Berkshire’s 2026 annual shareholder meeting: Watch the full afternoon session

0:00 Welcome back.

0:01 I hope you enjoyed the break.

0:02 Uh Becky Warren, thank you for that exceptional interview.

0:06 Appreciate that.

0:15 Katie and Adam, great to have you on stage.

0:18 I would note both the videos were um extremely

0:22 well done in that it gives us a great understanding

0:24 of your businesses but also you as leaders and I'm

0:30 just going to start with a question for each of you.

0:33 Um and then we'll go to the uh back to the question and answer.

0:39 I think Katie you well I know you did you heard me speaking earlier.

0:43 Um, I talked to our owners and and shareholders

0:46 around our operating performance and where we are.

0:50 Highlighted we were in fifth of sixth last year.

0:54 We've now moved to fourth and and we need to see

0:58 we and we also talked about needing significant improvement, a step change.

1:03 But the one thing I didn't really touch on is I

1:07 started talking about the the the getting to that next level.

1:11 But as you touched on, you have 35,000 employees and to move

1:16 the organization to look externally and recognize where do we go?

1:21 How do you take on that challenge?

1:24 Yeah, thank you, Greg.

1:25 And first of all, thank you for the opportunity

1:27 to speak today and talk about our great company.

1:30 It's a pleasure to do that, Greg.

1:32 So, thank you.

1:32 You know, we absolutely recognize that it's

1:36 important for us to run an efficient operation,

1:40 to have a competitive cost structure,

1:43 and to continue to further close the gap between us and our competitors.

1:48 You know, we have an exceptional leadership team in place

1:52 that understands the importance of aligning the entire organization,

1:57 as you said, Greg, the 35,000 men and women of BNSF,

2:01 aligning them around that operational excellence.

2:05 You saw that we made progress, as Greg said, in 2025.

2:10 We continued to make progress in the first quarter of 2026,

2:15 but we know that we have more work to be done

2:18 to drive that operational excellence across all areas of our company.

2:23 Thank you, Kitty.

2:25 And then Adam, when I was uh discussing your new role and thank you for taking

2:31 on that role and and as you and and also

2:34 retaining your role at NetJets as the CEO there.

2:38 So, uh, a lot on your plate and and all of us here appreciate that.

2:43 Um, but it's early going.

2:45 You've been in the role since December as the president

2:48 of consumer uh products and then uh service and retailing.

2:55 What what are your observations as your your early observations

2:59 uh across the 32 companies and how are you approaching that?

3:03 Yeah.

3:03 and talking to the different CEOs.

3:05 I um if you give me just one second before I answer,

3:08 I just want to make just one brief comment.

3:12 Uh really to both Warren and and Greg,

3:15 um I have been CEO of MedJets for the last 10 years,

3:18 but I I've been with Ned JJets.

3:20 This is my 30th year there.

3:21 So only at Berkshire could you feel like the new

3:24 kid on the block after being here for 30 years.

3:26 But um you know, Warren has taught us a lot.

3:30 Charlie's taught us a lot.

3:31 Greg's taught me a lot.

3:33 Um, one of the things they that they've said over and over is is that, hey,

3:37 bad news takes the elevator and good news takes the stairs.

3:42 And I really understood that many many years ago.

3:45 And until I became CEO, I found myself uh on the elevator a few times.

3:50 And what they never told me was what happens after you get on that elevator.

3:55 And I just want to point out as the CEO for the last 10 years,

3:59 there's been many times I've had to make calls on things.

4:02 We run a big business and I simply want

4:05 to say that what happens after that is you

4:07 have the most unconditional support and I echo uh

4:10 all the CEOs that that are in this portfolio.

4:13 So I just want to say thank you for that because it's not

4:16 easy delivering sometimes good or bad news but uh it's been phenomenal support.

4:20 Um, as it relates to the actual the other 31 CEOs in our bucket, um,

4:27 I have to sort of start with conversation with NetJets because

4:30 people have been asking me a lot in the last 5 months.

4:33 So, you're still CEO of NetJets,

4:35 but how are you going to take on this other role

4:37 and I I think the journey starts with with the team at NetJet?

4:41 So, many of them are here and they're they're incredible.

4:44 I spent a lot a lot of time over the last 10 plus years with them.

4:48 I sat up in that stage in the arena in May

4:52 of 2010 and it was a hard thing to hear

4:54 but it was the truth and Warren talked about netjets

4:57 and stated that it was his toughest mistake that year

5:00 and but for the backing of Bergkshire that we would

5:04 have been bankrupt and I don't like repeating those words

5:07 and probably shouldn't do it in front of an entire room

5:09 but it's an important pause because then you have two choices.

5:12 What are you going to go go do?

5:14 And so the team that's sitting with me today and many people back home,

5:18 um I do think we have a wonderful

5:20 company as Warren talked about with Charlie in 2023.

5:23 And I just want to say to them,

5:26 uh thank you because it's been a rough road to do that and we've

5:29 accomplished a lot which gets me in to answer your question and and I

5:34 you know I be honest with you so thank god I have NetJets

5:36 because I was able to fly around and see a lot of these companies.

5:40 Unfortunately all 31 companies are not based out of Columbus, Ohio.

5:44 So, I've been on our airplanes a lot.

5:46 Um, and if I'm honest, I was a little concerned about it.

5:50 Uh, many of the CEOs had reported directly to Warren.

5:55 Um, all of them reported to Bergkshire and then here comes this guy,

5:59 you know, that they're now going to be uh, working with.

6:02 And I will tell you,

6:03 one of the things that that struck me is how um, wise the CEOs are.

6:09 They have the energy, intelligence, integrity that Warren always talks about.

6:13 But I say wise because my concerns were quickly allayed when I

6:16 started talking to them in the sense that they they've been listening.

6:21 I know many in this room don't know the names of those 31 other CEOs,

6:26 but they know you and they've been listening.

6:29 Um they absolutely understand uh the playbook

6:32 that is the uh the ownership manual.

6:34 By the way, this is the almost today the 30th anniversary.

6:38 Warren wrote the owner's manual and in that was sort of our business

6:43 bible on what we needed to do and I was really

6:46 pleased every one of our CEOs understands that they've been living that um

6:51 and that's going to make the interaction uh much easier for me.

6:55 So uh I feel really good.

6:57 I feel really good about the form of the CEOs

6:59 that we have and I know that they have ingrained

7:01 in them the culture part of the culture certainly is

7:04 the ownership thinking but the stewardship that that is talked about.

7:08 We feel a massive and deep responsibility

7:10 to carry on the stewardship and the legacy

7:13 of Charlie and and Warren and and work really hard uh for Greg and his team.

