Berkshire News Briefs - 10/6/15

Marmon and Wells Fargo buy GE Capital rail businesses (Railway Gazette)

Berkshire Hathaway’s Marmon Holdings has bought ‘substantially all’ of GE Railcar Services’ tank wagons with immediate effect, and expects to complete the acquisition of GE Railcar Repair Services in the fourth quarter of 2015.

The wagons will be managed by Union Tank Car Co and Procor, while the repair facilities will expand the UTLX Repair Services and Procor Repair Services networks.

Buffett Cuts Munich Re Stake After Lamenting Reinsurance Slump (Bloomberg)

Warren Buffett’s Berkshire Hathaway Inc. has cut its stake in Munich Re after lamenting a slump in the reinsurance business.

Berkshire’s holding was lowered to 9.7 percent from about 12 percent, Munich Re said in a statement Tuesday, citing a notification from Buffett’s Omaha, Nebraska-based company. [...]

“It’s a business whose prospects have turned for the worse and there’s not much we can do about it,” Buffett told shareholders at his company’s annual meeting in May.

Berkshire's Abel Targeted by Pilots Union Over Board Secrecy (Bloomberg)

A union representing pilots at Berkshire’s NetJets unit said that it took out an advertisement Monday in Abel’s hometown newspaper, Iowa’s Des Moines Register, identifying the executive as a board member of the business. Two other directors remain unidentified, despite attempts to learn who is overseeing the company, the group said on its website.

Berkshire Hathaway Said to Borrow $275 Million for Texas Wind (Bloomberg)

Warren Buffett’s Berkshire Hathaway Inc. borrowed $275 million for a 300-megawatt wind farm in Texas that’s supplying power to Austin Energy, according to two people familiar with the deal. [...]

Berkshire Hathaway’s BHE Renewables unit owns the wind farm, which it acquired from Chicago-based Lincoln Clean Energy LLC.

Warren Buffett Gets Into Cybersecurity Insurance (24/7 Wall St)

Berkshire Hathaway Specialty Insurance (BHSI) unveiled two new types of insurance policies on Tuesday, providing cyber liability and breach response coverage. The company now offers risk management resource policies: the Professional First Network Security & Privacy Policy and the Professional First Professional Liability and Network Security & Privacy Policy. Berkshire Hathaway indicated that the latter also includes customizable errors and omissions liability coverage. [...]

As far as what features these policies include, that would be coverage for third party exposures, breach expense and extortion threat coverage, media liability coverage, business interruption coverage, access to the eRiskHub and more. [...]

Warren Buffett Saved Media General: Don't Dismiss Berkshire In A Fight Over Its Future (Forbes)

In the case of broadcasting conglomerate Media General, Buffett similarly helped revive the company through a creative May 2012 deal where he bought 63 of its newspapers for $142 in cash and provided the Richmond, Va.-based company with a $400 million term loan and a $45 million revolving credit facility. [...] This morning Nexstar Broadcasting disclosed that during Media General’s stock slide, it has been lobbying to buy the company in a merger that would instantly create a powerhouse broadcaster touching nearly 40% of U.S. households. [...] Berkshire, according to the BAML analysis, is a potential friendly investor for Nexstar. However, Berkshire, currently a holder of nearly 4% of Media General’s outstanding stock after a series of stock-funded acquisitions, has historically balked at hostile takeover deals. If Media General’s board decides to continue on its path for Meredith and its standalone strategy, odds are Buffett will support the plan. [...]

Lubrizol opens CPVC resin facility in Thailand (Business Standard)

The Lubrizol Corporation, , a Berkshire Hathaway company, on October 5, 2015 opened a chlorinated polyvinyl chloride (CPVC) resin manufacturing facility in Rayong, Thailand as part of a joint investment with Sekisui Chemical Company Ltd. The plant opening is the latest in the company's efforts to increase global CPVC capacity as previously announced in 2013. [...]

The Thailand facility, combined with Lubrizol's other recent investments in Louisville (Kentucky) and Dahej (India), as well as its existing CPVC operations around the globe, better positions the organisation to support its future business growth. [...]

MetLife Fighting Systemic Tag Asks Why Buffett Gets Pass (Bloomberg)

MetLife Inc., the insurer fighting the U.S. government’s decision to label it a potential threat to financial stability, wants to know why Warren Buffett’s Berkshire Hathaway Inc. has gotten a pass. [...]

