Core Insights - Bruker reported quarterly earnings of $0.59 per share, missing the Zacks Consensus Estimate of $0.65 per share, and down from $0.76 per share a year ago, representing an earnings surprise of -9.23% [1] - The company posted revenues of $977.2 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.12%, but down from $979.6 million year-over-year [2] - Bruker shares have declined approximately 9.9% since the beginning of the year, contrasting with the S&P 500's gain of 1.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.37 on revenues of $785.22 million, and for the current fiscal year, it is $2.11 on revenues of $3.45 billion [7] - The estimate revisions trend for Bruker was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Instruments - Scientific industry, to which Bruker belongs, is currently in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Core Insights - Warren Buffett emphasizes that fear is a costly force in investing, often leading to hasty decisions when patience is more beneficial [1][2] - Active trading and high-frequency strategies are frequently detrimental, as highlighted by Buffett's warning against selling quality businesses during periods of fear [1] - The market often sees a transfer of ownership from fearful investors to those who remain patient during volatile times [2] Market Behavior - Investors tend to sell during spikes in volatility, not due to changes in business outlook, but because of discomfort with uncertainty [2] - Scary news can create investment opportunities, as prices may disconnect from intrinsic value during periods of high uncertainty [3] Investment Philosophy - Berkshire Hathaway's approach to crises is shaped by the understanding that earnings will be volatile, and the focus should be on avoiding permanent loss rather than short-term pain [4] - Selling during panic can lead to two mistakes: buying without conviction and selling when future returns are likely to be highest [5] - Most long-term investment failures are attributed to poor behavior surrounding fundamentally sound businesses rather than the businesses themselves [5]

Warren Buffett never thought Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) should pay a dividend. In his 60-plus years as CEO, the board only approved a single dividend payment to shareholders (in 1967). Buffett jokes that he must have been in the restroom when they took that vote. On the other hand, he loved buying stocks for the conglomerate's portfolio that paid consistent and growing dividends. Quite a few of those remain in Berkshire's marketable equity portfolio today. Two of them look poised to ra ...

Berkshire Hathaway - Berkshire Hathaway's insurance business has shown strong performance, with underwriting earnings increasing by 3% in the first nine months of 2025 despite challenges from California wildfires [1] - The transition of leadership from Warren Buffett to Greg Abel is expected to maintain the operational excellence of the company, as Buffett has left Abel with a robust portfolio of businesses and equity stakes [2][3] Gates Foundation and Berkshire Shares - The Gates Foundation continues to hold a significant amount of Berkshire Hathaway shares, with 21.8 million shares valued at approximately $11 billion as of the end of the third quarter [3] - Buffett's annual donations to the Gates Foundation include substantial amounts of Berkshire shares, with last year's donation being 9.4 million Class B shares [4] Investment Strategy - The Gates Foundation's investment strategy is heavily focused on value stocks, with 59% of its marketable equity portfolio concentrated in just three stocks [5] - The foundation's holdings include WM (Waste Management) and Canadian National Railway, both of which are long-term investments that provide steady returns [9][13] WM (Waste Management) - WM holds a dominant position in the waste disposal industry with over 260 landfill locations, benefiting from regulatory barriers that limit competition [10] - The company reported an adjusted operating margin of 31.5% in 2025, an increase from 30% in 2024, and expects further margin expansion in 2026 [11] - Despite a disappointing revenue growth outlook of 5.2% for 2026, WM is focusing on operational improvements to enhance profitability [12] Canadian National Railway - Canadian National Railway is another key holding for the Gates Foundation, with 51.8 million shares valued at about $5.1 billion [13] - The company experienced a 2% revenue increase in 2025, driven by record grain transport volumes, despite challenges from tariffs affecting import volumes [14] - Management has authorized a share repurchase program and is reducing capital expenditures, which should support earnings growth and free cash flow [15][16] Investment Insights - The Gates Foundation's investment approach emphasizes owning a small number of high-quality companies, which can lead to significant long-term wealth accumulation [18] - Berkshire Hathaway shares are currently trading at around 1.55 times book value, which is considered a fair price, but not necessarily a bargain [8]

Core Viewpoint - The article discusses the historical performance of gold versus stocks, particularly in the context of Warren Buffett's long-standing criticism of gold as an investment, highlighting that an investment in the S&P 500 significantly outperformed gold over the decades. Group 1: Buffett's Critique of Gold - Buffett argues that gold has historically underperformed compared to the stock market, using a comparison of investments made in 1942 [4][5] - An investment of $10,000 in the S&P 500 in 1942 would have grown to $51 million by 2018, while the same amount in gold would have only increased to approximately $400,000 [5][6] - Buffett describes gold as a "do-nothing investment," emphasizing that it does not produce any value or returns over time [6] Group 2: Recent Performance of Gold - An analysis of investing $10,000 in gold through the SPDR Gold Shares ETF since Buffett's 2018 critique shows that the investment would have increased roughly 3.5 times, outperforming the S&P 500 ETF, which would have grown to about $25,390 [10] - The article notes that Buffett's skepticism about gold has been challenged by its recent performance, suggesting that he may have been wrong in the short term [11] Group 3: Historical Context and Long-term Perspective - Buffett has consistently criticized gold investments, with similar arguments made in 2011, where a $10,000 investment in gold would be worth approximately $29,000 today, compared to $49,700 for the S&P 500 ETF [12] - The article concludes that while Buffett may have been incorrect in the short term regarding gold, his long-term investment philosophy generally holds true [12]