7:17 So uh I feel good about it.

7:21 Great.

7:22 Well, we're very fortunate to have Katie and Adam in these leadership roles.

7:26 Again, it was a uh very purposeful to have them on stage.

7:30 We want them to have the opportunity engage with our owners,

7:33 our shareholders, and we really do look forward to the uh the question.

7:37 So, thank you for joining us on stage again.

7:41 Yeah, thank you Becky again.

7:49 Great to have you back.

7:50 Thank you for that interview and uh if you'd like to start.

7:53 Thank you.

7:54 Okay.

7:54 Thanks, Greg.

7:55 Uh this question comes from Chris Frerieded in Philadelphia,

7:58 Pennsylvania, who wants to know, "How has the current geopolitical situation

8:02 in the Middle East impacted Bergkshire's subsidiaries?

8:09 Sure.

8:09 Um, I'll touch on it and then I'll I'll make sure because

8:12 it it it impacts really in a variety of ways all our businesses,

8:17 but um, what I'm most proud of are our businesses.

8:21 Uh, we operate these businesses for the long run

8:25 just like we do for obviously for our shareholders.

8:28 We take a long-term approach there.

8:30 There's not many days and I used to joke when I more had Adams rule.

8:34 There wasn't a day I woke up where there

8:35 the phone the phone wasn't ringing with good news.

8:39 Yeah, that phone rang.

8:40 You knew you're going to have a bit of a challenge and we have that portfolio,

8:43 but but that's okay.

8:44 We'd be talking and we always worked our way through it.

8:47 And we have a team that would lean

8:50 in and we'd come through and it could be anything.

8:53 And we never tried to use that as a reason we

8:56 couldn't do something or get to the to the right place.

8:59 And what I've seen associated with the uh obviously

9:04 the the war in Iran and and the and the various conflicts

9:08 in the Middle East is again a team that is

9:11 very much taking the approach that that's the situation we're in.

9:15 We can manage our business and we we very much

9:17 quickly move to what's the best solution for our customers.

9:22 how can we deliver and continue to deliver

9:25 what we've done to them and what's their expectations

9:28 around that and and our teams will work

9:30 incredibly hard to come up with with solutions.

9:34 Um I I touched on LSBI the drag reduction agent on the pipeline company.

9:42 Um they don't usually sell a lot of product

9:45 into the Middle East as far as moving.

9:47 It's more a domesticbased product for Canada and the US.

9:50 When you think of a drag reduction agent on pipelines,

9:53 literally being uh cargo planes of that that uh chemical being moved

9:58 in the Middle East to help free up supply and and i.e.

10:02 remove that uh some of that constraint.

10:05 So there there's so many things that go on when they

10:08 start trying to figure out how to solve uh the challenge.

10:13 Now what I would say is it doesn't

10:15 mean there's not immediate impacts to our businesses.

10:17 If you think of companies in America around the globe,

10:22 petroleum is and ga natural gas matter is

10:26 such a fundamental in input to so many products.

10:30 And the reality is if you think I

10:33 touched on our chemical group their their input

10:38 is uh generally a petroleum product and the output

10:44 is the the various products they produce.

10:46 obviously that that are byproducts of that, but their input

10:50 costs have effectively doubled in a very short period of time.

10:55 But again, we'll manage through that and that's

10:57 the the beauty of being part of Berkshire.

10:59 They know first we'll take care of our customer.

11:03 We'll find the right answer.

11:04 We'll manage the challenges and the value creation will be there in the end.

11:08 So there's some short-term pressure on our chemical businesses.

11:11 If you looked at their first quarter profits individually,

11:15 they would be down because or flat to down because they've got some challenges.

11:19 For example, on the on the input side,

11:22 but they're delivering what the customer needs and that rebalances over a period

11:25 of time where our prices will move up pursuant to our contracts.

11:29 We'll be treated fairly in the end in that they'll

11:32 reset and then may unwind a little bit slower.

11:35 But the point is um unfortunate situation and and we've got you

11:40 know men of service and women of service over there and and putting

11:43 themselves at risk and and and and and that in itself is

11:49 uh scary because a lot of our employees are are have family involved.

11:53 But you know as far as running our businesses, it's really heads down.

11:59 We'll get through this and we'll keep operating everything for the long run.

12:04 And and again, it includes how we'll operate our assets.

12:08 We're not going to put the asset at risk to try to get

12:10 to a short-term outcome because a petroleum

12:13 prices higher or petrol petroleum prices are higher.

12:16 It's very much continuing to take that that long-term perspective.

12:20 Katie, um obviously it it can impact demand

12:25 and what's being brought in on the on the coast.

12:29 Are you seeing that or what else are your observations?

12:32 Yeah, it's interesting and and Warren has said this in the past before.

12:35 You know, the railroad is a really

12:37 good reflection of what's happening in the industrial

12:39 and the consumer economies because our loadings

12:42 really cut across all the various commodities.

12:45 You know, we touch agricultural products, we touch coal,

12:49 the industrial commodities like cement and steel and aggregates.

12:54 You know, certainly our interotal business,

12:56 which is such a big part of our business,

12:58 reflects what's going on with the consumer.

13:00 And so we're seeing the impact from the conflict

13:03 in the Middle East in a couple of different ways.

13:06 First of all, I would say that if you look across our various commodities,

13:10 it's created an opportunity for some of those commodities

13:13 just because of the disruption in the supply chain.

13:17 In addition to that, you know, we see commodities like aggregates and steel,

13:23 things like that that that are that are

13:25 favorable and we're seeing an increase in those.

13:27 But then some of the commodity areas that use energy in the manufacturing

13:32 of those commodities are certainly being impacted by the increasing fuel prices.

13:38 The largest segment of our business, as I mentioned, is interotal.

13:41 And so as fuel prices increase, our interotal business becomes more competitive.

13:46 And so we're seeing an increase there

13:48 relative to what's happening in the Middle East.

13:52 I would say in general though as we think

13:54 about it if fuel prices stay too high for too

13:58 long it has an impact on consumer demand and when

14:02 that happens that cuts across all of our businesses

14:05 and have you started to see that yet that obviously when you think of I

14:10 touched on it being an input to many of our companies but really globally

14:14 it's an input to so many things and as that price pressure pressure pressure

14:17 moves up obviously the the demand side

14:21 is challenged are Are you seeing that yet?

14:23 Yeah, we're seeing some uh we are starting

14:25 to see that impact some of the businesses.

14:28 I would also say, Greg, as we talk to some of our our large interotal customers,

14:32 what they are telling us,

14:34 some of the big retailers are the customers are having to make choices now.