“It is difficult to understand why, say, Berkshire Hathaway with $64 billion in debt and $277 billion of market capitalization should not be considered a systemic risk,” Hele said at the November meeting at the Treasury Department in Washington.

Hele also mentioned Visa Inc., noting that the world’s largest payments network had a market capitalization of $135 billion. MetLife’s market capitalization is about $52 billion.

Conservative think tank attacks NV Energy plan to build new power plant (Las Vegas Sun)

The Beacon Hill Institute, a conservative think tank backed by the Koch brothers, released a report Monday condemning a new, $1 billion natural gas plant proposed by NV Energy.

The institute, based at Suffolk University in Boston, said building the new plant could cost consumers $604 million by 2025 and that a new power plant could cost Nevada more than 1,600 jobs and $18 million of private investment.

The Nevada Policy Research Institute, which opposes shutting down coal-fired power plants in exchange for solar and natural gas generation, hired Beacon Hill to do the study. [...]

NV Energy hopes to phase out its use of coal entirely and have one quarter of its electricity generated from renewable sources in the next decade.

Warren Buffett outlasts Ndamukong Suh in final arm-wrestling duel (WPLG 10)

There was more than just football taking place Monday at the Miami Dolphins Training Facility in Davie.

Inside, WPLG Local 10 owner and billionaire Warren Buffett was challenging Dolphins defensive tackle Ndamukong Suh to an arm-wrestling rematch. [...]

It was a struggle, but in the end Buffett, aka "The Bicep," reigned victorious over Suh, aka "The Dominator," once again.

Berkshire News Briefs - 7/1/15

Geico Nabs a Film Grand Prix at Cannes -- With a Pre-Roll Ad (Ad Age)

In a move that may spark a welcome sea change in the snooze-worthy arena of pre-roll advertising, the Cannes Lions International Festival of Creativity Film Jury awarded one of its top prizes to a mold-breaker in the category: a spot from Geico's "Unskippable" campaign that dares viewers to try and stop watching ads in which "nothing" happens. [...]

Geico topped the Non-Television category. Its pre-roll, "Family," created by The Martin Agency and directed by Park Pictures' Terri Timely, put a hilarious twist on the typically boring genre and features a family sitting at the dinner table with the Geico logo plastered boldly in the middle of the frame. Seconds into the ad, a voice-over announces, "You can't skip this Geico ad because it's already over," and mid-action, the family stops, except for the dog, who proceeds to devour every bit of food on the table. Although nothing much happens beyond that, the ad gets progressively funnier since it's blatantly obvious that the actors in the scene are simply holding their poses as the dog carries on.

Here's the extended version of GEICO's winning ad:

There's more of them in the series, if you play that one to the end and then watch the next suggested videos. GEICO is one of the few companies that I can waste 20 minutes on YouTube just watching their hilarious ads. This one is another current favorite of mine:

Warren Buffett's Berkshire Hathaway Expands in Australia, Opens New Zealand Office (Bloomberg)

Warren Buffett’s Berkshire Hathaway Inc. is adding an office in New Zealand and expanding its operations in Australia as part of a push to sell more commercial insurance globally.

The specialty-insurance unit is underwriting property and casualty coverage through a new office in Auckland, the company said Monday in a statement. Berkshire also announced it will sell policies to hospitals and medical practices in Australia, led by former American International Group Inc. executive Tony Bainbridge.

With Kraft Heinz merged, now comes the cutting (Chicago Tribune)

(Berkshire Hathaway is the majority shareholder of Heinz.)

Kraft Foods Group shareholders voted Wednesday to approve the company's sale to H.J. Heinz, a deal that brings together two storied packaged-food companies vying for attention as consumers look for healthier, fresher fare. [...]

More than 98 percent of votes cast were in favor of the transaction, representing over 69 percent of all outstanding Kraft shares, Corporate Secretary Kim Rucker told the small group. [...]

The acquisition may lead to heavy job losses as Kraft and Heinz — which have each already trimmed their ranks in recent years — try to cut $1.5 billion in annual costs. [...]

On Monday, the companies announced that many of Kraft's top executives, including Chief Financial Officer James Kehoe, will leave the food maker soon after the deal is completed.

Utilities commission approves TransAlta plant near Wabamun (Edmonton Journal)

TransAlta’s new gas-fired electricity plant near Wabamun got a green light from the Alberta Utilities Commission, which dismissed concerns about increased air pollution into the Edmonton area.

