The Berkshire Beat: July 11, 2025
All of the latest Warren Buffett and Berkshire Hathaway news!
Happy Friday and welcome to our new subscribers!
Special thanks, too, to those who recently became paid supporters! ❤️
Tomorrow is my birthday — which always puts me in a reflective mood. A couple of years ago, I wrote a list of the most important lessons that life had taught me up to that point and, from time to time, I like to re-read it and look for ways to further apply this wisdom to my life.
If there is one thing I would add to this list, it’s Charlie Munger’s wry observation that common sense is, in truth, uncommon sense.
The most transformative lessons often hide in plain sight — overlooked by those too busy or self-assured to pause and absorb their subtle but powerful wisdom. Uncommon sense is not particularly difficult or complex. It’s just uncommon.
Honestly, that’s one of the biggest reasons I write this newsletter. Charlie’s example inspired me to seek out the uncommon sense that patiently awaits us in every book, interview, person, and experience. I’m not sure that I always succeed — especially when it comes to incorporating said wisdom into my own life — but that is the unstated goal of every Kingswell article that lands in your inbox.
This is a longwinded way of introducing a new monthly feature for paid supporters: Uncommon Sense. In it, I’ll share the most enduring insights from the lives, words, and works of remarkable people. Many will have ties to Berkshire Hathaway or Warren and Charlie’s orbit, but I hope to also occasionally dive into other business leaders and legendary thinkers.
The series kicks off next week with the uncommon sense I learned from Berkshire’s 1998 annual shareholders meeting. (I’m folding the AGM At-A-Glance series into this new format, shifting from summarizing each and every question to spotlighting the most timeless and actionable wisdom from these meetings.)
Uncommon Sense will complement my regular content — with it and the monthly transcripts exclusive to paid supporters. If you’re curious about what’s to come in this new series, my recent pieces on Jack Ringwalt, reading, and Warren Buffett’s favorite chapters in The Intelligent Investor should give you an idea of what I’m shooting for.
I’m always looking for ways to make this newsletter more valuable for my incredible paid subscribers — whose encouragement and support keep this little project alive — while also ensuring that the vast majority of content remains free for everyone else. Hopefully, this new format will strike the right balance for the long haul.
So, if you’ve been on the fence about upgrading, there’s no time like the present.
Many thanks — from the bottom of my heart — to EVERYONE who takes time out of their day to read, like, share, or comment on these articles!
And, now, on to the latest news and notes out of Omaha…
Jim Weber, former CEO of Brooks Running, discussed his leadership approach at last month’s Switchback Spring gathering. “I’m just such a believer in focus,” he said. “I’ve had success with focus. I’ve also had failure with trying to do everything, so I’m a big believer in focus.” The company’s laser focus on the performance running market has allowed it to fend off cheaper competition and become one of the most trusted names in the industry. “Over the last six years,” said Weber, “pretty much most of the growth in performance run has been Hoka, Brooks, and On.” He noted that frequent runners buy an average of 2.6 pairs of shoes each year — which creates an opportunity to win loyal repeat customers for a lifetime. “We can sell the one shoe,” he said, “but if we can solve fit, feel, and ride, we can earn their second pair — and then you start to move it forward.”
In working with Warren Buffett and Charlie Munger, he also gained a deep appreciation for curiosity in leaders. “The smartest people I’ve met to this day are just constantly learning and open-minded to new things,” he said. “People talk about humble leadership … but what it does reflect is the fact that you don’t know everything and that you’re curious. If you [think you] know everything, are you really listening to other people?”
Echoing this wisdom, Weber shared a powerful insight from a mentor: “Vision is great. Strategy is great. But vision without execution is hallucination.”
Forest River Marine, a division of Berkshire-owned Forest River, has teamed up with Margaritaville, the late Jimmy Buffett’s iconic lifestyle brand, to launch the Chill Series of pontoon boats. These models will feature custom Margaritaville-inspired design elements and other comfort-first touches to achieve those perfect laidback vibes. “We’re thrilled to bring this partnership to life,” said Forest River Marine general manager Philip Podgorny. “Our teams share a love for the water, good times, and memorable experiences. The Chill Series was created to deliver those moments effortlessly — with comfort and fun at the forefront.”
This is something of an encore performance for Berkshire x Margaritaville. Back in 2022, Warren Buffett ended his annual letter with a playful sales pitch for a new Jimmy Buffett-designed pontoon party boat from Forest River — even sharing his own plans to buy one for his family. No word yet on whether he’ll add a new Chill Series model to the fleet.
Some good news out of China for Apple. (It feels like I haven’t typed those words in a while.) According to Counterpoint Research, iPhone sales climbed 8% in China during the second quarter, marking the first such increase in two years. This upswing was likely fueled by aggressive promotions in May from Chinese e-commerce firms. Apple remains in third place in this critical market — behind both Huawei and Vivo — but is finally showing some signs of life after a prolonged decline.
In other Apple news, the company announced that COO Jeff Williams will retire later this year — with Sabih Khan, senior vice president of operations, set to step into the role. “Sabih is a brilliant strategist who has been one of the central architects of Apple’s supply chain,” said CEO Tim Cook. “While overseeing Apple’s supply chain, he has helped pioneer new technologies in advanced manufacturing, overseen the expansion of Apple’s manufacturing footprint in the United States, and helped ensure that Apple can be nimble in response to global challenges.” Apple’s vaunted design team also worked under the outgoing Williams, but will now report directly to Cook.
Kraft Heinz agreed to sell its infant and specialty food business (based in Italy) to NewPrinces. The proposed transaction — which Reuters pegs around $140 million — should close by the end of the year. This divestment enables Kraft Heinz to “fuel investment and growth in our core areas” and continue “proactively managing our portfolio to accelerate organic growth and drive sustainable, long-term value”.
Gerald Salzman, former CEO of the Daily Journal Corporation and a familiar presence alongside Charlie Munger at DJCO annual meetings, passed away earlier this month. “He drove growth with force and intensity,” said current CEO Steven Myhill-Jones, “and his connection to Charlie Munger and that era of leadership shaped much of what Daily Journal became.”
The legal battle threatening Chevron’s $53 billion acquisition of Hess is nearing its end. Reuters reports that arbitrators at the International Court of Commerce have reached a decision — which remains under review before public release. At the heart of the dispute is Exxon Mobil’s right of first refusal on Hess’s 30% stake in Guyana’s prolific Stabroek block — and whether it applies when the entire company is sold. A lot rides on the arbitrators’ decision: If Exxon wins, the Chevron-Hess merger could unravel. If Chevron prevails, though, it’s poised to close the deal within 48 hours and begin integrating Hess’s assets at once.
Happy Birthday!