The Berkshire Beat: October 24, 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! ❤️

Speaking of which… The annotated transcript for October will go out to paid subscribers early next week — and I have a feeling everyone will really enjoy this one.

It sheds a little more light on a surprising chapter in Berkshire Hathaway’s recent history — the unlikely partnership between Warren Buffett and Jorge Paulo Lemann of 3G Capital. One man renowned for his hands-off, decentralized stewardship and the other a relentless force of cost-cutting and reinvention. If that “odd couple” dynamic ever left you scratching your head, this 2017 interview might give you a better appreciation for the mutual trust and admiration they felt for each other.

I particularly enjoy Buffett’s eloquent riff on leadership and the qualities that make a truly exceptional leader.

They are the ones that you have not only confidence in their judgment and that they can see over the next hill — even if you can’t — but also you know they have got your interest at heart and it’s not all about self-advancement for themselves.

I’ve seen a few really wonderful leaders and I’d probably start with Tom Murphy as my #1 example. I’ve never known anybody that had anything to do with him — and I’ve known him for 45+ years — that if the phone rang and he said, “It’s Murph, here’s what I’m going to do,” that wouldn’t say, “I’m on board!”

They have that common quality that you believe in the fact that they can see where you’re not able to see. You get it in the military command … but you get it in business when other people are skeptical of your ideas and somebody comes along like a Murph. If you went out on a mission together, you know you’re going to come back. It’s that simple.

So, if you’ve been on the fence about upgrading, there’s no time like the present.

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And, now, on to the latest news and notes out of Omaha…

Earlier this month, soon-to-be-CEO Greg Abel spoke to employees from Berkshire Hathaway’s insurance subsidiaries at the Holland Center in Omaha. A Kingswell reader in attendance graciously shared some of the details from the event. The vice chairman, who until now focused on the non-insurance side of the business, took the opportunity to share his own story with the employees he will soon lead — from his start as a chartered accountant in San Francisco to CalEnergy and eventually coming aboard Berkshire as part of MidAmerican Energy. Of particular note, Abel revealed that the CEO of a hyperscaler had recently called to see if Berkshire could build out energy capacity for (presumably) massive-scale data centers and cloud computing needs. He told the unnamed company that he would only entertain the idea as long as it didn’t siphon resources away from existing customers — and that any such deal would require strict terms to justify deploying capital on that scale.

According to Counterpoint Research, Apple’s new iPhone 17 lineup stormed out of the gates, outselling last year’s models by 14% in the all-important U.S. and China markets over its first ten days. The base iPhone 17 is the star of the show in China — more than doubling the iPhone 16’s numbers — while American buyers snap up the pricier iPhone 17 Pro Max with the help of improved carrier subsidies. “The emphasis on Pro Max offers has made the ultra-premium Apple device more accessible to customers,” said senior analyst Maurice Klaehne, “bolstering premiumization trends and strengthening high-value customer ties to the Apple ecosystem.” As always, take these research firm reports with a grain of salt until Apple drops the official numbers — but the early signs for iPhone 17 are looking good.

• Counterpoint’s data echoes recent buzz in the Financial Times about how the new iPhone’s strong launch caught even industry insiders off guard. “It’s fair to describe the iPhone 17 launch as surprising versus where Wall Street expectations were at the end of August,” said analyst Gene Munster. IDC’s Francisco Jeronimo agreed. “Clearly, it’s a very strong quarter for Apple. I don’t remember the last time I saw queues outside the Apple Store like I’ve seen this year.” Apple’s smartphone revenue — stuck in the mud for the past two years — might finally be ready to shift back into growth mode.

• The news is decidedly less happy for the iPhone Air, which debuted this year. The ultra-slim newcomer has reportedly landed with a thud — and both Nikkei Asia and analyst Ming-Chi Kuo now claim that Apple will drastically slash production orders by as much as 80%. Can’t win ‘em all, I suppose.

In other Apple news, the tech giant’s stock price hit a new all-time high of $265.29 on Tuesday. That puts Apple within spitting distance of a $4 trillion market cap — rarefied air that only two other companies (Nvidia and Microsoft) have ever reached. It’s been a rollercoaster year for the stock, but seems to be hitting its stride down the stretch. Apple also retained its crown as the world’s most valuable brand — at least according to Interbrand. The iPhone maker topped the list for the 13th consecutive year with an estimated brand value of $470.9 billion, a slight dip from last year, but still well ahead of runner-up Microsoft at $388.5 billion.

With Halloween lurking right around the corner, Coca-Cola has set its sights on making Fanta the undisputed drink of the holiday. The soft drink company already owns Christmas — with iconic Santa Claus and polar bear imagery featured heavily in Coke advertising and packaging — and now hopes Fanta can lay similar claim to the spooky season. “Halloween should be to Fanta what Christmas is to Coke,” vice president Ibrahim Khan told Adweek. Fanta already has its orange color going for it, but will now also release limited-edition cans featuring horror icons like Chucky, Michael Myers, and Freddy Fazbear. Khan hopes that this “teen-centric” holiday that is “becoming insanely big and global” will soon be indelibly associated with Fanta in customers’ minds. And, for this billion-dollar brand, that’s what really counts. As Warren Buffett says, it’s all about share of mind.

And a few odds and ends to finish off the week…

• BNSF Railway’s appeal of an asbestos exposure verdict seems to be off to a good start for the railroad. Last year, BNSF was found liable — but not negligent — of contaminating its rail-yard in Libby, Montana, with asbestos from vermiculite it once hauled for W.R. Grace. According to Montana Free Press, the three-judge appeals panel appeared skeptical about how BNSF could be liable if it was not found negligent in handling the tainted cargo.

• Nebraska Furniture Mart added the title of Chief Merchandising Officer to current Chief Marketing Officer Amy Starr Myers’s remit. “Amy has fundamentally transformed how we engage with our customers,” said CEO Tony Boldt. “Her ability to harness data and translate it into meaningful, personalized experiences has modernized our brand and elevated NFM’s position as a leader in retail innovation.” The proof is in the pudding: Under Myers’s watch, NFM has doubled its e-commerce sales.

• Berkshire-owned WPLG Local 10 inked a “multifaceted partnership” with the Miami Heat professional basketball team to broadcast select home games and other team programming. “We are thrilled to strengthen our relationship with the Miami Heat organization,” said CEO Bert Medina.

• Shane Parrish dives into Jim Clayton’s legendary career on the latest episode of The Knowledge Project — tracing his phoenix-like rise from an early bankruptcy up through selling his manufactured homes empire to Berkshire Hathaway in 2003.