Misplaced Pages

#832167

49-500: The News Record may refer to the following newspapers: News & Record , Greensboro, North Carolina The News Record (Cincinnati) , University of Cincinnati News-Record (Wisconsin) , Neenah, Wisconsin News Record , a former name of NJToday.net , New Jersey Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with

98-491: A compound annual growth rate (CAGR) of 19.8% compared to a 10.2% CAGR for the S&;P 500 . However, in the 10 years ending in 2023, Berkshire Hathaway produced a CAGR of 11.8% for shareholders, compared to a 12.0% CAGR for the S&P 500 . From 1965 to 2023, the stock price had negative performance in only eleven years (1966, 1970, 1973, 1974, 1984, 1990, 1999, 2002, 2008, 2011, 2015). In August 2024, Berkshire Hathaway became

147-1182: A chain of jewelry stores based in Kansas City that began in 1915, was acquired Berkshire in 1995 after a chance run in between Buffett and Barnett Helzberg on a street in New York City. In June 2000, the company acquired Justin Brands, the parent company of Justin Boots , Acme Boots , and Acme Brick for $ 600 million in cash. Headquartered in Fort Worth, Texas , Acme manufactures and distributes clay bricks (Acme Brick), concrete block (Featherlite), and cut limestone (Texas Quarries). Justin Brands also owns Chippewa Boots , Nocona Boots , and Tony Lama Boots . In December 2000, Berkshire acquired Benjamin Moore & Co. , headquartered in Montvale, New Jersey . Moore formulates, manufactures, and sells architectural coatings that are available primarily in

196-563: A diversified group of 32 brands that manufactures and distributes products for residential, industrial, and institutional use. It included Kirby Company , which was sold in 2021, Wayne Water Systems, and Campbell Hausfeld products. Campbell Hausfeld was transferred to Marmon, also a Berkshire subsidiary, in 2015. Scott Fetzer also manufactures Ginsu knives and World Book Encyclopedia . In January 1986, Berkshire acquired Fechheimer Brothers. Fechheimer Brothers owns Flying Cross and Vertx. Flying Cross manufactures public safety uniforms and Vertx

245-511: A five-year agreement to allow Lee Enterprises to manage Berkshire Hathaway's newspaper and digital operations. In 2020, Lee Enterprises acquired BH Media Group's publications and The Buffalo News for $ 140 million in cash, retaining WPLG . In conjunction with the sale, Berkshire lent $ 576 million to Lee. In 1983, Berkshire acquired Nebraska Furniture Mart for $ 60 million. In 2000, Nebraska Furniture Mart purchased Homemakers Furniture. In 1986, Berkshire acquired Scott Fetzer Company ,

294-549: A general decline in the textile industry after World War I . At this time, Hathaway was run by Seabury Stanton , whose investment efforts were rewarded with renewed profitability after the Great Depression . After the merger, Berkshire Hathaway had 15 plants employing over 12,000 workers with over $ 120 million in revenue, and was headquartered in New Bedford . However, seven of those locations were closed by

343-531: A major interest in a declining textile business. While Buffett maintained Berkshire's core business of textiles, he gradually moved capital to other industries, beginning with the March 1967 acquisition of the National Indemnity group of companies, which include National Indemnity Company, National Liability & Fire Insurance Company, and National Fire & Marine Insurance company, among others. It

392-672: A morning edition. Berkshire formed BH Media Group with a purchase of the Omaha World-Herald in December 2011, which included six other daily newspapers and several weeklies across Nebraska and southwest Iowa. In June 2012, Berkshire purchased 63 newspapers from Media General , including the Richmond Times-Dispatch and Winston-Salem Journal , for $ 142 million in cash. In 2012, Berkshire Hathaway bought Texas dailies The Bryan-College Station Eagle and

441-538: A per-share value originally kept (by specific management rules) close to 1 ⁄ 30 of that of the original shares (now Class A) and 1 ⁄ 200 of the per-share voting rights, and after the January 2010 split, at 1 ⁄ 1,500 the price and 1 ⁄ 10,000 the voting rights of the Class-A shares. Holders of class A stock are allowed to convert their stock to Class B, though not vice versa. Buffett

490-627: A slight by an individual), it would have paid off several hundredfold. On March 16, 1980, Berkshire became a public company via an initial public offering , selling Class A shares for $ 290 each. Buffett has had a long relationship with Jeff Bezos ; he turned down an opportunity to invest in Amazon.com in 1994 as he was unable to predict the company's future growth and it was losing money. Berkshire Hathaway purchased shares in Amazon in 2019 currently worth $ 2 billion. Shares closed over $ 100,000 for

