Berkshire Hathaway’s 2023 annual meeting is coming up on Saturday and many of you are traveling to Omaha over the next couple of days. This year, it looks like there is a 1970s vibe in the guide provided to shareholders. Events begin on Friday and continue throughout the weekend. Those of us who are not attending in person can watch the Q&A session and business meeting which will be webcast live by CNBC.

Warren Buffett and Charlie Munger make up for Berkshire’s lack of quarterly earnings calls and their relative silence during most of the year by making themselves available for five hours of questioning at every annual meeting. Vice Chairmen Greg Abel and Ajit Jain will also be available to answer questions during the morning session.

Longtime readers know that I often write about Berkshire Hathaway and many of you have read some or all of the articles I am linking to below. However, the number of subscribers of The Rational Walk has doubled over the past year so I figure that many readers might benefit from some of the information contained in these articles. I also maintain a resource page for Berkshire with articles dating back to 2009.

I am planning to write two articles about Berkshire following the annual meeting:

• Thoughts on the Q&A Session. Last year, I wrote a long Twitter thread during the annual meeting and posted my top ten highlights with additional details. I am not sure if I will tweet or post on Substack Notes during the meeting (doing so can take my attention away from the meeting) but I am planning to write an article with my thoughts about the Q&A session later on Saturday or on Sunday.

• Berkshire’s Q1 2023 Results. Berkshire is expected to post a press release and the 10-Q on Saturday morning. I am planning to write an article about the company’s results on Sunday or sometime early next week.

Both articles will have a preview for all readers but full access will be restricted to paid subscribers. My philosophy regarding previews is that they must provide value on a stand-alone basis for everyone. Hopefully that will be the case and readers who are interested in more details will have the option of purchasing a subscription. 

Longtime readers may recall that The Rational Walk used to have a paid subscription offering which was discontinued in January. I recently wrote about my new business model for paid subscriptions. If you find value in the links provided below, I think you will benefit from a paid subscription. Paid subscriptions send a clear “market signal” about the value of the content and help to support ongoing efforts. 

Thanks for reading!

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The following articles appear in reverse chronological order:

• Berkshire Hathaway’s Class B Discount, April 27, 2023. In recent weeks, Berkshire’s Class B shares have been placed on the discount rack relative to Class A shares. Are there opportunities to profit from this situation?

• Berkshire Hathaway Annual Meeting Questions, April 22, 2023. I submitted questions to Becky Quick regarding voting control, repurchase taxes, and Apple’s exposure to China related to geopolitical risks. 

• Berkshire Hathaway’s 2023 Proxy Statement, March 18, 2023. Berkshire’s proxy statement is just nineteen pages long, a tiny fraction of the length of the typical proxy. I discussed several aspects of the proxy in this article.

• Berkshire Hathaway’s Fixed Maturity Portfolio, March 16, 2023. Recent bank failures raise questions about how Berkshire Hathaway and other insurers account for fixed maturity investments. 

• Berkshire Resumes Occidental Purchases, March 8, 2023. After a five month hiatus, Warren Buffett spent $354.5 million in early March to bring Berkshire’s ownership interest in Occidental Petroleum to 22.2%. This article contains an Excel download of all of Berkshire’s OXY purchases.

• Political Risks for Railroads, March 3, 2023. The derailment in East Palestine, Ohio has negative implications for the industry. Berkshire Hathaway’s ownership of BNSF could be an advantage as politicians and regulators pursue reforms.

• Warren Buffett’s 2022 Letter to Shareholders, February 26, 2023. In his annual letter, Warren Buffett comes out swinging at “economic illiterates” and “demagogues” who mischaracterize stock repurchases, among many other topics.

• Berkshire Hathaway as an Income Stock?, February 17, 2023. Warren Buffett has explained how shareholders can generate income from Berkshire shares despite the company not paying dividends but investor psychology can be an impediment.

• Daily Journal Corporation Profile, January 24, 2023. This is not about Berkshire, but it is relevant when it comes to Charlie Munger. I wrote a detailed report on Daily Journal and I think Berkshire shareholders will benefit from reading it.

• Damn Right! — Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, January 1, 2023. This is a book review of the only full-length biography of Charlie Munger. I posted it on Charlie’s 99th birthday.

• The Progressive Corporation, December 21, 2022. This is a detailed profile of Progressive, the third largest private passenger auto insurer in the United States and GEICO’s most formidable competitor. The troubles in the auto insurance industry are discussed along with the rivalry between Progressive and GEICO.

• The Case for Splitting Berkshire’s Class A Shares, November 21, 2022. I made the case that Berkshire should consider splitting the Class A shares, not because doing so has any impact on intrinsic value but because I think it might preserve voting power for individual shareholders in the decades to come.

• A Closer Look at Berkshire’s Operating Income, November 7, 2022. I wrote this article after Berkshire released third quarter 2022 results with a focus on operating income and a closer look at GEICO’s recent problems.

• Costco Wholesale Corporation, October 25, 2022. This has nothing to do with Berkshire but given Charlie Munger’s presence on Costco’s board and his longtime enthusiasm for the company as an exemplar, I am including the link. This is a very detailed profile of Costco and the warehouse club industry. 

• Greg Abel’s Bet on Berkshire Hathaway, October 7, 2022. Berkshire’s heir apparent as CEO has put to rest concerns regarding his long-term intentions and alignment of incentives with shareholders. Note that Mr. Abel has increased his stake in Berkshire since this article was published. 

• Union Pacific Corporation, September 26, 2022. This is a very detailed profile of Union Pacific, the primary competitor of Berkshire’s BNSF subsidiary.

• Dempster Mill Manufacturing Company, August 29, 2022. One of Warren Buffett’s early investments influenced his approach to turnaround situations.

• Burlington Northern Santa Fe, August 25, 2022. This is a detailed profile of BNSF, one of Berkshire Hathaway’s most important subsidiaries. 

• Berkshire’s Ownership of Occidental Exceeds 20%, August 11, 2022. A look at how treatment for 20% positions has varied over the years, as we can see from the cases of BNSF, Moody’s, DaVita, Kraft Heinz, and American Express.

• Berkshire Hathaway’s Q2 2022 Results, August 8, 2022. A recap of second quarter 2022 results focusing on GEICO, repurchases, and Greg Abel’s BHE sale.

• Berkshire Hathaway’s Distorted Quarterly Results, August 7, 2022. A guide to shareholders who are confused by the media’s treatment of Berkshire’s quarterly results which are regularly distorted by wild swings in net income.

• Buffett’s Bet on Occidental Petroleum, July 21, 2022. Berkshire’s stake could soon surpass a key level with important implications. Could this be a prelude to Buffett making an offer to acquire the company?

• Buffett’s Philanthropic Record, June 15, 2022. This article examines seventeen years of Warren Buffett’s donations to five foundations. Mr. Buffett’s record of philanthropy is unparalleled but has some implications for shareholders.

• DaVita: An Essential Provider of Dialysis Services, May 20, 2022. This is a detailed profile of DaVita, one of the positions known to be part of Ted Weschler’s portfolio. At the time of this article, Berkshire owned 38% of DaVita.

• Does it Make Sense for Berkshire Hathaway to Acquire Markel Corporation?, April 15, 2022. Berkshire’s acquisition of Alleghany raises interesting questions regarding the possibility of further acquisitions in the insurance industry.

• What Does Buffett See in Alleghany?, March 21, 2022. Some thoughts on the Alleghany acquisition when it was first announced in March 2022. The acquisition closed in the fourth quarter of 2022.

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Long Berkshire Hathaway.