The Berkshire Beat: March 20, 2026
The latest Warren Buffett and Berkshire Hathaway news!
Warren Buffett doesn’t say much these days, but he hasn’t gone completely silent.
This week alone, the 95-year-old investing legend spoke with reporters from two major newspapers for stories related to his life’s work.
✨ In a Wall Street Journal article exploring how Buffett’s famous shareholder letters inspired other CEOs (like Jamie Dimon of JPMorgan Chase and Tom Gayner of Markel) to write in a more engaging style, he looked back on his long collaboration with Carol Loomis. Buffett recalled sending her his initial drafts to edit — and then bracing for a battle over added commas and other small changes. “My first reaction would be to get irritated,” he said, “which is totally inappropriate.”
But, he laughed, “that’s the way you get when you’re writing.”
Buffett and Loomis now play bridge online together on Monday evenings — which leads to much less arguing. “I finally matured a little bit,” he said, “at 95.”
The article also noted that Greg Abel told friends that drafting his first letter to shareholders was the toughest part about his first two months as CEO. “That was an enormous task,” he said. Buffett’s response: “Well, it doesn’t get any easier. The second letter will be [just] as difficult and challenging.”
✨ Meanwhile, the New York Times examined the waning enthusiasm for the Giving Pledge initiative that Buffett started alongside Bill and Melinda Gates. Amid growing skepticism about the efficiency and direction of large charitable foundations, the pledge has faced criticism and a noticeable slowdown in new signatories.
Buffett, though, defended it in an email. “I firmly believe in the Giving Pledge and consider it quite a success,” he wrote, “though my physical limitations have eliminated my participation in the annual get-together. I have continued to contact possible members but only on a minor scale in recent years. Bill Gates has continued major efforts.”
More news and notes from the Berkshire Hathaway orbit…
S&P Global removed PacifiCorp from CreditWatch — and an imminent ratings downgrade — after wildfire-related verdicts snapped back to “normal” over the past two weeks. Last month, an Oregon jury awarded $19 million per plaintiff in one trial, well above the $5.5 million per plaintiff historical average. But that now looks more like an anomaly after recent verdicts averaged around $4.6 million per plaintiff. As such, S&P now expects future awards to settle around the average rather than spiking upward as previously feared. The move eases near-term ratings concerns, but the beleaguered BHE utility still receives a negative outlook from S&P.
Last month, PacifiCorp agreed to sell its Washington state service area to PGE — and, now, continues to rebalance with the sale of its transmission and distribution assets in rural Oregon. As a result, nearly 9,000 current PacifiCorp customers will transfer over to local electric co-ops. “These agreements represent the company’s ongoing efforts to strengthen its financial position and simplify operations to ensure the continued delivery of safe, reliable electricity to our customers,” said president Ryan Flynn.
Apple CEO Tim Cook appeared on Good Morning America this week as the company gears up to celebrate its 50th anniversary. During the wide-ranging interview, anchor Michael Strahan asked Cook about the persistent rumors that he will retire this year. “Here’s the way I look at it,” said Cook. “I love what I do — deeply. 28 years ago, I walked into Apple and I’ve loved every day of it since. We’ve had ups and downs, but the people I work with are so amazing. They bring out the best in me and hopefully I can bring out the best in them. Michael, I can’t imagine life without Apple.”
BNSF Railway broke ground last week on its new $500 million logistics center in Gunter, Texas. Strategically located near State Highway 289 — about an hour north of Dallas — the 944-acre multi-customer, multi-commodity industrial park should be complete in about nineteen months. “Gunter is well-placed in one of the fastest-growing corridors in the country,” said BNSF assistant vice president Scot Bates, “and this new logistics center positions our customers to take full advantage of that momentum. By offering direct rail service and a ready-to-build site, we’re helping customers expand their supply-chain reach faster and more efficiently.”
In other railroad news, Union Pacific CEO Jim Vena and Norfolk Southern CEO Mark George sat down with the Atlanta Journal-Constitution to defend their proposed merger. And, while making the case for a transcontinental railroad, Vena pushed back on claims that the merger would harm competition. “We’re actually competing against a huge company,” he said. “It’s not Burlington Northern Santa Fe we’re competing against — it’s [Berkshire Hathaway]. Little Union Pacific, worth $145 billion in the stock market today, running against a trillion-dollar behemoth called Berkshire. If anybody thinks that that’s not competition, you’re missing the point.”
Kraft Heinz CEO Steve Cahillane drew back the curtains on his plans to pull the food giant out of a prolonged sales slump. In an interview with Bloomberg News, he revealed that Kraft Heinz will soon roll out a range of healthier products across some of its most popular brand names — like high-protein Mac & Cheese, snack-sized Lunchables, and low-sugar Capri Sun with added electrolytes. The new PowerMac, in particular, will be priced quite a bit lower than rival Goodles.
In the same interview, Cahillane did not rule out revisiting the subject of separation — but admitted, “I don’t see it [happening] anytime soon.” (The Financial Times also reported this week that Kraft Heinz previously discussed merging its condiment biz with Unilever’s food division, though nothing came of those talks.)
With traditional subscription growth slowing, Sirius XM hopes to deepen engagement (and monetization) among its existing customer base. CEO Jennifer Witz thinks the new Companion plan — which allows full-price subscribers to share access with a member of their household — will effectively extend a subscription’s value beyond a single vehicle or device. “Companion has been a big success for us,” she told a Morgan Stanley investor conference earlier this month. “We continue to see solid momentum there.” Witz noted that this might also be aiding retention. Self-pay churn fell to 1.5% last year — one of the lowest levels on record — despite a price hike.
AM Best upgraded Berkshire-owned CapSpecialty Insurance Group to “superior” financial strength and credit ratings. This change reflects the insurer’s balance sheet strength and adequate operating performance — with improved underwriting results and reduced volatility that should be sustainable over time. The report also noted that while almost all of CapSpecialty’s portfolio is currently invested in U.S. Treasury bills, Berkshire will probably tilt that more towards common stocks in the future.
And, finally, a few odds and ends to finish the week…
Happy trails to Judd and Laura Zebersky, who leave Jazwares this week after building the company into a toy powerhouse. Buffett once called them “ideal Berkshire managers”.
HomeServices of America announced a new partnership with Zillow to bring “coming soon” property listings to the real estate app’s 235 million monthly users. “The ability to provide exponential exposure at the beginning of the sales cycle is an extremely compelling value proposition,” said CEO Chris Kelly.
This week, Berkshire collected $11.1 million in quarterly dividends from UnitedHealth Group and $3.7 million from Alphabet.
Pilot will modernize its point-of-sale technology with the NCR Voyix platform — providing greater visibility into store performance. “For a network of our size,” said CTO Andy Lupo, “the job is to keep stores running smoothly while making meaningful improvements fast.”
This month’s Uncommon Sense article — a collection and reflection on Buffett’s favorite life lessons from his final interview as Berkshire CEO — will go out to paid subscribers early next week. Upgrade here if interested.
Unilever selling its U.S. business to McCormick