Sundance 7 — an 856-megawatt plant — is a joint venture with Warren Buffett’s Berkshire Hathaway Energy Company and could come on stream in 2018, according to the AUC ruling.[...]

TransAlta notes that gas-fired electricity is less polluting than coal-fired plants and the company intends to shut down two smaller coal units in 2019.

Berkshire Hathaway Inc. is Expected to Report $N/A for QN/A (The Markets Daily)

Remember kids, if you're going to use Mad-Libs computer programs to write your business news, be sure to hire a human editor.

Wall Street analysts expect Berkshire Hathaway Inc. to report earnings per share of $N/A for the current fiscal quarter. This number is based on the average estimate of the sell-side research firms that cover the stock. Berkshire Hathaway Inc. most recently reported earnings per share of $N/A on N/A for the quarter ended N/A.

This number was N/A away from what analysts had expected, a difference of N/A%.

Warren Buffett is now the world’s richest cartoon character (MarketWatch)

[...] Already known as one of the most famous investors in the world, the Oracle of Omaha has become celebrated of late among the grade-school set for his work with the Secret Millionaires Club, an animated program that teaches kids about finance. [...]

Since its relatively low-key inception in 2009, the series has grown to encompass a full slate of “webisodes” and half-hour TV programs (the show has aired on The HUB cable network, now the Discovery Family Channel; a new network partner is expected to be announced soon). Additionally, it has spawned a book, DVDs and “business in a box” kits that help youngsters start their own small-scale enterprises.

Berkshire Hathaway 2015 Annual Meeting Notes

Best of 2015 Berkshire Shareholder Meeting (YouTube / WSJ Video)

Highlights of the 2015 Berkshire Hathaway shareholder meeting in Omaha, Nebraska. The devoted came out in full force to celebrate Warren Buffett’s 50th year running the company, meet other investors and shop.

Warren Buffett’s Berkshire Hathaway Meeting Notes (New York Times)

The New York Times' extensive notes on the event, in a live-blog format.

Much of the questioning this year was standard, with a primary topic being how Berkshire would fare once Mr. Buffett and Mr. Munger departed. Those inquiries ranged from how Berkshire would maintain its culture to what sort of qualities the company’s next chief executive and next chief investment officer (or officers) would need.

Sharp questions about various news topics arose, from Clayton Homes to 3G Capital.

Mr. Buffett also addressed smaller-scale topics like the reinsurance business, one of Berkshire’s powerhouse divisions that has become a trendy investment but that the billionaire says he believes will decline in coming years.

Recap: The 2015 Berkshire Hathaway Annual Meeting (WSJ Moneybeat)

The Wall Street Journal's notes and live blog of the meeting.

Mr. Buffett played host to roughly 40,000 people at the company’s annual meeting Saturday, an event that swells the population of Mr. Buffett’s hometown by nearly 10% each year. Over the hours and hours of question-and-answer that are the hallmark of the meeting, Mr. Buffett and his vice chairman, Charlie Munger, fielded questions about investing and markets, Berkshire’s relationship with 3G Capital and its investments in International Business Machines Corp. and Coca-Cola Co.

MoneyBeat live-blogged the all-day event from Mr. Buffett’s first sip of cherry Coke to his last bite of See’s candy.

5 Critical Takeaways From Berkshire Hathaway's 50th Anniversary Meeting (Fool)

In its 50th year, Berkshire is still a success story that defies traditional classification, both for the scale of shareholder wealth accrual and its seemingly impossible string of consecutive wins. From its relatively humble roots as an investment partnership -- itself an incredibly difficult business -- to its radical several-decade transformation into an investment, insurance, and industrial conglomerate, Berkshire has continuously defied classification. Where many businesses hardly withstand the test of a decade or two, Berkshire has dominated across a decades-long horizon. [...]

Berkshire Hathaway Shareholder Shopping Frenzy (WOWT Video)

A sea of shareholders eagerly waited outside Omaha's CenturyLink Center today for a chance to spend some of their Berkshire Hathaway profits during the first day of an exclusive shopping experience.

Once inside, they took advantage of special shareholder deals on everything from running shoes to candy, all trucked in and sold by Warren Buffet's famous roster of profitable businesses.

