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Sentiment · FY2025 Q4
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“a portion of these shares were repurchased from Berkshire Hathaway pursuant to the terms of our publicly filed repurchase agreement, which formulaically results in Berkshire's ownership remaining at or below 45%.”
Berkshire Hathaway remains DaVita's largest holder; DaVita buys shares directly from Berkshire under a standing agreement that formulaically caps Berkshire's ownership at or below 45%.
“GEICO's lost a couple of points in market share.”
Allstate says GEICO (a Berkshire Hathaway subsidiary) has lost a couple of points of auto insurance market share, a negative read-through on GEICO.
“charge under its $4 billion loss portfolio transfer to National Indemnity Company”
CNA (Loews's insurer) ceded ~$4B of asbestos and environmental reserves to Berkshire Hathaway's National Indemnity via a loss portfolio transfer; a reserve charge accrues under that reinsurance arrangement.
“BN is a great company as a great franchise, has a long history, and we compete with them every day, and we compete hard.”
UP characterizes Berkshire-owned BNSF as its principal Western railroad competitor, now reacting to the UP-NSC merger.
“our publicly filed repurchase agreement with Berkshire Hathaway. According to that agreement, just prior to each DaVita earnings call, we buy from Berkshire the number of shares necessary to return its ownership to 45%.”
DaVita describes its contractual, formulaic repurchase mechanism that keeps Berkshire Hathaway's ownership stake at 45%, underscoring Berkshire's continued large equity position in DVA.
“I'm looking at the Travelers numbers and the Allstate numbers and Hartford's and I have some guesses around GEICO's numbers looking at what they've done. And it doesn't seem like they're growing very quickly”
An analyst estimates GEICO's growth also looks slow, reinforcing a view that large auto insurers are decelerating while Progressive still gains share.
“GEICO lost a couple of points of share because they had written a bunch of business prior to that, which was not profitable.”
Allstate says Berkshire's GEICO shed share after shedding unprofitable business, a mixed-to-negative read-through for GEICO's recent auto growth.
“And the repo -- the Berkshire, you want to talk about the Berkshire, Sunil?”
Occidental discusses Berkshire Hathaway's preferred equity; Oxy plans to build cash and resume redeeming the Berkshire preferred once callable in August 2029.
“And BNSF and J.B. Hunt Transport Services, Inc. are jointly aligned and being prepared for the next uptick in demand.”
Management frames BNSF (Berkshire Hathaway's rail subsidiary) as jointly preparing with J.B. Hunt for an anticipated import/demand surge, signaling coordinated capacity planning between the two rail-intermodal partners.
“And then certainly, we've been engaged with BNSF in a meaningful way to talk about the cost to store the equipment facilities we both own, how can we minimize the cost together, and they are a partner with us in that.”
J.B. Hunt is working with rail partner BNSF (a Berkshire Hathaway subsidiary) to jointly reduce equipment storage costs, reflecting continued operational collaboration between the two on intermodal infrastructure.
“So I think PCC is trying really hard to maintain as much production as possible with movements to a plant in California.”
Precision Castparts (a Berkshire Hathaway subsidiary) suffered a fastener-facility accident earlier in the year and is struggling to maintain production; Howmet has picked up roughly $40 million of displaced orders as a result.
“when we started that, GEICO was spending maybe, I don't know, maybe it was $750 million or $1 billion.”
Allstate's CEO recalls that GEICO's direct-channel advertising spend around 2011 was roughly $750 million to $1 billion, motivating Allstate's own direct-to-consumer investment via the Esurance brand.
“in the end, JP Morgan and Amazon and Berkshire were not going to have any effect on changing that 20%.”
Buffett recounts the failed Haven healthcare venture with JPMorgan and Amazon, concluding the three companies could not meaningfully reduce U.S. healthcare's share of GDP.
“in the end, JP Morgan and Amazon and Berkshire were not going to have any effect on changing that 20%.”
Buffett recounts the failed Haven healthcare venture with JPMorgan and Amazon, concluding the three companies could not meaningfully reduce U.S. healthcare's share of GDP.
“If anybody doesn’t believe that, they can look at Hawaiian Electric and look at Edison in the current wildfires situation in California.”
Buffett cites Hawaiian Electric's wildfire-liability problems alongside Edison's as evidence that wildfire risk has structurally devalued utility investments industry-wide.
“If anybody doesn’t believe that, they can look at Hawaiian Electric and look at Edison in the current wildfires situation in California.”
Buffett points to Edison's wildfire-liability troubles in California as evidence of a broader societal trend that has reduced the value of public utility investments like Berkshire Hathaway Energy.
“We just announced within the last 24 hours that we, Zurich, and Chubb have arranged a joint operation to be the writer of really large sums that very few people can do.”
Berkshire, Zurich, and Chubb formed a joint operation to underwrite very large insurance risks that few insurers can handle alone, illustrating Berkshire's unique capacity in the space.
“We just announced within the last 24 hours that we, Zurich, and Chubb have arranged a joint operation to be the writer of really large sums that very few people can do.”
Berkshire, Zurich, and Chubb formed a joint operation to underwrite very large insurance risks that few insurers can handle alone, illustrating Berkshire's unique capacity in the space.
“Hershey just reported they’re going to have a bad quarter as we’re paying $4.50 a pound for chocolate because of events in West Africa.”
Buffett draws a historical parallel to Hershey's current cocoa-cost squeeze from West African supply disruptions, using it as a modern example of a commodity-cost problem.
“Coca-Cola, another big investment of ours, does extraordinarily well in Japan.”
Buffett highlights Coca-Cola, a longtime Berkshire investment, as performing extraordinarily well in the Japanese market.
“American Express would tell you that they sell their product very well in Japan.”
Buffett cites American Express's strong sales performance in Japan as an example of a Berkshire holding thriving in that market.
“Tim Cook has made Berkshire a lot more money than I’ve ever made Berkshire Hathaway.”
Buffett credits Apple CEO Tim Cook with generating more profit for Berkshire than Buffett himself has, underscoring Apple's outsized contribution as Berkshire's largest equity holding.
Berkshire Hathaway's 2025 annual meeting covering FY2024 highlighted GEICO achieving an unprecedented combined ratio below 90, with a seven-consecutive-quarter run of having 'an eight in front of it.' Cash exceeded $300 billion as deployment remained patient, trade tariffs created uncertainty, and electric grid investment represented a massive opportunity. Greg Abel was confirmed as CEO-designate with succession planning advancing. Insurance float cost was negative 2.2%, demonstrating the structural advantage.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BRK-B Berkshire Hathaway | 4 | n/a | |
| ACGL Arch Capital Group | 3 | -5.0% | |
| AIG American International Group | 6 | -1.8% | |
| HIG Hartford (The) | 6 | +6.1% | |
| PFG Principal Financial Group | 7 | -4.5% |