Company Profiles
Deep dives into companies with durable competitive advantages.
American Express
The global payments company with a unique closed-loop network and premium brand, representing one of Buffett's longest-held investments with significant compounding.
Apple
The world's most valuable company and Buffett's largest equity holding, representing a consumer technology franchise with exceptional ecosystem lock-in and capital return policies.
Berkshire Hathaway
The holding company led by Warren Buffett and Charlie Munger, owning dozens of wholly-owned businesses and a $300+ billion equity portfolio.
Blue Chip Stamps
A trading stamp company that became a major Berkshire affiliate, eventually merging into Berkshire and bringing See's Candy and Wesco Financial into the fold.
BNSF Railway
One of the largest freight railroad networks in North America, acquired by Berkshire Hathaway for $26.5 billion in 2009 in one of Buffett's largest acquisitions.
Church & Dwight
Consumer goods company making secondary/discount brands (Arm & Hammer, OxiClean), suffering from K-shaped economy where neither rich nor poor buy their products
Clayton Homes
The largest manufactured homebuilder in the United States, acquired by Berkshire Hathaway in 2003 for $1.7 billion, known for conservative lending practices during the housing crisis.
Coca-Cola
The world's largest beverage company and one of Buffett's longest-held investments, representing a premier example of brand moat and global consumer monopoly.
Coloplast
Danish medical company specializing in catheters and advanced wound care, including fish skin-based treatments
Diamond-O
A Canadian fishing company acquired by Berkshire Hathaway, notable as one of Buffett's few international acquisitions and a business with unique operational characteristics.
Fortinet
Leading cybersecurity company specializing in network security appliances and firewalls, competing with Palo Alto Networks in the router/firewall market
Fundsmith Equity Fund
Britain's largest equity fund, managing £27 billion with a quality-focused, high-conviction investment strategy
GEICO
The sixth largest auto insurer in the US, operating a direct sales model that cuts costs and creates competitive advantage, and the cornerstone of Berkshire's insurance operations.
General Re
A global reinsurance company acquired by Berkshire Hathaway in 1998 for $16 billion in stock, one of Berkshire's core insurance operations.
Illinois National Bank and Trust
A Rockford, Illinois bank acquired by Berkshire in 1969 for $15.5 million, which had to be divested in 1980 due to bank holding company regulations.
Company Analyses
Index of all company analyses in this wiki
Intuit
American software company specializing in accounting, tax, and financial management software (QuickBooks, TurboTax, Mailchimp), acquired at wrong price and wrong reasons
ISCAR
An Israeli metal cutting tools company acquired by Berkshire Hathaway in 2006 for $4 billion, known for its technological leadership in small cutting tools.
Johns Manville
A leading manufacturer of building materials including insulation, roofing, and engineered products, acquired by Berkshire Hathaway in 2001.
Lubrizol
A specialty chemical company acquired by Berkshire Hathaway in 2011 for $4 billion, known for additives that improve engine performance and industrial product quality.
Marmon Group
A diverse industrial conglomerate with over 125 manufacturing and industrial businesses, acquired by Berkshire Hathaway for $4.5 billion in 2007 with 64% initial stake.
Berkshire Hathaway Energy
A major utility holding company owning electric utilities and natural gas pipelines across the US and UK, led by Greg Abel, generating $7-10 billion in annual pre-tax earnings.
MiTek
A Berkshire Hathaway subsidiary manufacturing metal connectors and components for the construction industry, known for its engineering products and global reach.
Moody's Corporation
The dominant credit rating agency with a regulatory moat protecting its business, and one of Buffett's most consistent compounding machines for over 50 years.
National Indemnity Company
Berkshire's first major acquisition in 1967, a specialty insurer founded by Jack Ringwalt, which became the core of Berkshire's insurance operations.
NetJets
The world's largest private jet aircraft fractional ownership company, owned by Berkshire Hathaway since 1998, offering shared ownership of private aircraft.
Novo Nordisk
Danish pharmaceutical company pioneering GLP-1 weight loss drugs, with 85% gross margins and 69% ROIC, trading at 28x P/E versus Eli Lilly at 75x
Pampered Chef
Berkshire Hathaway's kitchenware company operating through direct sales, famous for its in-home cooking demonstrations and quality kitchen products.
Pilot Flying J
The largest truck stop chain in North America with over 750 locations, in which Berkshire Hathaway acquired a 38.6% stake in 2014 through the Haslam family.
Precision Castparts
A aerospace and power generation components manufacturer acquired by Berkshire Hathaway for $32 billion in 2016, making it Buffett's largest acquisition.
See's Candies
The iconic California confectioner that Buffett bought in 1972 for $25M and has since generated over $2 billion in pre-tax profits, exemplifying the "wonderful business at fair price" thesis.
Shaw Industries
The world's largest carpet manufacturer, acquired by Berkshire in 2001, known for its scale in residential and commercial flooring.
TTI
Berkshire Hathaway's specialty electronic components distributor acquired in 2007, led by Paul Andrews, known for its efficient operations and strong customer relationships.
Waters Corporation
Scientific instruments company specializing in chromatography and mass spectrometry, led by Dr. Udit Batra who Smith and Robbins admire as an exceptional CEO
Wells Fargo
One of America's largest banks and Buffett's landmark value investment of the 1990s, demonstrating the margin of safety principle in action.
Wesco Financial Corporation
An 80%-owned savings and loan affiliate of Blue Chip Stamps, led by Louis Vincenti, that operated a conservative financial services business.
XTRA Lease
A leading provider of trucking trailers and storage containers, operating as XTRA Lease, acquired by Berkshire Hathaway in 2001.
Zoetis
The world's largest veterinary pharmaceutical company, providing pet medications and complement to IDEXX in Fundsmith's portfolio