14:37 So, as fuel prices go up, they make choices about what they're buying.

14:42 And so that's where I get back to if

14:44 if it is a prolonged higher fuel price environment,

14:48 I do do believe that we will see that customer impact across our businesses.

14:54 Thank you, Adam.

14:55 Uh across your businesses, um what do what are you seeing?

15:00 What are you what are you feeling?

15:01 Yeah, I mean certainly, you know,

15:03 when you see um when you when you see the increases that have

15:07 occurred in the in the instant spikes in some cases that occurred

15:10 certainly on the consumer product side on the real uh retail side

15:15 um it it has affected some of the demand on that side.

15:18 I would um I would also tell you that we have also

15:22 faced multiple times at NetJets with a hundred you know dollars a gall

15:27 $100 a barrel of pricing we see those spikes we see the demand

15:30 I haven't seen it on the net side we went from uh really

15:35 the last two years from about 5 to 540 a gallon we're seeing

15:39 spikes up to 7 a gallon I would tell you if I see

15:43 that kind of sitting at 7 and a quarter 750 a gallon then

15:46 you'll see start impacting even on the higher side on the net ed side.

15:49 So, we're feeling it.

15:50 Um it's, you know, it's not the first time we've had to deal with this.

15:54 You know, we're prepared to deal with those things and make

15:56 adjustments where we need to, but it certainly is affecting,

15:59 I would say, some of the retail

16:00 businesses and some of the consumer product businesses.

16:04 Great.

16:04 Thank you, Adam, and thank you, Becky, for the question.

16:09 We'll now move to station five.

16:13 Good afternoon.

16:15 Mjab Singh from MountainHouse, California.

16:19 Warren has spoken very highly of of both you, Greg and Katie.

16:25 So, I'm grateful to have you both leading our company

16:29 and I'd like to ask each of you a question.

16:33 Greg, as you know, the Bergkshire system relies on decentralization.

16:40 Each manager runs their own subsidiary.

16:44 As CEO, which operating units do you think need more oversight,

16:51 and how will you handle a manager who underperforms?

16:57 And Katie, as Greg highlighted, BNSF's profitability lags its competitors.

17:06 With eventual technology advancements and autonomous driving,

17:11 trucking costs will continue to drop.

17:15 How will B and NSA maintain its

17:18 competitive advantage from competitors and new new technology?

17:26 Great.

17:26 Thank you.

17:28 So, associated with the letter I wrote to all of you as owners,

17:33 I highlighted some important um as I've touched on values.

17:38 One of them was our decentralized model.

17:41 I also touched on risk discipline, capital allocation.

17:47 And when we think of our businesses,

17:50 we have an exceptional group of leaders in businesses.

17:53 And yes, they do own their businesses as Katie touched on it in her video,

17:59 as Adam's alluded to it and talked about it.

18:02 Um, there is a great deal of ownership in each

18:04 of our across each of our subsidiaries and that's absolutely

18:09 how we'll continue to operate and see it

18:11 as as an extremely effective model that they're closest to their customers.

18:17 they understand what needs to be done and if they think like

18:21 an owner we get very good outcomes across the group of companies.

18:27 I I would highlight though that with uh decentralized model

18:32 we we do not um uh take responsibility and I

18:38 was one of those I ran BHE it's it's

18:40 a great set of responsibilities where Berkshire Hathway Energy shouldn't

18:45 be abbreviating sorry but when I ran it that that autonomy

18:49 meant you meant you embraced it and there was

18:52 a great amount of uh accountability that came with it

18:56 and sheer pride that you wanted to do things right.

19:00 We've got a clear set of uh when we talk about integrity and how I started it,

19:05 we have a lot of expectations and that's where

19:09 both on the uh on the integrity how they approach

19:14 managing their business and and servicing their customers and I've

19:17 said there's a lot of external factors we we

19:20 we can we can observe but our primary engagement

19:24 is with their are they managing the risk and risk

19:27 and foremost do they do they see themselves

19:30 as that chief risk officer you've heard us discuss many times

19:34 are they good allocators of capital with the capital

19:37 they have there because even capital you have to manage

19:39 your operating expense as well I view everything you

19:42 know that that when we're spending money on a uh

19:46 it may be a capital expenditure it can be

19:48 an operating expenditure you're deploying our our our shareholders capital

19:53 are are we doing that well and we focus

19:56 on that so that's part of that equation of allocation Apple.

19:59 And the reality is if if we're seeing um a situation

20:04 where we're underperforming or we're

20:07 or we're seeing some potentially poor decisions,

20:09 that's where we engage and have a discussion.

20:12 And usually it's relative and I touched a bit on this with Katie,

20:16 it's relative to what we see externally and just really trying

20:20 to understand um where our performance gaps are and and and then

20:25 it quickly moves to how and and we have we don't

20:29 have the people at corporate to go in and quote help.

20:32 So, it's not like we send in an army,

20:35 but there's generally some people within our subsidiaries

20:38 or maybe someone we know that could help them

20:40 with that with that performance gap because we do

20:44 treasure um continuous improvement and strongly as you've heard

20:48 believe in operational excellence and there's as I've

20:50 said there's room for us to to get better

20:52 and that's how we would approach the situations where

20:55 we see the gap and need to close it.

20:57 Katie, maybe you can probably touch on both.

21:01 Um, absolutely.

21:02 So, thank you for the question and as I said,

21:05 we absolutely know that it's critically important

21:08 that we continue to drive an efficient operation,

21:11 that we continue to have a competitive cost structure,

21:14 and that we continue to close the gap

21:16 with our competitor relative to our profitability.

21:19 There's a couple of specific things that we're working

21:22 on and it's really about operationalizing the improvement that we

21:26 saw in two two in 2025 into the first quarter

21:30 of 2026 and making sure that we're really institutionalizing that.

21:34 So the first thing that we really focused on in 2025 was

21:38 we knew that we needed to improve our single car operational efficiency.

21:44 And when I say single car unit operational efficiency,

21:47 we run a couple of different networks.

21:49 We run our intermoal network.

21:52 We run our agricultural and our coal network, our bulk networks.

21:57 And then the balance of it is what we

21:59 call our carload network or our single car network.

22:01 And that's where we we have non-unit train.

22:04 It takes a a lot of operational focus.

22:07 It takes a a lot of work effort and it consumes a lot of resources.

22:12 And so anything you do to improve that single

22:15 car network is good for all of your customers.

22:19 It frees up resources.

22:21 It creates capacity.

22:23 It allows you to handle the same amount of volume if not more with fewer assets.

22:28 And that translates through then to the improvement

22:30 that you're seeing in the profitability.

