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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: rogermunibond ⎊  😊 😞
Number: of 22353 
Subject: Minority ownership of acquisitions
Date: 03/02/26 10:20 AM
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I thought Greg's letter had an interesting point on the Pilot Travel Center acquisition. He said that they made the acquisition and owned the majority of the company but did not have operational control. It's well known that they had issues with the controlling owner, the Haslam family, and did eventually buy the entire company, but litigation was involved. Greg's point was that never again will Berkshire do this.

To me, this reflects a wariness when dealing with future M&A that differs substantially from Warren and Charlie's way of operating.

Does anyone know whether MidAmerican Energy and Marmon Industries (which were both structured similarly to Pilot Travel Centers) involved Berkshire having majority ownership but operating control resting with the minority owner?
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This community has written 21,861 posts about Berkshire Hathaway. The article-length ones it recommended most:
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