Berkshire Hathaway - Berkshire Hathaway's investment portfolio continues to generate gains, but the company is facing challenges in finding significant investment opportunities for its growing cash reserves, as it sells more equities than it purchases each quarter [1] - The insurance business has shown solid results in 2025, with third-quarter underwriting earnings rising to $3.2 billion from $1 billion in Q3 2024, offsetting earlier declines in earnings [2] - Shares of Berkshire Hathaway are currently trading at about 1.55 times book value, which is above the historical average but lower than early 2025 highs, reflecting a more balanced valuation following Buffett's retirement announcement [7] Gates Foundation - The Gates Foundation has shifted its investment strategy, with approximately 60% of its $37 billion portfolio now invested in non-tech companies, following the sale of about two-thirds of its Microsoft shares [4][22] - Bill Gates plans to donate 99% of his remaining wealth over the next 20 years, with a current net worth of about $100 billion [5] Waste Management - Waste Management is a long-held security in the Gates Foundation trust, benefiting from its recession-resistant business model and competitive advantages, including a significant number of active landfills [8][9] - The company reported a 32% adjusted operating margin last quarter, indicating strong pricing power and operational efficiency [10] - Waste Management has expanded into medical waste disposal through its acquisition of Stericycle, which is expected to grow significantly due to the aging U.S. population [11] Canadian National Railway - Canadian National Railway connects key regions in Canada and the U.S., benefiting from economies of scale and significant barriers to entry in the railroad industry [14][15] - The company has been able to steadily raise prices and grow contract volume, achieving an operating margin of 38.6% last quarter [15] - Despite slow revenue growth, free cash flow increased by 14% in the first nine months of the year, with expectations for further improvements in 2026 [17][18]

Core Insights - The COVID-19 pandemic prompted a significant shift in the waste industry, leading to the sale of Curbside's hauling business and the establishment of CurbWaste, a digital operations platform focused on enhancing waste management services [1][2][3] Company Overview - CurbWaste was founded after the sale of Curbside, which primarily handled construction and demolition (C&D) waste, due to pandemic-related shutdowns [1][3] - The company raised its first seed round in 2022 and has since grown to employ 55 people, with plans for further hiring as financial backing increases [3][4] Funding and Growth - CurbWaste recently announced a $28 million Series B fundraising round, bringing total funding to $50 million, led by Socium Ventures [4] - The funding will be utilized to enhance artificial intelligence features, providing customers with better insights into their internal data [4] Customer Base and Services - CurbWaste currently serves around 150 haulers across approximately 40 states, with customer operations ranging from 5 to 200 vehicles [5] - The company aims to deepen its service offerings rather than expand geographically, focusing on partnerships with family-run haulers [5][6] Business Philosophy - CurbWaste emphasizes a customer-focused approach rather than a growth-at-all-costs strategy, prioritizing trust and service quality [6] - The platform aims to transition haulers from traditional operations to digital solutions, offering tools for order management, inventory tracking, automated invoicing, and more [6]

Core Insights - The waste management industry is largely reliant on traditional sales methods, presenting an opportunity for innovation through technology [2][3][4] - CommanderAI was launched to provide a tailored CRM and sales prospecting platform specifically for the waste management sector and related industrial services [2][3] - The U.S. waste management industry generated over $100 billion in revenue in 2024, indicating a significant market size and potential for disruption [5] Company Overview - CommanderAI aims to fill the gap in the waste management industry by offering a platform that utilizes AI to gather and segment customer data effectively [4][5] - The platform is designed to be user-friendly and aligned with the specific contract types used in the waste management sector, differentiating it from more complex solutions like Salesforce or HubSpot [3][5] - The approach of CommanderAI is to enhance existing sales processes rather than replace sales teams, promoting efficiency without altering established methods [6]