Wells Fargo’s Stagecoach Rolls Into Omaha for Berkshire Meeting (WSJ Moneybeat)

Wells Fargo & Co. rarely misses a chance to wheel out one of its iconic stagecoaches. Little surprise, then, that the bank will be rolling two into Omaha, Neb., this weekend for one of the biggest finance events of the year.

Before the doors to the CenturyLink auditorium open at 7 a.m. on May 2 for Berkshire Hathaway’s annual meeting, shareholders of Warren Buffett’s company waiting in line will get to see two longhorn steers and the Wells Fargo stagecoach marching down Omaha’s 10th street to mark 50 years of Berkshire under Mr. Buffett.

NetJets pilots union takes case to Berkshire Hathaway shareholders (Financial News)

More than 400 pilots and family members took the fight to preserve their livelihoods and security to the 2015 Berkshire Hathaway Shareholders Meeting by staging an informational picket on Saturday. [...]

The pilots, whose professional interests are represented by the NetJets Association of Shared Aircraft Pilots (NJASAP), were joined by NetJets flight attendants and Flight Options pilots represented by the International Brotherhood of Teamsters.

City removes sign apparently criticizing Berkshire (Omaha World Herald)

City officials are uncertain who installed a sign reading “BRK profits from pollution” on the pedestrian overpass between Elmwood Park and Memorial Park in Omaha on Wednesday. [...]

A city crew removed the sign because it was not authorized, said Mike Gaughen, who handles such permits for the public works department.

He said the city doesn’t allow advertising or messages about controversial issues on public property such as the overpass, “certainly not criticizing a major corporation like that.”

Berkshire News Briefs - 6/8/13

$28 billion sale of Heinz to Berkshire Hathaway, 3G Capital closes (Pittsburgh Post-Gazette)

The H.J. Heinz Co. says the $28 billion sale of the historic Pittsburgh ketchup maker has closed. Bernardo Hees, formerly the head of Burger King Worldwide, has become the new CEO of Heinz, effective immediately, and begun making management changes, the company said. [...] He has named Paulo Basilio to serve as chief financial officer, replacing longtime CFO Art Winkleblack, also effective immediately. [...] Both Mr. Hees and Mr. Basilio are partners in 3G Capital, which partnered in the acquisition with Warren Buffett's Berkshire Hathaway. Mr. Basilio has been CEO of America Latina Logistica from 2010 to September 2012. Mr. Hees previously held that job.

Heinz completes acquisition by Berkshire, 3G; Brazilian firms shifts around CEOs (Washington Post)

With the completion of the deal, 3G is shifting one of its partners from the helm of Burger King to head Heinz. Bernardo Hees, 43, is taking the reins from William Johnson, who was the seventh CEO of the 144-year-old company for the past 15 years. Johnson walks away with a golden parachute of $56 million, in addition to the $156.7 million in vested stock and deferred compensation he accrued over his career. [...] 3G is known for its aggressive cost-cutting at the companies it takes over, suggesting Heinz could be in store for big changes. At Burger King, for example, Hees did away with executive offices at the corporate headquarters in favor of open spaces. He sat at a desk right outside the elevators on the seventh floor, in front of big board that was updated with daily sales reports from around the world.

Berkshire Directors Lowest-Paid of S&P Firms (ABC News)

They attend at least four meetings and work about 300 hours a year, but the people who sit on the boards of S&P 500 companies received an average of $251,000 last year. Financial and technology company Fidelity National Information Services Inc. paid the highest compensation due to a $9.5 million retention bonus, while directors of Warren Buffett’s Berkshire Hathaway received the lowest, according to data compiled by Bloomberg. Berkshire Hathaway directors received $3,800.

Berkshire Hathaway's MidAmerican to hold off on new Iowa nuclear plants (Reuters)

Berkshire Hathaway Inc's MidAmerican Energy Co has decided against building any new nuclear reactors in Iowa in the near future because of regulatory hurdles. [...] Many utilities have put plans for costly new nuclear reactors on hold due to cheap natural gas prices, the much lower cost to build gas-fired generators, and the lack of federal restrictions on carbon emissions. [...] Separately, MidAmerican said its recently announced plan to build additional wind generation would help keep customers' costs down.

