, according to the Center for Biological Diversity. The environment group is calling for a halt to transport of oil by rail, which has surged since 2009 with the boom in crude production from shale. [...] North American oil producers have increased their reliance on rail as new pipelines failed to keep pace with a surge of production from shale. The typical rail car carries about 700 barrels of oil, according to data posted on BNSF’s website. The number of oil carloads rose more than 40-fold from 2009 through 2013, when 435,560 carloads were shipped, and kept climbing last year to an estimated 500,000, according to the Association of American Railroads.

Oil refiners resisting BNSF's surcharge on tank cars (Lincoln Journal Star)

The nation's oil refiners are suing BNSF Railway for adding a $1,000 surcharge to crude oil shipments in standard tank cars, to force shippers to switch to safer jacketed cars that are not yet required by federal regulators and are not yet available, according to the lawsuit. [...]

Judge revives railroad collusion suit against Union Pacific, BNSF (Omaha World Herald)

A judge in U.S. District Court for the District of Columbia ruled late last month that the 2011 suit by the Oxbow group of mining companies — owned by billionaire Bill Koch — can proceed after being dismissed in 2013. The original complaint was dismissed for failing to state sufficient facts. [...] “They allege that U.P. and BNSF engaged in anti-competitive conduct ... that harmed plaintiffs,” U.S. District Judge Paul Friedman wrote in the opinion. “In short, plaintiffs allege that defendants conspired to fix prices above competitive levels through a uniform fuel surcharge and allocate certain markets to each other, granting U.P. a monopoly in at least one region.” Texas-based BNSF said it will “aggressively defend itself” against Oxbow’s complaint.

Everything Else

Buffett Follows ‘Avarice’ Warning by Keeping $100,000 Salary (Bloomberg)

Buffett, 84, stuck with a $100,000 salary in 2014, as he has for decades, his Omaha, Nebraska-based company said in a regulatory filing Friday. On Feb. 28, in his annual letter, he said the next CEO needs to avoid being greedy. [...] The billionaire has also shown a willingness to provide Wall Street-sized compensation to reward growth at operating units such as insurers and the utility subsidiary. Greg Abel, the chairman and CEO of Berkshire Hathaway Energy, was paid $27.6 million in 2014, including an $11.5 million cash bonus and $12 million from an non-equity incentive plan. [...] Chief Financial Officer Marc Hamburg, the only executive whose pay is listed in the proxy other than Buffett or Munger, saw his salary rise about 9 percent to $1.23 million in 2014. [...]

Warren Buffett Just Predicted the Next 50 Years for Berkshire Hathaway (Fool)

Buffett said that the chance of permanent capital loss with Berkshire is the lowest among any single-company investment. But he added a caveat: If the company's valuation is high, say approaching two times book value (it's at about 1.5 times book value now, so not too far off), it could be years before investors realize a profit. In other words, Berkshire has never been, and will never be, a good "traders' stock." The company has one of the most shareholder-friendly business models in the world, but it is geared exclusively toward long-term investors. As a result, Buffett recommends that investors should look elsewhere for investment options if they plan to hold their shares for less than five years.

Berkshire Hathaway completes Van Tuyl acquisition (Automotive News)

Berkshire Hathaway Inc. has completed its purchase of the Van Tuyl Group, the largest dealership acquisition in industry history. All aspects of the sale were finalized Monday, and the company has been renamed Berkshire Hathaway Automotive, headquartered in Dallas. The new Berkshire Hathaway Automotive now is the fifth-largest dealership group in the U.S., based on 2013 new light-vehicle retail sales. It has more than $9 billion in annual revenue, the company says. [...] Jeff Rachor, who had been president of Van Tuyl Group, will be CEO of Berkshire Hathaway Automotive.

33 Amazing Numbers From Bershire Hathaway's Golden Anniversary Shareholder Letter (Fool)

$18.3 billion: Berkshire Hathaway's increase in net worth during 2014. That gain in book value is greater than the book value of more than four-fifths of the companies in the S&P 500. 9 1/2: Number of Berkshire-owned businesses that would be listed on the Fortune 500 if they were independent -- the "1/2" refers to H.J. Heinz, which Berkshire owns with 3G Capital. ("That leaves 490 1/2 fish in the sea. Our lines are out.")