22:33 An example of that is in in the first quarter of this year,

22:36 we handled more volume than we did in the first quarter of last year,

22:40 but we did it with 260 fewer locomotives.

22:44 That translates into a more consistent service product

22:47 for our customers and it also translates into better financial results,

22:51 which is what you saw in the first quarter of 2026.

22:54 So we we're spending a lot of time ensuring that we

22:57 have operational excellence not in all not in just all

23:00 those other networks but in the network that frees up resources

23:04 and drives improvement and operational excellence for all of our customers.

23:08 The second area and you heard Greg talk

23:10 about this earlier was around our technological transformation.

23:15 We really believe that in addition to driving that operational

23:19 discipline that you saw in 2025 and into 2026

23:23 that working with the the new BNSF tech

23:27 organization to drive that next step level of improvement.

23:33 And so you you saw units dwell in our terminals less

23:38 time that translated through to the financial results that I talked about.

23:41 You saw velocity improve as well.

23:44 And so how do we leverage technology

23:47 then to take the next step level improvement?

23:50 So I'm excited about what we're doing there.

23:52 We're literally attracting data scientists, operations research folks,

23:58 and we're putting them alongside

24:00 of our operators in our network operations center.

24:04 We're looking at things like uh digital twins,

24:08 which gives us the opportunity to model how we

24:10 run the railroad before we actually run the railroad.

24:14 We're looking at opportunities to do predictive ETAs for our customers,

24:18 which allows our customers to have a better product.

24:22 It allows us to turn the assets faster.

24:25 And then last, what I would say is that we're just it's

24:28 good oldfashioned going to work

24:30 on on attacking the largest structural cost buckets.

24:34 We had a record for the first quarter in our fuel efficiency.

24:39 That's the kind of thing we want

24:41 to do because it makes us competitive with trucks.

24:45 It is good for the environment and it's good for our financials.

24:50 So those are the things we're doing to close the gap relative to profitability.

24:54 Now your question about competing with trucks.

24:57 I would say a couple of things with that.

24:59 First of all, we have the largest interotal franchise of all of the railroads.

25:05 We have a unique relationship with JB Hunt and we

25:08 have been extremely successful in converting over the road freight.

25:13 We've done more of that than anybody.

25:15 So, we know how to compete with trucks.

25:17 But your question about technology is a good one.

25:20 And I would say that we in the past have

25:23 invested in a in a system called positive train control,

25:26 which is a safety overlay that allows us to operate the railroad efficiently.

25:31 As you know, we operate in a closed circuit.

25:34 And so we have the ability to your point ultimately

25:38 to run the train with fewer people than we operate with today.

25:41 And in fact, if you go way back in time,

25:43 we used to operate the trains with five people on the train.

25:47 Now we're down to two people on most of our trains.

25:50 So the technology will continue just like most industries will continue

25:54 to evolve and we're continuing to look at that as well.

25:59 The last point I would say with that though

26:01 is that we also have to be allowed to innovate.

26:05 And so we need regulation that supports the ability

26:08 for railroads to be able to compete with trucks.

26:12 As you said, we know that there are trucks out

26:14 there running today in our state in Texas along I45.

26:19 We just there was just a pilot with autonomous trucks.

26:24 what we have to be able to do is to be

26:26 able to cone compete with that and to be able to innovate.

26:29 And so we're going to need regulations that allow

26:31 the railroads to be able to do that.

26:33 So that's how I think about competing,

26:36 ensuring that we're closing the gap as well

26:38 as maintaining our competitive advantage with trucks.

26:42 Thank you, Katie.

26:49 Adam on that on that point and Katie's point

26:52 um you know you came literally Adam had left

26:55 for a very brief stint 10 10 years ago uh

27:00 and and and had a very senior role in in NetJets

27:03 and had been effectively been recruited to be a CEO

27:07 of another business that was going public and we

27:09 were fortunate enough to uh convince Adam to come

27:12 back but he came back to a challenging situation.

27:15 The asset was underperforming.

27:17 We had billions of dollars of debt like I back to ourselves to the parent

27:22 company but it was debt that had been incurred and some real challenges.

27:27 Um when when you think about how we address underperformance

27:32 and how do we get a business back on track?

27:35 Um may maybe you just want to touch on that period of time

27:39 and and and that bringing the business back

27:41 and and and how how you achieved that.

27:44 Uh yeah.

27:45 Well, I one I will tell you um you know the one of the I

27:50 came back on June 1st of 2015 and that Monday Monday afternoon and and many

27:56 of the team that's up here today we got in a room and I asked

27:59 a question about how many people really

28:02 understand sort of the bookends of our business.

28:04 Uh NetJets is complicated.

28:06 We're ad hoc.

28:06 We're unscheduled.

28:08 We fly to thousands of airports.

28:10 Commercial airlines will fly to 50 to 100 airports.

28:14 uh we fly 150 countries around so it's a very complicated business and I

28:18 asked a question to the team um how many people do you think really understand

28:21 the book ends of our business and I didn't like the answer I won't tell

28:24 you what the answer was but it was too few and it sort of started there

28:28 and what we did was we we really said you know to build this culture

28:31 the way we want it if I understand

28:33 what you're doing you understand what I'm doing

28:35 at at deeper and wider levels we're going to do good things together so it

28:38 sort of started on that Monday afternoon

28:40 and when we we started building that back Um,

28:43 I will tell you it was also a reinforcement from probably from Greg.

28:47 I remember my first board meeting prep and I

28:49 was excited and we were starting to kind

28:50 of move and and I was talking about uh growth and we're going to get this right.

28:55 We're going to grow and Greg pulled me aside in a very kind way and he said,

28:59 "Why don't you pay $1 back to Warren and work

29:02 on getting your debt down?" That was a teaching lesson.

29:07 Uh, I took that to heart.

29:08 I heard it clearly and I actually already knew that.

29:10 And so we just started really putting our blinders

29:13 on and we said safety and service, safety and service.

29:15 Warren bought nets after becoming customer in 1995.

29:20 Bought nets uh in 1998 and he did a video for us

29:23 that we still use and he said I want safety and I want service.

29:27 And we've been really focused on making sure everybody stays in that alleyway.

29:31 That in large part plus a lot of hard work

29:34 um is why we we're able to pay our debt back.

29:38 um we're able to pay uh cash back

29:41 to Berkshire Hathaway and move our way as I said

29:45 in the video out of the other comm and be

29:47 first in the service business and I'm proud of that.

29:49 So great.

29:52 Y thank you Adam.

29:51 Thank you Katie Becky.

30:00 Okay this kind this comes from Brian Simpkins in San Diego, California.