Berkshire’s Witmer Buys Shares After Joining Buffett’s Board (Bloomberg)

Meryl Witmer, the newest director at Warren Buffett’s Berkshire Hathaway Inc., acquired more than $1 million in the company’s stock after joining the board this month. Witmer, a general partner at Eagle Capital, added seven Class A shares of Omaha, Nebraska-based Berkshire today and yesterday for prices from $165,173 to $165,262.65, she said in a regulatory filing.

Berkshire’s Richline to Buy Honora to Expand Sales of Pearls (Bloomberg)

Richline Group Inc., the jewelry manufacturer owned by Warren Buffett’s Berkshire Hathaway Inc. (A), agreed to acquire the Honora brand to expand sales of pearls. The purchase of Honora, which has been family owned and operated for more than 60 years, is expected to be completed in July [...] Richline has been striking deals to expand sales through U.S. retailers. The unit, which has manufacturing facilities in nations including Bolivia, China, India and Israel, announced a licensing agreement in March to market and distribute jewelry in the U.S. and Canada under the Marie Claire brand. Richline said Honora Chief Executive Officer Joel Schechter will remain with the company and run it as a standalone brand.

Warren Buffett's Berkshire eyeing Unipol insurance assets: report (Reuters)

Warren Buffett's Berkshire Hathaway Inc is interested in buying assets that Italian insurer Unipol must sell as part of a merger with peer Fondiaria-SAI, business daily Il Sole 24 Ore said on Saturday. The paper said Berkshire was eying commercial assets belonging to Milano Assicurazioni, a unit controlled by Fondiaria. Unipol has been forced by Italy's anti-trust authority to sell portfolio assets with premiums totaling around 1.7 billion euros ($2.2 billion) as part of its rescue of the Fondiaria-SAI group.

Berkshire’s BNSF Violated Water Act, Sierra Club Says (Bloomberg)

Berkshire Hathaway Inc.’s BNSF Railway Co. and five other coal shippers were sued by the Sierra Club over claims they discharge coal into Puget Sound and other waterways in violation of the U.S. Clean Water Act. [...] “Sierra Club’s lawsuit is meritless and nothing more than a publicity stunt meant to stop the permitting of multicommodity export terminals in the Pacific Northwest,” Suann Lundsberg, a BNSF spokeswoman, said in an e-mail. “BNSF has safely hauled coal in Washington for decades and is committed to preventing coal dust from escaping while in transit.” The groups seek a court order prohibiting the company from using uncovered rail cars to carry coal and asked that it pay civil penalties and remediation costs and other damages.

Warren Buffet's Charity Lunch Date Sells at a Bargain Price (Daily Finance)

The annual charity auction of a private lunch with billionaire investor Warren Buffett went for just more than $1 million Friday night - a bargain price compared to past years [...] An anonymous donor had the high bid of $1,000,100 when the bidding ended Friday night on eBay. The private audience with investor drew bids of more than $2 million in each of the past five years, including last year's record-setting winning bid of $3,456,789. All proceeds go to the Glide Foundation, which helps the poor and homeless in San Francisco. The nonprofit relies on the auction to provide a significant chunk of its $17 million annual budget.

Bono Sings to Warren Buffett (CNBC)

Warren Buffett was given the inaugural Forbes 400 Lifetime Achievement Award for Philanthropy, but got more than just that honor.

As Randall Lane tells us on Forbes.com, on Wednesday night in New York Buffett got a song from U2's Bono, also a prominent philanthropist, who sang his own Buffettized version of "Home on the Range."

Berkshire Subsidiary News - 5/14/13

Berkshire Hathaway Intrinsic Value Pie Chart (Seeking Alpha)

I linked to this Seeking Alpha article for the terrific pie chart showing where Berkshire Hathaway gets its value from. It nicely shows the relative size of the different parts of the company. The Fool also had a different graphic last week...

Understanding Berkshire Hathaway Stock (Fool)

Berkshire Hathaway is a large, highly diversified conglomerate. So if you want to own Berkshire Hathaway stock, it's crucial that you understand exactly how the company makes money. [...] The composition of Berkshire's earnings is definitely not an exact representation of the composition of the stock's value. But it's a great start for any investor beginning due diligence on Berkshire Hathaway stock.

Berkshire CEOs Spend Quietly, Match Buffett on Heinz Deal (Bloomberg Businessweek)

Warren Buffett stole headlines when he committed $12.1 billion in a deal to take ketchup maker HJ Heinz Co. private this year. Managers at his Berkshire Hathaway Inc. spent as much in 2012 while attracting less attention. Executives who gathered last week for Berkshire’s annual meeting in Omaha, Nebraska, said in interviews that they plan to spend even more this year as they upgrade a rail network and energy utilities, expand manufacturing capacity and hunt for additional acquisitions.

