Another Year Of Berkshire... (Issue #50)
Welcome To The 50th Edition Of This Newsletter!
Berkshire Hathaway (NASDAQ: BRK.B — $671.69b) is not a holding in the Pillars and Profits Portfolio, however, it is similar to many of the companies in the portfolio and you can’t have a conversation about high-quality investing without at least one of Buffett or Munger’s ideas coming up.
As many investors know the Berkshire Annual Report was just released. Here were some of my takeaways:
Berkshire’s float continues to increase as it’s now $164b from $147b last year. And as Buffett Says:
With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire.
At the end of 2022, Berkshire is the largest shareholder of eight global brands including Paramount Global, American Express, Occidental Petroleum, Bank Of America, Chevron, Moody’s, Coca-Cola, and HP Inc. This does not include their completely owned brands like See’s Candy and many more.
Berkshire seems to be the only company that can be a boring holding even in confusing or eventful times. Whether you see it as a long-term growth opportunity or not there is value in consistent and boring holdings. Safety and security are very underrated by many investors.
To see the full portfolio and watchlist and the linked deep dives go here.
Portfolio:
Watchlist:
Meme Of The Week:
Insight Of The Week:
Until Thursday,
Soren