30:05 The question is, has Berkshire Hathway considered seeking any tariff relief

30:09 or reimbursement programs for its whollyowned

30:12 operating businesses exposed to import costs?

30:16 And how significant is that impact across the portfolio?

30:21 Uh let me let me start with the impact across

30:24 our portfolio because it's it it's very close to uh

30:29 discussing the the situation in the Middle East in that yes

30:34 there were there was the the tariffs and each

30:36 business may have fallen under a different uh tariff

30:40 or what they were importing and and we'd gone through it

30:44 once already in the in the first term of the administ

30:47 administration and there there were lessons lesson learned there.

30:50 So we were both better better prepared in how to manage

30:53 through it and had realigned a certain amount of our our input.

30:58 So it you know that was valuable.

31:01 The second thing was it's as I described with the with the conflict.

31:06 It was heads down and we'll just manage ourselves through it.

31:10 You know listen there there's some cost pressures here.

31:13 We'll figure out how we're going to continue to serve the customer.

31:16 we'll work through on on delivering what they need.

31:19 And there has to be some reasonable expectations on the other side that we'd

31:23 recover those tears from our from through

31:25 through the uh either through a direct contract

31:28 with them or through the product we're creating and and and that was a good

31:33 approach in that we just um held

31:36 our course and wanted to continue to service them.

31:39 So they yes there is financial impacts but our team did a a really

31:44 remarkable job of addressing it and and really

31:47 minimizing the impact any of our businesses.

31:50 Um as far as recovering it um that would definitely be

31:56 at our operating level they would be making such a decision.

32:01 But but overall right now our perspective has been there's

32:04 a there's a lot to sort out when it comes to refunds.

32:08 uh what we're eligible for and and so at this point in time,

32:13 we're very much taking an approach that um uh if it's appropriate,

32:18 our teams will evaluate it and and and again,

32:21 it'll be a discussion with our customers and in with a number of them.

32:24 So, it it's it's an operating subsidiary decision,

32:28 but we're not naive to it and that we're encouraging them.

32:31 It's there's a lot to be sorted out at this moment

32:33 in time and and and we're not pursuing them.

32:36 that doesn't mean we may not have a a subsidiary and I'll I'll look

32:39 to our our team on stage here that may be uh pursuing one or seeking one.

32:45 Uh Katie, anything on uh not as far as the the reimbursement,

32:50 but I would say just as far as the impact

32:52 of the tariffs and what we're seeing with our customers,

32:55 um you know, I I would say that in early 2025,

32:59 we saw several of our our customers pulling

33:02 forward shipments in advance in advance of the tariffs.

33:06 And um you know we we certainly saw our volumes ramp up at the beginning

33:10 of 2025 because people were were trying

33:12 to get ahead of the implementation of the tariffs.

33:15 So we did see uh you know an increase in volumes through early 2025.

33:20 That really stabilized then in the back part of 2025 and then into 2026.

33:25 I would say that our customers have have really

33:28 adapted to the tariffs and adjusted to the tariffs.

33:32 With that said, it it does cause some uncertainty and I

33:35 think where we see that really showing up is, you know,

33:39 it's very difficult for our customers from a planning perspective and I

33:43 I think it's keeping some capital on the sidelines as far

33:46 as investment in manufacturing facilities and it's just really the uncertainty

33:50 of the tariffs that that really is

33:52 what we're seeing reflected with our customers.

33:55 Thank you, Adam.

33:57 Yeah, I mean I would echo both those points.

33:59 one um I would probably use uh you

34:02 know Berkshire Hathaway Auto Automotive Jeff Rocker who is

34:05 an excellent you know CEO of that division um

34:08 you know his the new and used sales are you

34:11 know slightly down in in Q1 of this year

34:14 compared to last year and part of that is

34:16 is sort of that same effect from uh the tariff

34:18 buying that occurred a year ago to to today.

34:21 Um, I had to smile because we were collecting.

34:23 Okay, it's just it's changed every day as we know and you

34:26 manage through that and just understanding the tariff bouncing ball was,

34:30 you know, a job in itself.

34:31 But I I had to smile because I was actually

34:33 calling our our CEOs just to get their take on it.

34:36 And the 32 companies in the portfolio,

34:39 consumer product services and retail, it's a stat that I love.

34:43 They've been actually been around on average 88 years and only

34:48 0.5% of American businesses have been around more than 80 years.

34:52 Our average in that sector from a founding standpoint is 88 years.

34:56 And several of the uh five of the companies

34:58 specifically companies that were founded in the 1800s.

35:01 And when I called those CEOs,

35:03 they said we've been dealing with tariffs for a hundred years,

35:05 you know, kind of thing.

35:07 And so not being dismissive at all of tariffs.

35:10 The point is I look at the whole tariff

35:12 conversation as you're always going to have a curveball.

35:15 If I think of the CEOs in the last, you know,

35:18 seven, eight years, we've had to deal with a global pandemic,

35:21 the highest inflation 40 years, and now this thing,

35:24 uh, you know, the bouncing ball of tariffs.

35:26 So, the businesses have done an excellent job of managing through that.

35:30 Um, I wouldn't put it in the fun department of the things

35:32 we have to deal with, but we're learning it and um,

35:36 I think we're in a pretty decent spot um, moving forward.

35:40 So, thank you, Adam.

35:44 We'll move to station six.

35:50 Good afternoon.

35:52 My name is Amir Rahani from Vancouver, Canada.

35:55 Uh, thank you for hosting us and thanks

35:58 to everyone at headquarters that makes this weekend possible.

36:02 Um, Berkshire's investments in the five Japanese trading houses was passive.

36:07 Good businesses at good prices financed by GPN.

36:13 Uh, your Tokyo Marine deal is fundamentally different.

36:17 A 10-year joint M&A and reinsurance partnership.

36:22 That's a level of operational

36:24 integration Bergkshire has never done internationally.

36:28 What does that look like in practice?

36:30 And does it signal a broader shift

36:33 toward active international partnerships under your leadership?

36:37 And to put you on the spot, Greg,

36:40 Canada versus USA and hockey, who are you cheering for?

36:44 Sorry.

36:45 Sorry.

36:48 Now I'm in trouble.

36:52 Um yeah, Azie did an exceptional job of of discussing

36:57 Tokyo Marine and and I'll I'll touch on it,

37:01 but um what and I and I teed it up a bit

37:05 in saying it is a strategic relationship less than a uh financial transaction.

37:12 Yes, we like the 2 and a half% investment into Tokyo

37:16 Marine and and that will be a long-term uh investment.

37:22 It's the type of investment we put with our other five investments in in Japan.