Brewer shoe manufacturer acquired by Berkshire Hathaway company (Bangor Daily News)

Justin Brands Inc. announced on Thursday the acquisition of Brewer-based Highland Shoe Co. LLC. Financial details of the acquisition were not disclosed, but all 35 employees will be retained at the Brewer company [...] Justin Brands said in its release that the Brewer plant will continue its current production level of more than 400 pairs of hand-sewn shoes each week. [...] Highland annually makes around 25,000 shoes by hand for private labels such as Yuketen, Red Wing, Oak Street Bootmakers and Sperry Top-Sider Shoes and “50-60 percent of our shoes get shipped overseas somewhere,” Sutton said last year. It produces casual and dress shoes for men and women.

The last time Berkshire Hathaway bought a Maine shoe business... (Bangor Daily News)

The last time Berkshire Hathaway bought a Maine shoe business was in 1993 — and the business was Dexter Shoe. [...] Beginning in 1998, Dexter began shedding jobs, a bit at a time, citing global competition. Then, beginning in 1999, the company began to shutter its manufacturing facilities: first Milo, then Newport, followed by Skowhegan. A week after the terrorist attacks on 9/11 Dexter Shoe announced it was closing its final manufacturing facility in Maine, the one located in its namesake town of Dexter. Buffett came to regret his purchase of Dexter Shoe, calling it in 2008 “the worst deal that I’ve made.”

No decision yet on MidAmerican Energy nuclear facility (Cedar Rapids Gazette)

“I am getting overwhelming feedback that people aren’t interested in a nuclear plant in Muscatine County,” said Jeff Sorensen, who chairs the Muscatine County Board of Supervisors. “But I don’t know what our role in the process is except to say we don’t want it.” That role? It’s pretty limited, actually. Though the board can speak on behalf of the public, it has no legal authority to approve or prevent a nuclear power plant in Muscatine County. That authority lies with the Nuclear Regulatory Commission, a federal agency.

Berkshire Agrees to Limit DaVita Stake After Weighing Increase (Bloomberg Businessweek)

Warren Buffett’s Berkshire Hathaway Inc., the largest investor in DaVita HealthCare Partners Inc., agreed not to acquire more than 25 percent of the dialysis provider after raising the possibility of increasing its stake. [...] Berkshire held almost 15 million DaVita shares, a stake of about 14 percent, according to data compiled by Bloomberg based on a March filing. Standstill agreements are typically arranged by companies seeking to prevent an unsolicited takeover.

Berkshire Hathaway sells off more Moody's shares, stake down to 11.1% (Economic Times)

Warren Buffett's Berkshire Hathaway Inc sold off another 1.375 million of its Moody's Corp shares in the past three trading days, leaving it with an 11.1 per cent stake in the parent of credit rating agency Moody's Investors Service. Berkshire sold the shares in several transactions on Thursday, Friday and Monday, yielding a total of $84.5 million and leaving it with about 25.3 million shares, according to a regulatory filing on Monday.

Buffett's CEOs: The Women of Berkshire Hathaway (YouTube / Bloomberg Video)

Bloomberg's Betty Liu introduces us to the female CEOs at Berkshire Hathaway companies. They discuss the bond they share, the common obstacles they face and their thoughts on word that the successor to Warren Buffett will be a man... for now. They speak on Bloomberg Television's "In The Loop."

Berkshire News Briefs - 5/13/13

Berkshire Hathaway profits up more than 50% (Financial Times)

Berkshire Hathaway said first-quarter profits had jumped more than 50 per cent from the year-ago period because of insurance gains and overall growth from the $268bn conglomerate’s diverse mix of business. [...] The largest contributor to the rise was insurance underwriting profits of $901m, compared with $54m last year. The rise included a one-off gain of $255m related to amendments to a contract with a unit of Swiss Re. Overall revenues of $43.9bn rose from $38.1bn a year ago.

Berkshire Hathaway's 1st Quarter Press Release and 10Q filing.

The Berkshire Hathaway Q&A (Omaha World-Herald)

During more than five hours of fielding questions from shareholders, journalists and financial experts, Berkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger were asked why they do what they do, what changes they would consider and what the secrets of their success are.

