Group 1 - Warren Buffett has expressed concern over fraudulent videos on YouTube that impersonate him, potentially misleading viewers who are unfamiliar with his actual voice [1] - Buffett has rarely made public comments since the last Berkshire shareholder meeting in May, with a press release scheduled for November 10 that will address philanthropy and other topics of interest to shareholders [2] - Berkshire Hathaway's third quarter earnings release and quarterly report on Form 10-Q will be available on November 1, 2025, at approximately 7:00 a.m. Central time [6] Group 2 - Berkshire Hathaway has announced a definitive agreement to acquire Occidental's chemical business, OxyChem, for $9.7 billion in an all-cash transaction, which is subject to customary purchase price adjustments [7]

Core Insights - Berkshire Hathaway Inc. has a market capitalization of $1.1 trillion and operates in diverse sectors including insurance, freight rail, utilities, energy, manufacturing, and retail [1] Performance Overview - Over the past 52 weeks, BRK.B shares have increased by 10.3%, underperforming the S&P 500 Index which rose by 18.5% [2] - Year-to-date, BRK.B shares are up 7.6%, compared to the S&P 500's gain of 15.1% [2] - BRK.B has also underperformed the Financial Select Sector SPDR Fund (XLF), which returned 13.3% over the same period [3] Financial Results - In Q3 2025, Berkshire Hathaway reported a 33.6% year-over-year increase in operating earnings, reaching $13.49 billion, primarily due to a significant rise in insurance underwriting earnings, which more than tripled to $2.37 billion [4] - Overall net earnings increased by 17.3% year-over-year to $30.8 billion, with a record cash reserve of $381.67 billion and no share buybacks [4] Earnings Expectations - For the fiscal year ending December 2025, analysts project a 6% year-over-year decline in EPS to $20.68 [5] - The company's earnings surprise history is mixed, with two beats and two misses in the last four quarters [5] Analyst Ratings - Among seven analysts covering BRK.B, the consensus rating is a "Moderate Buy," consisting of three "Strong Buy" ratings and four "Holds" [5] - This rating configuration has improved slightly from three months ago, when there were only two "Strong Buys" [6] Price Targets - UBS raised its price target for Berkshire Hathaway to $595 while maintaining a "Buy" rating [7] - The mean price target of $537.25 indicates a 10.2% premium to the current price, while the highest target of $595 suggests a potential upside of 22% [7]

Core Insights - Diamond Hill Capital's "Select Fund" underperformed the Russell 3000 Index in Q3 2025, returning 4.98% compared to the index's 8% gain [1] - The fund initiated four new positions in Q3, including Berkshire Hathaway Inc., indicating a focus on companies with long-term growth potential despite market trends [3] Company Highlights - Berkshire Hathaway Inc. (NYSE:BRK-B) had a one-month return of -3.51% and a 52-week gain of 6.12%, closing at $478.52 per share with a market capitalization of $1.03 trillion on October 30, 2025 [2] - The number of hedge funds holding Berkshire Hathaway increased from 125 to 133 in the second quarter, reflecting its popularity among institutional investors [4] - Despite its strong franchise, some analysts suggest that certain AI stocks may offer greater upside potential and lower downside risk compared to Berkshire Hathaway [4]

Core Insights - Berkshire Hathaway, led by Warren Buffett since 1965, has delivered nearly 20% compounded annual returns, turning a $100 investment into over $5.5 million today [1] - The company is undergoing a leadership transition, with Buffett set to step down at the end of 2025, while maintaining a diversified portfolio and a significant cash reserve for future investments [2][9] Business Operations - Berkshire Hathaway operates a diversified group of businesses across major sectors, including insurance, freight rail transportation, and utilities [5] - Core businesses include GEICO, Berkshire Hathaway Reinsurance Group, Burlington Northern Santa Fe railroad, and Berkshire Hathaway Energy, along with various manufacturing, service, and retail operations [6] Insurance Operations - A significant aspect of Berkshire's operations is its insurance businesses, which generate "float"—a pool of premiums that can be invested before claims are paid, providing a low-cost capital source [7] - The float has grown to approximately $171 billion by the end of 2024, allowing for substantial investment opportunities [7]

Core Insights - Berkshire Hathaway Inc. has announced a definitive agreement to acquire Occidental's chemical business, OxyChem, for an all-cash transaction value of $9.7 billion, expected to conclude in Q4 2025 [1][2]. Group 1: Acquisition Details - The acquisition involves OxyChem, which manufactures essential commodity chemicals used in water treatment, pharmaceuticals, healthcare, and both commercial and residential development [2]. - OxyChem will become an operating subsidiary within Berkshire Hathaway, enhancing its portfolio of diverse businesses [3]. Group 2: Company Overview - Berkshire Hathaway Inc. is a multinational company engaged in various sectors, including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services, and retailing [3].

