Subject: Re: Earnings
From a quick scan:

Geico continues good run of profitability.

Other insurance u/w down due to wildfire losses. A reminder that Berkshire 2024 numbers are not a good base for valuing the insurance companies.

BNSF profits up despite tariffs probably due to efficiency benefits from previously reported operational changes. Big positive.

BHE profits up due to prior year wildfires losses.

MSR doing as expected, mixed bag.

Net seller of equities but not significant.

Didn’t check but no share buybacks I image.

Unrealised loss on investment portfolio gives media something to write about.

Look forward to insights that tell anything about the US economy.

Share price high, relative to intrinsic value snap shot before the report. This mixed bag and nothing really has changed = business as usual.

Unless there are announcements at the meeting.

Long term a fine company that can grow at 10% a year.

Looking forward to your insights…