For more detailed notes on the Q&A session, here's an account of it from the Motley Fool BRK-A board.

Warren Buffett's Candy: His Sweet Tooth for See's Candies, Dairy Queen (YouTube / Bloomberg Video)

Bloomberg's Betty Liu profiles the sweet side of Warren Buffett's empire with See's Candies and Dairy Queen as both companies look to expand while keep commodity costs under control. She speaks on Bloomberg Television's "In The Loop."

Berkshire Hathaway Shareholder Meeting Picketed By Utah Coal Miners (Huffington Post)

Dozens of Utah coal miners are picketing outside the Berkshire Hathaway's annual meeting in downtown Omaha. The protesters are members of United Mine Workers of America who work at Deer Creek mine near Huntington, Utah. The mine is run by a subsidiary of Berkshire's MidAmerican Energy Holdings Co. The union's contract expired in January, and the union and company are disagreeing on health care coverage and safety checks.

Berkshire's B-Share Generation (The Street)

Nick Antoine traveled to Berkshire Hathaway's annual shareholder meeting with air miles and lodged in a "dirt cheap" hotel room with a ceiling that leaked water from an overflowing toilet a floor above. The 24 year-old Princeton University graduate was forced to splurge on taxis due to unseasonably cold weather at the May 4 investor gathering in Omaha, Nebraska. [...] Twenty-somethings like Antoine describe the pilgrimage to Omaha as an affirmation of independent thinking in business and investment. Buffett's values and Munger's lucidity also carry an appeal beyond their stewardship of Berkshire and its more than 80 operating subsidiaries. Those youthful shareholders are building in number, according to longtime attendees of Berkshire's meeting. The company has dramatically expanded its investor base since splitting Class B shares, first issued in 1996, by 50-to-1 in 2010.

The Cult of Buffett (Fool Video)

The Berkshire Hathaway annual meeting has reached a cult-like status. People flock from around the world to hear words of wisdom from the Oracle of Omaha. But what did Warren Buffett actually reveal about the inner workings of Berkshire?

Here's How Warren Buffett Disappointed Me (Fool)

The Berkshire Hathaway annual meeting is attended by throngs of Berkshire faithful. For some shareholders at the meeting, it's probably impossible for Berkshire CEO Warren Buffett to ever be wrong in their eyes. If we're being realistic, though, Buffett does indeed have his slip-ups. As partner-in-crime Charlie Munger put it: "Just because Warren thought something years ago doesn't make it a law of nature." With that in mind, I rounded up the team of Fools who attended this year's Berkshire meeting to ask in what ways Buffett disappointed them during the meeting.

25 Surprising Facts About Berkshire Hathaway (Fool)

Berkshire's roots go back more than 174 years to the founding of textile manufacturer Valley Falls Company, which itself merged with Berkshire Cotton Manufacturing Company in 1929. The resulting company merged with Hathaway Manufacturing to create Berkshire Hathaway in 1955.

In 2010, Warren Buffett said he considered Berkshire the "dumbest" stock he ever bought. Why? Because in 1962 he acquired his controlling stake in anger when one of its managers short-changed him in a tender offer to the tune of $0.125 per share. After he fired the manager, Buffett realized he had committed too much of his money to a "terrible" textiles business, which he fought to save for 20 years before giving up. By Buffett's estimation, that mistake cost him more $200 billion in compounded returns.

Berkshire Sells Debt to Buyers Buffett Pities (Bloomberg)

Berkshire Hathaway Inc.’s $1 billion note sale shows that while Chief Executive Officer Warren Buffett may pity investors who’ve stuck with bonds as yields fall to record lows, he’ll sell them as much debt as they want.

The company’s Berkshire Hathaway Finance Corp. sold five-and 30-year securities offering the company’s lowest coupons for those maturities ever.

New book teaches children ABCs of Warren Buffett's Berkshire Hathaway (NDTV)

Two Omaha residents, author Nancy Rips and illustrator Tom Kerr, have teamed up on "My First Berkshire ABC" to teach children about one of the world's best-known companies, and a little about the local billionaire behind it. [...] Most pages show companies that Berkshire owns or invests in. G, for example, is for "Geico," and features the car insurer's talking gecko. And W is for "Wells Fargo", and features the bank's familiar stagecoach.