Buffett's $1 billion NCAA bet goes bust (CNN Money)

Don't even think about winning $1 billion picking the perfect NCAA bracket this year. And it's not because the odds of winning are infinitesimal. But because the companies behind the contest are too busy suing each other to organize another one this year. [...] The squabbling started last year when a small sweepstakes company called SCA Promotions sued Yahoo for allegedly backing out of a deal to put on the perfect bracket contest. Yahoo counter sued, alleging that SCA spilled the beans when it went to Berkshire to buy insurance that would pay $1 billion in the unlikely event that someone won the contest. In February, Yahoo sent subpoenas to Berkshire seeking information about its dealings with SCA, including all communication between Buffett and SCA about the contest, according to court documents.

Berkshire News Briefs - 2/27/15

Berkshire to buy German motorcycle equipment retailer (Yahoo/Reuters)

Warren Buffett's Berkshire Hathaway Inc said on Friday it had agreed to buy German motorcycle apparel and accessories retailer Detlev Louis Motorrad-Vertriebs GmbH for a little more than 400 million euros [$452 million]. [...] Ute Louis, the widow of company founder Detlev Louis, had approached Berkshire about a possible transaction and sold the Hamburg-based company to a Berkshire unit, according to the law firm Beiten Burkhardt, which advised on the purchase. Antitrust approval is required, the law firm said. [...] Detlev Louis has annual sales of 270 million euros, employs more than 1,500 people, has more than 70 outlets in Germany and Austria, and serves 25 countries through online stores, its law firm said.

Fortune wins for finding the best stock photo for the story.

Buffett sets sights on German companies (Reuters)

In an interview with Handelsblatt newspaper on Wednesday, Buffett said that he liked German companies because of the regulatory and legal protection for investors, as well as the global reach of even smaller businesses, such as Detlev Louis Motorrad-Vertriebs, the motorcycle apparel and accessories retailer bought last week. "We are definitely interested in buying more German companies," told the newspaper. "Germany is a great market: lots of people, lots of purchasing power and Germans are productive. We also like the regulatory and legal framework."

Warren Buffett's Transparency Problem (Newsweek)

Berkshire Hathaway, the giant conglomerate run for nearly half a century by lionized investor Warren Buffett, is drawing scrutiny for being less than crystal clear about how it is so profitable. The questions from Wall Street analysts, insurance specialists and corporate governance experts put the spotlight on a behemoth with $517 billion in assets that in recent years has grown increasingly opaque with its financial disclosures. Better known for giving shareholders a staggering return of more than 693,000 percent since its birth in 1965, more than 70 times that of the S&P 500, Berkshire Hathaway, one of the world’s largest companies, is one of the least transparent corporations in America.

Buffett tells deputies to supervise newest Berkshire businesses (Chicago Tribune)

At least four of Berkshire's recent acquisitions — including one on Friday of German motorcycle-equipment retailer Detlev Louis Motorradvertriebs and the deal for battery- maker Duracell announced in November — will be overseen by Buffett's deputies. The arrangements put a twist on the loose, trust-based culture that Buffett, 84, has championed at his company. For years, he's had the chief executive officers of Berkshire's dozens of businesses report to him directly. By delegating more, he's freeing up his time and building capacity in an organization that will someday have to run without him.

MiTek Acquires M&M Manufacturing Company (Herald Online)

MiTek Industries, Inc. [...] announced today that it has acquired M&M Manufacturing, Fort Worth, Texas. M&M Manufacturing is one of the country’s largest producers of sheet metal products, primarily servicing the air distribution and ventilation market. M&M provides a comprehensive range of round, rectangular, oval and spiral ductwork, fittings and accessories for residential and commercial construction. MiTek is a subsidiary of Warren Buffett’s Berkshire Hathaway Inc.

Johns Manville Invests to Support Growth in Engineering Thermoplastics (Herald Online)

Alert readers will recall that JM announced another factory expansion in Ohio in last week's News Briefs post.

Johns Manville (JM), a market-leading manufacturer of glass fiber products and Berkshire Hathaway company, today announced it will expand its glass fiber operations plant in Etowah, Tenn., to service the increasing needs of the engineered thermoplastics industry. [...] The planned expansion in Etowah includes a new furnace to support the launch of the next generation of global products for reinforced thermoplastic composites. [...] The new furnace, due to start up in mid-2016, will allow for production growth and flexibility within JM’s product families for polyamides, polyesters and polypropylenes that are used in automotive, electrical and consumer applications.