37:26 We really think of those as forever

37:29 because it goes beyond the investment and it's

37:31 very much around the relationships we want

37:33 to build there and you'll continue to see that.

37:36 Um Azid expanded on the underwriting opportunity that we do jointly participate

37:44 in their their their risk and rewards associated with effectively also 2

37:49 and a half% of their book there now and and that's again part

37:53 of the uh financial transaction but there's also great deal of faith there.

37:59 We we as Ajit said and really Ajit says and I take his word

38:04 for that but it's you know it's an exceptional

38:08 company and and and their performance has been remarkable.

38:12 So we're we're thrilled to have them.

38:14 And then the third thing that was touched

38:16 on was the the partnership highlighted a variety of things we how we would like

38:22 the relationship to develop and that's not defined yet.

38:27 So we'll continue to let that take its proper form.

38:31 They're the type of partner that has the same culture, same values as us.

38:35 So there's little question it's going to be exceptional for many years to come.

38:39 Uh but as far as pursuing an absolute acquisition in in in insurance

38:45 or something like that that'll evolve with time and that would be

38:49 obviously the discussions Ajit and the senior team at Tokyo Marine would be

38:53 having and and if such an opportunity materializes we'd be thrilled with it.

38:58 Now to the really tough question Canada versus US in hockey.

39:04 Um hm I I did find a way and I it's

39:09 it can cause a lot of angst in my own family.

39:12 So, um, I remember waking up that morning and Canada was playing the the men,

39:18 but I'd already decided a little bit earlier that, uh,

39:21 when it came to the Canadian men versus the US men,

39:25 Conor McDavid plays for Edmonton.

39:28 And, uh, therefore, I was going to cheer because being from Edmonton,

39:32 I would I would cheer for the Canadian men's team.

39:35 And I've always followed the US women and I love what

39:38 a program the US hockey and I I love USA hockey

39:43 and how they approach the coaching and the and the development

39:46 of the youth and I think they've done a great job there.

39:48 So I chose to cheer for the US women and it was the the perfect

39:52 outcome for me and so little selfish in finding that type of outcome.

39:58 I I will say Greg Greg and I had an Oilers stars bet last year and Yes.

40:03 True.

40:04 And we the losing person had to wear the jersey

40:06 of the other and I now own Oilers gear.

40:09 Yeah, Katie owns some Oilers jersey and and unfortunately

40:12 this year neither of us get to have that bet.

40:16 They're both on the sidelines very quickly.

40:18 But um uh thank you for that question.

40:22 Uh Becky,

40:24 this question comes from a shareholder who didn't want to be identified,

40:28 but it's a variation of a question that I got from several shareholders.

40:32 Is there any future circumstance that you could

40:35 inver envision Berkshire divesting businesses or being broken up?

40:40 If so, what are those circumstances?

40:43 The shareholder also writes, note,

40:45 I don't want this to happen, but it's a commonly discussed.

40:48 It's commonly discussed among followers of the company.

40:53 Yes.

40:53 So the so um when we think of the question and I think it's a good one because

40:59 uh we've always highlighted there's certain circumstances that we

41:04 may not be the best owner of a business.

41:07 We've touched on if there's labor issues that we cannot resolve.

41:14 I would uh take it to the point then further

41:16 in my letter I touched on if there's reputational risks that we're

41:20 not willing to to ever have our owners or shareholders or Berkshire

41:26 experience and that we have to maybe the business has evolved

41:29 the customers have evolved but if we're if there's that type

41:33 of situation um then then it that company does not belong

41:40 in the in the Birkshire family and and it may be it

41:43 may be a fine business that can be owned by someone else,

41:45 but it may mean we don't own it.

41:47 Um, I would then take it a little bit further.

41:50 I touched on um a couple things or or one other

41:55 thing before I jump to that would be we've often talked

41:57 that if we have a business that is unsustainable it

42:01 and and and no longer generating uh operating cash for our shareholders,

42:07 we have to make some serious decisions around that.

42:10 If there's someone else who could operate it and make it

42:12 be more successful both for the customer and for our employees then

42:17 we have to consider that otherwise that business is unfortunately

42:22 in a place where uh we can't just fund it and experience losses.

42:26 We would wind it down over a period of time

42:28 but we'd look for a better solution for our customers employees.

42:31 So that's always been the ca well that that at least from my perspective

42:36 has always been the case and how we'll continue to do it.

42:40 I would say we're taking it uh we take the the obligation

42:44 and in making sure capital's properly deployed obviously very seriously.

42:48 I touched on the regulatoratory compact at energy

42:52 and that that has to exist and we

42:56 have to be if we have capital deployed there we have to get a fair return.

43:01 we have a a situation where we've actually

43:03 announced we're selling a portion of Pacific Corp,

43:06 our our Washington state utility.

43:09 Um, and and that's really a function of the fact

43:13 that we have a multi-state process in Pacific Corp.

43:17 There's six different states and each

43:20 each customer is impacted in different ways.

43:23 And I've already said there's we we very much focus on what's

43:27 the needs of our each state and how can we best service them.

43:32 And unfortunately we are in a situation in Washington where

43:35 they clearly had policy that they wanted from Pacific Corp.

43:40 And it was having a significant impact on the costs of our other states.

43:44 And as much as we would have liked

43:46 to seen what we call a multi-state compact i.e.

43:50 how do they balance all that?

43:52 it wasn't occurring and our other states were bearing costs that they

43:56 felt were not theirs that were being imposed by another state.

43:59 So we consciously said this isn't working for the six states and the one

44:05 state who had very specific policies and wanted

44:08 them implemented uh we chose to exit.

44:11 We found a very good purchaser uh who very much

44:16 supported and and could implement what was required at that state.

44:20 So there we there we have evolved and it's a situation where it

44:25 just didn't make make sense for Birkshire to be an owner of that asset

44:28 or our owners to be an owner of that asset and it'll

44:33 be I believe a better outcome for the state and for their customers.

44:37 So there are those situations where we would uh we would divest and we

44:42 we we will always approach things that when we buy something it's forever.

44:47 When we acquire a a utility we tell the regulators it's forever.

44:54 But it has to be a relationship that works and if

44:58 it's broken we'll find a better path both for the company,

45:02 the employees, customers and and obviously for for Birkshire.

45:06 Yeah, Kate.

45:07 Yeah, Greg, there's a second part of that question though that gets

45:11 at is there is there a point where some of the parts

45:14 or something is there a point where it doesn't make sense

45:16 for Bergkshire to be a conglomerate where you would break up the company?

45:20 Yeah.

45:21 So, to the second part of the question, um, absolutely not.

45:25 We we I touched on it early.

