Locator: 50093BRK.
Note: in a long note like this, there will be typographical and content errors. This blog is not meant for readers other than my extended family, but I post the blog without restrictions because this is the fastest way I can get information to my extended family members. This is not an investment site. See blog's disclaimer. Please feel free to fact check. Comments are heavily moderated.
The letter is at this link: https://www.berkshirehathaway.com/letters/2025ltr.pdf.
It's amazing how every news site, it seems, works hard NOT to link to the actual newsletter. Even Google Gemini failed. Amazing.
Insane: the one data point most pundits -- based on scrolling through x -- are interested in -- the amount of cash being held by BRK.
My only takeaway: for most people, TLDR; most people will read the CNBC summary; impossible to put a dollar value on BRK-B.
I have no idea what BRK-B is any more except as a mediocre ETF/mutual fund with a cash-dominated mentality, with focus on dividends paid to the company. Except for optional capital gains (share price), the average retail investor sees no tangible financial benefits.
Over the past year, one could have done much better in MDU and MDU pays a dividend:
I have a rolling 30-year-plus-one-day horizon and I re-evaluate strategically on a yearly basis, usually around the first of the year through April 15th; and, I re-evaluate tactically every three months.
For the Robinhood crowd, BRK-B is no longer FOMO or MOJO.
- Strategic:
- major sectors for the next year
- overall portfolio management
- I try not to add new tickers to my portfolio
- two years ago, I pivoted to tech
- large cap, US stocks;
- dividends are incredibly important but not required;
- park money in SCHD, SCHB, SCHG
- this year, could start to tiptoe into nuclear (see below, tactical)
- CSX was a surprise this year (strategic and tactical opportunity)
- Tactical:
- where to invest new money every three quarters
- new money is mostly dividends and RMDs
- 50% of my annual dividends are paid in the last month of each quarter
- US large cap within tech only with significant discounts to the overall tech market
- Amazon is probably the best example
- I have an "accidental" position in BWXT -- a spin-off of a spin-off of an oil service company from many, many years ago; it's intriguing, but have never added money to this position.
- CSX was a surprise this past year (new money quarterly?)
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Disclaimer
Briefly
Briefly:
I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken. I am inappropriately exuberant about the US economy and the US market. I am also inappropriately exuberant about all things Apple. See disclaimer. This is not an investment site. Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. All my posts are done quickly: there will be content and typographical errors. If something appears wrong, it probably is. Feel free to fact check everything. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. Reminder: I am inappropriately exuberant about the Bakken, US economy, and the US market. I am also inappropriately exuberant about all things Apple. And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia. Nvidia is a metonym for AI and/or the sixth industrial revolution. I am also inappropriately exuberant about all things Broadcom. Longer version here.