Buffett and Berkshire Hathaway Inc. Get Bullish on Germany: 3 Key Takeaways for Investors (Fool Germany)

But as noted above, this may be a test case and a way for Berkshire to “dip its toes” in the German and European marketplace before jumping at bigger deals. And because Berkshire’s acquisition model is to buy companies and then let them operate without much interference, it can be a very attractive option for many owners. That may make this deal a signal to EU business leaders that Buffett has open ears for sellers from across the pond.

Donald R. Keough, Who Led Coca-Cola Through New Coke Debacle, Dies at 88 (New York Times)

Donald Keough was a member of the Berkshire Hathaway Board of Directors.

Donald R. Keough, who led Coca-Cola through the disastrous introduction of New Coke in 1985 and the return of the original formula just 10 weeks later, died on Tuesday in Atlanta, his family said. He was 88. [...] He also helped bring Warren E. Buffett, an old friend from Omaha, onto Coke’s board, where he served for 20 years. Berkshire Hathaway, Mr. Buffett’s investment firm, is Coca-Cola’s largest shareholder, and Mr. Buffett’s son Howard is on its board.

Group 1 director resigns citing Buffett-Van Tuyl deal (Auto News)

A Group 1 Automotive Inc. director has resigned, citing a potential conflict of interest related to her employer, Berkshire Hathaway, and its pending purchase of the Van Tuyl dealership group. The director, Beryl Raff, gave up her seat on Feb. 20, Group 1, the nation’s third-largest dealership group, said in an SEC filing today. [...] Raff has served on Group 1’s board since 2007. She has been the CEO of Helzberg Diamond Shops, an indirect, wholly owned subsidiary of Berkshire Hathaway Inc. since April 2009 [...] She remains on the boards of Helzberg Diamond, The Michaels Cos. Inc. and Helen of Troy Ltd., Bloomberg data show.

Warren Buffett's old Cadillac fetches $122,500 at auction (Reuters)

Warren Buffett's 2006 Cadillac attracted a high bid of $122,500, more than 10 times its market value, in a charity auction that concluded on Thursday night. The autographed DTS sedan, with 20,310 miles on the clock, was auctioned on the website Proxibid. A spokeswoman, Dana Kaufman, did not immediately identify the winner. Proceeds from the auction will go to Girls Inc of Omaha, Nebraska, the city where Buffett runs Berkshire Hathaway Inc.

Berkshire News Briefs - 10/8/14

Buffett to Buy Van Tuyl, Create Berkshire Auto Unit (Bloomberg)

Warren Buffett’s Berkshire Hathaway Inc. agreed to buy Van Tuyl Group, the largest privately owned U.S. auto dealership group. The business, with more than 100 franchises, will be renamed Berkshire Hathaway Automotive and continue to be run by Larry Van Tuyl, Omaha, Nebraska-based Berkshire said today in a statement that didn’t disclose terms. The target company has more than $8 billion of revenue. “I fully expect we’ll buy a lot more dealerships,” Buffett told CNBC in an interview today. “We’ve gone a long time without getting into automobiles, but Larry’s got an operation that we think could be scaled up a lot from where it is.”

Buffett's Van Tuyl purchase puts top retailers in cross hairs (AutoNews)

When Buffett signed a deal to buy Van Tuyl Group last week through his Berkshire Hathaway Inc. investment company, he clearly signaled that the top four dealership groups are in his sights. When a CNBC host mentioned AutoNation Inc. and said it was the country's biggest auto retailer, Buffett quipped: "Temporarily." "This is just the beginning for Berkshire Hathaway Automotive," Buffett said of the new venture, which is being called the biggest acquisition by far in automotive retail history. Terms weren't disclosed, but outsiders estimated the all-cash price tag at over $4 billion.

Ironwood Plastics expanding to keep up with growing demand (Plastics News)

Custom injection molder Ironwood Plastics Inc. has embarked on an ambitious expansion program. The Ironwood, Mich., company will spend $19 million in Twin Rivers, Wis., to buy a building next door to its factory there and to add injection presses. [...] Ironwood’s new strategic push is partly due to it being part of CTB Inc., a Milford, Ind., company that sells internationally. CTB primarily makes agricultural products and most of its molded components are made in house but Ironwood molds a few complex parts for CTB. CTB has been owned by investment giant Berkshire Hathaway Inc. since 2002. The CTB and Berkshire Hathaway connections help Ironwood’s access to capital and give customers more confidence to do business with the custom molder. CTB acquired Ironwood in 2010 from the Stephens family, which had founded it in 1979.