45:27 We we we are a conglomerate.

45:29 Um, but we are an efficient conglomerate.

45:32 We we don't have layers of management.

45:35 We don't have a bunch of committees telling our businesses how to run,

45:39 how they're going to um you know manage their customer relationships.

45:46 We try to at the odd time create frameworks so there's value shared across

45:50 the businesses so they're aware of what

45:51 our other businesses are doing and and technologies.

45:55 That's one of them.

45:55 We like our framework now.

45:57 We think it's it it it's become

45:59 it's very effective across three of our businesses.

46:02 So of course we want them to understand it but we don't create layers.

46:07 Uh I remember when Adam took on the role I nicely said you know there

46:12 there there'll be no corporate group supporting you

46:16 either in Omaha or amongst your own team.

46:19 We we he's got folks in netjets

46:21 and they always step up and take more responsibility

46:24 including when I was uh in that role or in the the the vice chairman role.

46:30 So we but the one thing we don't do is

46:33 create layers of bureaucracy or uh other decision trees around it.

46:39 And I think so many conglomerates end up with with layers and layers

46:43 of costs that don't add value in in in to the to the overall corporation.

46:49 I'm I'm even careful when I talk about our metals group and our chemicals group

46:54 because because they're a group in in call it maybe uh in my vision i.e.

47:00 they I I see similar opportunities.

47:02 I want them to work together but they don't have a corporate

47:06 group on top of them or anybody directing them on what to do.

47:09 They find ways to work together because they have a lot

47:11 of the can have the same challenges can have the same customers.

47:15 So we see our conglomerate structure working without

47:20 the bureaucracy and and and and bloated costs.

47:24 We see a great opportunity to continue to move

47:27 capital across those different groups in a very taxefficient way.

47:32 Other people can't say I want to move capital um BNSF's a great example.

47:38 Um yes they they have a strong operating uh results and they they

47:43 generate they're in a a cycle in their their uh uh business cycle

47:48 right now where there's certain amount of capital we have to deploy

47:51 into it but we also receive substantial dividends from BNSF on an annual basis.

47:57 we can take that capital and decide is it needed in a different

48:00 operating business or do we see opportunities in equities and if

48:05 we don't see those opportunities we're happy to not happy but we

48:10 understand the logical home right now is US treasuries we we

48:14 think that's a good asset we would prefer to see that deployed

48:18 be in a different fashion yes when the opportunity presents itself

48:22 but it allows us to really move that capital across the group

48:26 So I actually uh the answer to the conglomerate is uh yes,

48:32 we understand we're one.

48:33 We see it operates very effectively and we do not see ourselves

48:38 uh divesting of subsidiaries for that reason or ever breaking off a group.

48:44 Thank you.

48:53 Okay.

48:53 Uh, station station seven.

49:01 Hi, Greg.

49:04 Hi.

49:03 Hi, Greg.

49:04 Katie and Adam.

49:06 My name is Lori Wong.

49:08 I'm here from Chandu, China.

49:11 On behalf of myself and my investment partner, Shui.

49:16 Thank you very much for this opportunity and congratulations,

49:21 Greg, on surviving your first year as CEO.

49:25 Thank you.

49:26 I'm sure the seed feels a bit warmer than it used to be.

49:33 As you lead Berkshire into this new chapter,

49:37 what would you say is the most significant evolution in your personal

49:42 framework for assessing cash flow certainty

49:46 and margin of safety compared to Warren?

49:49 And specifically, are you more inclined towards technology

49:54 companies that exhibits the same robust cash flows?

49:58 Thank you for continuing the legacy of Mr.

50:01 Warren Buffett and Mr.

50:03 Charlie Mer.

50:05 Thank you.

50:11 So, uh I I think I'll start with the important part of that question.

50:15 I mean, as far as how Burk how Warren thought about it,

50:19 how Berkshire thought around approaching investments,

50:23 quote, our margin of safety around investments and how we how we approach it.

50:29 Um we're we're absolutely aligned there and I and and that starts

50:33 with our culture and values and how we've approached everything over the years.

50:37 Um so if I go back to looking at opportunities and energy

50:43 and it may have been an acquisition or we're deploying significant capital,

50:48 it quickly went to yes, we understood the opportunity,

50:51 but Warren and and I'd want to have this conversation.

50:57 um where's the risk and do we really understand the risk associated

51:02 with this and uh I have a I have a really great

51:07 example is that we were acquiring Envy Energy in the um uh

51:12 had the opportunity to acquire it and Warren was actually coming back

51:16 from China and and had been over there and I was waiting

51:20 for him to arrive and land in Seattle and give him an update

51:23 that we had this potential opportunity and I very much knew the occ

51:28 the uh the opportunity and what the uh the value proposition was.

51:34 I'd clearly had three significant risks in my mind that um

51:40 was anxious to discuss with Warren and in the in Warren

51:46 landed and I had a a short presentation said

51:49 I'm asking him to just give me a call.

51:51 It was literally one page,

51:53 but just to really trigger it, could we have this conversation?

51:56 And the immediate conversation we had was, yeah, the economics,

52:00 you'll you couldn't agree more, understood them, went right to the biggest risk.

52:05 And I was just getting ready to walk him through the two or three risks I'd

52:09 seen and and wanted to make sure we

52:11 understood it and were comfortable, wanted his input.

52:13 And the risk was fundamentally rooftop solar and how

52:16 would it disrupt that business and disrupt our customer.

52:20 We discussed it.

52:21 We understood it was a a challenge.

52:25 I remember saying to Warren, well,

52:27 that's part of the reason I'm sure we're we have this opportunity

52:30 to acquire this public company that there is certain amount of risk

52:33 in the public and the board and the and the management team had

52:37 decided uh uh that they they didn't see the same opportunity we did.

52:42 But Warren went right to it.

52:44 It was all around the risk and and that risk

52:47 did surface 12 months later, 18 months.

52:49 We managed our way through it.

52:51 Um our team did a great job.

52:52 But so I don't see there being

52:55 incremental margins or we think of risk differently.

52:58 We think of them as in the Bergkshire mindset that the the we're

53:02 going to understand the economic prospects of of this opportunity.

53:06 And as I said, we really go to that 10-year window

53:10 potentially and say what's the business look like 10 years from now?

53:14 and that and and is there enough safety margin 10 years from now?

53:16 is is what we see it the outcome do do we see

53:20 an outcome and if we don't understand what that looks like 10

53:23 years from now I know Warren would would say this I would

53:27 say it then we don't do it there's no safety margin or maybe

53:31 we can um adjust some numbers or there'll be synergies or something

53:35 of that like we have to have a vision of what that's going

53:38 to feel like and look like and that and that really is

53:42 the the how how we approach it now touching on techn technology companies.