Group 1 - Artisan Partners' "Artisan Select Equity Fund" reported returns of 6.77%, 6.76%, and 6.80% for its Investor Class, Advisor Class, and Institutional Class respectively in Q2 2025, underperforming the S&P 500 Index which returned 10.94% [1] - The fund highlighted Berkshire Hathaway Inc. as a key stock, which had a one-month return of -0.59% and an annual gain of 8.64%, with a closing stock price of $500.03 and a market capitalization of $1.079 trillion as of September 18, 2025 [2] - Berkshire Hathaway's share price declined by 9% in Q2 2025, attributed to Warren Buffett's announcement of his CEO transition to Greg Abel, indicating a shift in focus from capital allocation to operational performance under Abel's leadership [3]

Group 1 - Berkshire Hathaway Inc. ended its 17-year stake in BYD, with the investment growing more than 20 times since its entry in 2008 [2] - The management of Berkshire expressed gratitude for the partnership, while BYD's adviser emphasized that the sale was a reflection of Berkshire's disciplined investment approach [2] - TD Cowen reduced its price target on Berkshire Hathaway from $485 to $479, maintaining a 'Hold' rating, indicating cautious sentiment around the stock [3] Group 2 - Berkshire Hathaway operates in various sectors including insurance, freight rail transportation, and utilities [4] - There is a belief that certain AI stocks may offer greater upside potential and carry less downside risk compared to Berkshire Hathaway [4]

Fund Performance - Peterson Investment Fund I experienced a decline of 10.1% in Q2 2025, while the S&P 500 gained 10.9% including dividends [1] - Year-to-date, the fund has returned 13.6% net to investors, outperforming the S&P 500's 6.2% return [1] - Since inception nearly 13.75 years ago, the fund has turned a $1 million initial investment into $4.2 million net of fees, representing an annualized return of 10.9% [1] Investment Strategy - The fund's long-term performance is attributed to a disciplined, value-based, and research-driven strategy [1] - Management emphasizes alignment with investor interests as a key component of their approach [1] Company Highlight: Berkshire Hathaway Inc. - Berkshire Hathaway Inc. (NYSE:BRK-B) shares rose by 1.07% over the past month and gained 9.44% over the last 12 months [3] - As of September 22, 2025, Berkshire Hathaway Inc. shares closed at $493.71, with a market capitalization of $1.074 trillion [3] - Warren Buffett announced the natural succession of leadership at the 2025 Annual Meeting, with Vice Chairman Greg Abel taking over day-to-day responsibilities effective January 1, 2026 [4]

Group 1: Market Overview - The US large-cap equity market experienced significant growth in Q2 2025, with the S&P 500® Index increasing by 10.94% [1] - The surge in the equity market was attributed to reduced concerns regarding the potential imposition of harsh tariffs by President Trump, as the administration paused tariff implementation [1] Group 2: Macquarie Core Equity Fund Performance - The Macquarie Core Equity Fund's Institutional Class achieved a return of 11.94% in Q2 2025, outperforming the S&P 500 Index [1] - Sector selection contributed to 80% of the fund's relative performance, while individual security selection accounted for the remaining 20% [1] Group 3: Berkshire Hathaway Inc. Insights - Berkshire Hathaway Inc. (NYSE:BRK-B) was highlighted in the Macquarie Core Equity Fund's investor letter, noting a one-month return of 0.31% and a 52-week gain of 7.73% [2] - As of September 18, 2025, Berkshire Hathaway Inc. shares closed at $490.50, with a market capitalization of $1.059 trillion [2] - The fund expressed concerns regarding Berkshire Hathaway's future leadership following the death of Charlie Munger and Warren Buffett's impending retirement at the end of 2025, indicating a shift in the company's investment profile [3] Group 4: Hedge Fund Interest in Berkshire Hathaway - Berkshire Hathaway Inc. ranked 15th among the 30 Most Popular Stocks Among Hedge Funds, with 133 hedge fund portfolios holding the stock at the end of Q2 2025, up from 125 in the previous quarter [4] - Despite recognizing Berkshire Hathaway's potential, the analysis suggested that certain AI stocks may offer greater upside potential and lower downside risk [4]

Core Viewpoint - Rockland Trust Co has reduced its stake in Berkshire Hathaway, selling 50,487 shares for $25.66 million, which reflects ongoing portfolio rebalancing while Berkshire remains a core holding for many institutional investors [2][7]. Company Overview - Berkshire Hathaway has a market capitalization of $1,033.0 billion and reported a trailing twelve months (TTM) revenue of $383.9 billion and net income of $80.9 billion as of July 10, 2025 [4]. - The company operates as a diversified holding company with substantial operations in insurance, transportation, energy, and manufacturing, serving individuals, corporations, and government entities globally [5]. Financial Metrics - As of June 30, 2025, Berkshire Hathaway's remaining position in Rockland Trust Co's portfolio is valued at $10.8 million, representing 0.5% of the fund's 13F assets [2]. - The stock closed at $478.27 on July 10, 2025, reflecting a 16.5% increase over the past year, with a forward price/earnings ratio of 27.7 and an EV/EBITDA of 9.5 [3][4]. - The five-year revenue compound annual growth rate (CAGR) for Berkshire Hathaway is 7.9% [3]. Leadership Transition - Warren Buffett will step down as CEO at the end of 2025, which has contributed to a nearly 9% decline in shares over the past three months [6]. - Incoming CEO Greg Abel has been instrumental in expanding the company's non-insurance portfolio, particularly in energy and utilities, and Berkshire Hathaway holds nearly $350 billion in cash and short-term investments for future growth opportunities [8]. Investment Outlook - Despite the leadership change, Berkshire Hathaway is expected to maintain its investment philosophies under Greg Abel, suggesting that the stock remains a long-term buy [9].