Billionaire Buffett Says Tesco Investment Was ‘A Huge Mistake’ (Bloomberg)

Billionaire investor Warren Buffett said his investment in Tesco Plc was a “huge mistake,” as the U.K. supermarket leader’s share price remains close to an 11-year low amid declining sales and an accounting probe. [...] Buffett’s Berkshire Hathaway Inc. has held Tesco shares since March 2006, when it acquired a stake for $328.7 million. By 2012, the holding had reached 5.08 percent of the grocer’s shares, worth about 1.3 billion pounds ($2.1 billion). More recently, Buffett has been cutting the stake, owning 3.7 percent of the shares as of Dec. 31, according to Berkshire Hathaway’s annual report.

Warren Buffett’s Big Bet on Renewables in Nevada (NY Times)

Thanks in part to the transmission lines alongside Interstate 15, Mr. Buffett’s company, Berkshire Hathaway, and its subsidiary Berkshire Hathaway Energy stand to make steady, predictable profits in an energy market undergoing transformations. “This is not a value play,” said Christine Tezak, managing director of research at ClearView Energy Partners, referring to Mr. Buffett’s normally conservative investing approach. “He’s looking at this as a way to participate in the structural shift taking place in the power and energy industry.”

California Is Integrating Buffett’s Western Utilities Into Its Grid Balancing Market (GreenTechGrid)

Starting next month, PacifiCorp will start simulating the trading of generation and grid capacity every fifteen minutes on CAISO’s market, with “financially binding” operations to start in November, according to the U.S. Energy Information Administration. CAISO is also working with NV Energy to add most of Nevada’s grid to its EIM as well, with operations set to start in fall 2015. Both utilities are owned by Berkshire Hathaway [...] The rewards, according to a study by the Energy and Environmental Economics (E3) research group, could add up to $21 million to $129 million for PacifiCorp by 2017 or so, as the company buys lower-cost power from California’s grid or sells its own capacity when CAISO prices are high.

Buffett’s ‘All-Equities’ Pensions Escape Bill Gross Drama (Bloomberg)

Bill Gross’s departure from Pacific Investment Management Co. sent ripples through the bond market. Berkshire Hathaway Inc. pensioners didn’t feel it. Warren Buffett, Berkshire’s chairman and chief executive officer, said today that he didn’t know of a single investment that his company or its dozens of subsidiaries had with Pimco, manager of the world’s largest bond fund. Why? “We manage all of our pensions internally, except for those connected with the utility business,” Buffett said today in an interview with CNBC. “We are all-equities, anyways. We don’t have any bonds in our pension funds.”

The Future Realignment of Berkshire Hathaway Will Be an Investors’ Bonanza (Fool)

[...] even though the Omaha, Neb.-based billionaire is continuing to grow his empire, completing two multi-billion dollar deals in 2013 alone, it is inevitable that Berkshire will someday reverse course and unleash the greatest spin-off investment bonanza the world has ever seen. [...] Upon Berkshire's realignment, these two deals alone could spawn upwards of 50 independent companies. Heinz will be able to spin off over 10 of its corporations to shareholders, and I envision Hortons, along with Burger King, following suit with over 40 separate entities.

Buffett Gets His Wish: Coke Is Revising Executive Pay Plan (Forbes)

It’s been a good week for billionaire investors: on Tuesday, Carl Icahn got his way when eBay announced that it and PayPal will go their separate ways. And on Wednesday, Coca-Cola announced that it will revise the executive pay structure that Warren Buffett recently called “excessive.”

Warren Buffet Dismisses Berkshire's Low Score On LGBT Policies; Says He's Supportive (On Top Magazine)

Berkshire Hathaway Chairman and CEO Warren Buffet has dismissed a report that gave his investment firm a low score for its LGBT policies. Berkshire scored a “0” on the Human Rights Campaign's (HRC) annual Corporate Equality Index (CEI), which ranks companies based on employment policies and practices pertaining to lesbian, gay, bisexual and transgender employees. [...] “I do not set the policies for the 75 companies,” he said, then added, “Certainly, our managers know how I feel. I am 100% for full rights, in every respect, for gays and lesbians.”