Berkshire Hathaway Inc. (BRK’A – $754,625 – NYSE)
| Year | B/V Per “A” | P/B | |
| 2027P | $575,200 | 1.3x | Dividend: None Current Return: Nil |
| 2026P | 530,300 | 1.4 | Common Shares “A”: 0.5 billion (a) |
| 2025E | 487,000 | 1.5 | “ “ “B”: 1.4 “ (b) |
| 2024A | 451,501 | 1.6 | 52-Week Range “A” Shares: $812,855 – $660,640 |
(a) One Class “A” Share can be converted into 1,500 “B” Shares. Class “A” Shares have 10,000 votes per share.
(b) Warren Buffett owns 198,117 of “A” Shares and 1,144 “B” Shares.
COMPANY OVERVIEW
Berkshire Hathaway Inc., based in Omaha, NE is a holding company for a diverse group of operating subsidiaries including insurance, freight rail transportation, utilities and energy, finance, services and retailing. The subsidiaries operate autonomously, while investment and capital allocation decisions are managed by Warren Buffett (95) and Greg Abel (63), with support from investment managers Todd Combs (54) and Ted Weschler (63). Vice-Chairman, Ajit Jain (74) oversees risk capital for the insurance operations. As of December 31, 2024, since 1965, the firm had an annual compounded gain of 19.9%.
Our Gabelli research team travels to Omaha each year for the Berkshire Hathaway Annual Shareholder Meeting. This is a unique corporate event where an estimated 40,000+ visitors come to hear from the corporate leaders including Warren Buffett. When asked before one of the events about his legacy, Mr. Buffett responded that he wanted to be most remembered for his teaching. Indeed, the Berkshire Hathaway meeting has served as one of the most valuable financial classrooms and certainly the best priced. The cost of admission only requires partial ownership in Berkshire stock, which has generated significant returns over time.
Since our first visit, we have witnessed a significant increase in global attendance, and the program expand from just closed-local viewership to full internet broadcast. The meeting leadership structure has evolved from the original duo of Charlie Munger and Warren Buffett to more recent inclusion of future CEO Greg Abel and supported by Ajit Jain. The question format has also changed from an array of panelists to just the audience and Beck Quick alternating on asking questions.
Over the years, we have put together an annual report (“Gabelli Reflections”) from the meeting. Given the tenure of following the company, we thought a select compilation of that feedback might be helpful to fellow followers. This paper provides highlights from those reports. We look forward to the next meeting on May 2, 2026.