53:48 Um, we are not going to ever say, "Geez,

53:51 this is a a specific sector for us or we need to be in it."

53:55 If there's something in the technology sector

53:58 or in that group of companies and we understand

54:02 one of those companies to understand again what

54:05 their uh opportunities are and what we view

54:08 as the economic prospects for it and we

54:11 have an understanding of what those risks are.

54:14 that doesn't preclude us just because it's in a technology sector or that but it

54:19 would start with back to the fundamentals of do we understand it do we both

54:24 the opportunities and the risks and and then is it and then is it uh

54:30 fairly valued relative to that and that's

54:33 all that's always going to be the approach.

54:35 So thank you for your excellent question.

54:44 Now, uh, Becky, if this is okay.

54:47 Uh, we're going to and and so please pick, uh,

54:50 your toughest question, but um, we're we're beyond 1:00 now.

54:55 This will be our last question for today.

54:59 So, we look forward to it and uh,

55:01 and then I'll I'll have some uh, conclusionary thoughts and comments.

55:04 But uh, thank you, Becky.

55:08 Uh this question comes from Joseph Matias

55:12 and he said Warren had Charlie's partnership for most of his tenure as CEO which

55:16 naturally reduce the risk of subpar investment decisions.

55:20 Who will serve as the Charlie for Greg and there

55:32 and there they're a reason why they're in the rafters together.

55:36 That was an incredible partnership and and one

55:38 that uh you know you you can't replicate.

55:42 But what what I would start with is that very fortunate to still have Warren

55:48 as our our chairman and and that's very important

55:51 and it's and it makes for an excellent transition.

55:55 have a an exceptional board of directors that I'm comfortable reaching out

55:59 to any of them in individually depending

56:03 on the circumstances and either the risk

56:06 we're dealing with or an opportunity that may be present in uh

56:11 any of our businesses or or one that may be coming our way.

56:15 So, we're fortunate to have that exceptional group in place.

56:19 And and then it really comes back to our team that's in place.

56:24 And I said this when I was answering to um Warren from Omaha um that we want

56:31 Bergkshire to endure and that means yes I want

56:36 to lead Bergkshire and I'll be a strong leader.

56:39 I strongly believe that and and I'll I'll take Berkshire for it.

56:42 But it it will be um as a as you always

56:47 need a single leader and I I think we strongly understand that.

56:51 But you surround yourself with great people and they're already here.

56:53 I've been fortunate on the non-insurance operation

56:56 to to operate with the with with Adam's

57:01 32 and the 18 that I still get to interact with a lot.

57:05 those 50 uh including Adam and and Katie obviously

57:10 have an exceptional working relationship with Ajit and fortunate

57:15 with that and would seek counsel uh regularly

57:19 even even as vice chairmans we would constantly have

57:22 a conversation around he he may be making

57:25 a an insurance decision or I was making a decision

57:30 around one of our non-operating businesses and the first

57:33 thing we'd cross check is how's it impact your group.

57:37 So have an amazing uh uh uh relationship and a val

57:43 and someone I val im immensely value the input

57:47 and then across our CEOs we're so fortunate to have

57:50 a great group that I would reach out to any of them

57:53 on a specific circumstance and ask them for their input and I

57:58 generally know where they've dealt with a challenge or a significant

58:02 opportunity and I'd be the first to seek it out

58:06 and say let's talk about it and figure out our path forward.

58:10 And it may be that it was someone on their team that really

58:14 dealt with it and then I'd want to be talking to their team.

58:16 So, fortunately, because of Bergkshire and the way we're created, again,

58:21 it is a a unique structure,

58:23 but we have an immense amount of resources around us.

58:27 And then we have our our team in Omaha

58:29 who has supported Warren for all those years.

58:31 They're remarkable folks.

58:33 There's there's not a lot of them, but they are good.

58:36 and they're and they're exceptional and we're fortunate

58:38 to have them as part of the team.

58:40 So I it will be such that uh Bergkshire endures and will endure

58:47 u uh as a as a team but clearly with uh um leadership.

58:53 So thank you Becky that last question.

58:56 Thank you.

59:04 So, as we as we wrap up today, obviously,

59:09 I can't help but thank everyone for joining us this morning and early afternoon,

59:13 both as our long-term shareholders are or uh those that are are

59:18 our newer shareholders and all again all of you that came for the experience.

59:22 It's it's greatly appreciated.

59:24 We enjoy this engagement.

59:26 It all comes together because there's a an individual Warren has highlighted

59:31 in the in the past pulls together

59:33 the exhibit hall pulls together everything here.

59:37 I'd like to acknowledge her Melissa Shapiro.

59:40 Thank you.

59:53 And then the the the light was over on that table.

59:57 But we do have um and we made this announcement in December.

1:00:01 Our longstanding CFO Mark Hamburg is retiring in June of this year.

1:00:07 We're very fortunate that then he will stay on for an incremental year

1:00:12 as an adviser to our incoming CFO as a a personal friend adviser to myself.

1:00:18 We we'll have Mark's knowledge resource

1:00:21 and and it's immense when it comes to Birkshire.

1:00:25 I like to Mark has been our our CFO for 34 years.

1:00:40 It's this not this June, the the following June when he when he truly retires,

1:00:44 it'll be 40 years with Bergkshire.

1:00:46 And it's been such an incredible career and and has

1:00:49 worn so he wears so many hats in this organization.

1:00:54 I mean he's he he's helping Melissa uh

1:00:57 Melissa's organizing and doing all but when she has

1:01:00 a question she went to Mark to look

1:01:02 for the answer around be at the annual meeting.

1:01:05 He's our corporate secretary.

1:01:07 I I like to say and I uh to to replace Mark

1:01:11 we we hired a CFO but we also hired a general counsel.

1:01:16 uh it took it took two to replace him and and and more than that.

1:01:20 So Mark, thank you for your incredible contributions to Berkshire.

1:01:26 Warren has highlighted those and I can only echo all that.

1:01:29 Thank you so much.

1:01:44 Now, lastly, again, thank you for this remarkable uh

1:01:50 experience for all of all of us at Bergkshire.

1:01:53 We we treasure what we call owner's day.

1:01:56 that opportunity to communicate around what's going

1:02:01 on in Berkshire because we're so proud of it,

1:02:04 absolutely committed to it and and passionately believe in Bergkshire,

1:02:08 but equally the engagement of all you throughout

1:02:12 the day yesterday into this afternoon just uh greatly appreciated.

1:02:18 Thank you and look forward to seeing you next May.

1:02:22 Thank you.