Core Viewpoint - The bond market is signaling a potential rise in inflation, which may influence the Federal Reserve's decisions, particularly following President Trump's nomination of Kevin Warsh as the next Fed chair [1][3]. Bond Market Insights - Shorter-duration U.S. Treasury bond yields have decreased, while longer-dated yields have increased, resulting in a bear steepening yield curve [2]. Investment Opportunities 1. Berkshire Hathaway - Berkshire Hathaway is well-positioned to handle increased market volatility under Warsh's leadership, with a record cash position of approximately $382 billion, primarily in short-term U.S. Treasuries [5][6]. - The company can continue to earn attractive yields on its Treasury holdings if short-term rates remain steady while long-term rates rise [6]. - Berkshire's insurance businesses could benefit from higher long-term yields, as they invest collected premiums in bonds [9]. 2. Vertex Pharmaceuticals - Vertex Pharmaceuticals is an exception to the negative impact of rising long-term bond yields on growth stocks, as it generates significant cash flow and does not require borrowing for operations [10]. - The company had a cash stockpile of $12 billion as of September 30, 2025, providing financial stability [10]. - Vertex's unique position in the cystic fibrosis market and potential drug approvals could drive stock performance, independent of broader market conditions [12][13]. 3. Walmart - Walmart is recognized as a safe haven during market volatility, benefiting from increased consumer focus on spending due to rising long-term Treasury yields [14]. - The company could see increased foot traffic as consumers seek lower prices amid inflationary pressures, despite potential cost increases [16].

Core Insights - Berkshire Hathaway is transitioning leadership from Warren Buffett to Greg Abel, raising investor concerns about the company's future performance [2][5] - Buffett's long tenure has set high expectations for Abel, who is expected to maintain the company's legacy of excellence [2][6] Leadership Transition - The succession plan has been a topic of interest for shareholders, with Buffett and Charlie Munger previously assuring investors that a plan was in place [5] - In 2021, Berkshire's board unanimously supported Abel as Buffett's designated successor, indicating a structured transition [5] Financial Position - Berkshire Hathaway has positioned itself financially for Abel's leadership, accumulating a record cash reserve of $382 billion by the end of 2025 [7] - This substantial cash reserve provides Abel with significant flexibility for capital allocation, including potential acquisitions or share repurchases [8] Investment Strategy - Analysts suggest that Abel may consider strategies that were previously unthinkable under Buffett, such as initiating dividends for shareholders [8] - Despite not adding Berkshire stock to a specific portfolio, the company remains a top individual stock holding, indicating confidence in its long-term value [10] Market Performance - Berkshire Hathaway's market capitalization stands at $1.1 trillion, with a current stock price of $507.92 and a gross margin of 24.85% [9] - The company often performs well when tech-focused peers struggle, providing stability for long-term investors [11]

Core Viewpoint - Warren Buffett prefers share buybacks over dividends under specific conditions, particularly when shares are undervalued relative to their book value [5][11]. Group 1: Historical Context - In 1967, Warren Buffett regretted agreeing to pay a dividend, which cost the company $101,733, a sum he believed could have been better reinvested [2]. - Following this, Buffett offered a 7.5% debenture to shareholders in exchange for their stock, which 32,000 investors accepted, effectively filtering out those seeking immediate income [4]. Group 2: Preference for Dividends - Despite his reluctance to issue dividends from Berkshire Hathaway, Buffett values dividends from companies in which Berkshire invests, referring to consistent dividend growth as "the secret sauce" for substantial returns [5]. Group 3: Tax Implications and Buybacks - Taxation laws favor long-term holding periods, with both dividends and capital gains taxed at a rate of 0% to 20% for long-term investors, making share buybacks more advantageous in the long run [6]. - Shareholders only incur tax upon selling for a capital gain, with rates capped at 20%, and potentially lower for certain income brackets [6]. Group 4: Buybacks as a Strategy - Buffett has stated that share buybacks are "probably the best use of cash" when shares are repurchased below the company's value, as seen in Apple's $100 billion buyback program in 2018 [8]. - Conversely, poorly executed buybacks can lead to significant losses for investors, as illustrated by Sears' $6 billion share repurchase in 2005, which resulted in a 99% decline in share value [9][10]. Group 5: Criteria for Buybacks - Buybacks are considered shareholder-friendly if shares are repurchased below book value, with Buffett's guideline being to buy back shares when trading below 1.2 times book value [11].

COLUMBUS, Ohio, Feb. 6, 2026 /PRNewswire/ -- The NetJets Association of Shared Aircraft Pilots (NJASAP) applauds Congress for advancing essential investments in aviation safety, stabilizing Federal Aviation Administration (FAA) operations and reinforcing the integrity of the National Airspace System (NAS) as part of the Consolidated Appropriations Act, 2026, H.R. 7148. The act includes several provisions of note to the 3,700-plus pilots who fly in the service of NetJets Aviation, Inc., a Berkshire Hathawa ...

Warren Buffett stepped down as CEO of Berkshire Hathaway ( NYSE:BRK-A )( NYSE:BRK-B ) at the end of 2025, ending a legendary career of more than 60 years that turned a failing textile company into a conglomerate worth over $1 trillion and earned him the nickname the "Oracle of Omaha. ...