539-680: A subsidiary of Berkshire Hathaway, Inc. , a Fortune 500 company owned by billionaire Warren Buffett . At the time, the paper had 23 reporters. During the first five months, the newspaper was subject to two rounds of layoffs. By July 2016, the paper employed only 15 journalists. The following year the printing of the paper was moved to Winston-Salem, the location of the BH Media-owned Winston-Salem Journal . "[F]ew print dailies, at least in North Carolina, have cut their way to irrelevance as brazenly as

SECTION 10

#1732772269833

588-552: Is a civilian tactical clothing company. In 1991, Berkshire acquired H.H. Brown Shoe Group . In May 1995, Berkshire acquired RC Willey Home Furnishings . In June 1997, Berkshire acquired Star Furniture Company. In February 1997, Berkshire acquired FlightSafety International (FSI), a pilot training company founded in 1951 by Albert Lee Ueltschi and headquartered at LaGuardia Airport in Flushing, New York . It supplies high technology pilot training to aircraft operators in

637-404: Is a major area of operations and the retained premiums (float) serves as an important source of capital. As of September 30, 2024, the company had $ 325 billion in cash and cash equivalents, more than any other U.S.-based public company . The company is focused on shareholder returns; between 1965, when Buffett gained control of the company, and 2023, the company's shareholder returns amounted to

686-581: Is a major source of capital for Berkshire Hathaway's other investments. In 1985, the last textile operations were shut down. Buffett has described purchasing the Berkshire Hathaway textile company as the biggest investment mistake he had ever made, denying him compounded investment returns of about $ 200 billion over the subsequent 45 years. He has estimated that had he invested the same money directly in insurance businesses instead of indirectly via Berkshire Hathaway (due to what he perceived as

735-498: Is an American multinational conglomerate holding company headquartered in Omaha, Nebraska . Founded in 1839 as a textile manufacturer, it transitioned into a major conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger (1924-2023). Greg Abel now oversees most of the company's investments and has been named as the successor to Buffett. Buffett personally owns 38.4% of

784-640: Is ranked 5th on the Fortune 500 rankings of the largest United States corporations by total revenue and 9th on the Fortune Global 500 . Berkshire is one of the ten largest components of the S&P 500 and is on the list of largest employers in the United States . Its class A shares have the highest per-share price of any public company in the world, reaching $ 700,000 in August 2024, because

833-566: The Daily Record which was first printed on November 17, 1890, in Greensboro. An afternoon paper, it was begun by John Benson, Joseph Reece, and Harper J. Elam. Both Benson and Elam eventually sold their interest in the paper to Reece who operated it as sole owner for 14 years until his death in 1915. For four years thereafter it was owned by Al Fairbrother and George Crater until it was bought by Julian Price in 1919. The Daily News

882-586: The Waco Tribune-Herald . In 2013, the company purchased the Tulsa World , the Greensboro, North Carolina -based News & Record , Virginia's Roanoke Times , and Press of Atlantic City . In 2014, Graham Holdings Company sold its Miami television station, ABC affiliate WPLG to BH Media in a cash and stock deal. In June, 2018, Lee Enterprises and Berkshire Hathaway reached

931-960: The CHI Health Center Omaha in Omaha, Nebraska. Attendance generally totals over 40,000 people and the meetings last for 6 to 8 hours, with Buffett himself, as well as Abel and Jain, answering questions from shareholders. Known for their humor and light-heartedness, the meetings typically start with a cartoon made for Berkshire shareholders. Current members of the board of directors of Berkshire Hathaway are Warren Buffett (chairman), Greg Abel (vice chairman of non-insurance business operations), Ajit Jain (vice chairman of insurance operations), Chris Davis, Susan Alice Buffett (Buffett's daughter), Howard Graham Buffett (Buffett's son), Ronald Olson , Kenneth Chenault , Steve Burke , Susan Decker , Meryl Witmer, Charlotte Guyman, Esteban Rodriguez Jr. Charlie Munger served as vice chairman of

980-599: The Greensboro Daily News and The Greensboro Record (formerly Daily Record ) began gradually consolidating their operations, beginning with the Sunday edition in 1980, though there had not been an afternoon paper on Sundays previously, followed by Saturdays in 1983. By March 1984, both papers were combined into the News & Record , a single paper with two editions, morning and afternoon. The afternoon edition

1029-501: The News & Record each Thursday. The section is also available in free racks on Friday. Go Triad focuses on arts and entertainment, including reviews and listings of movies , concerts , theater, art exhibits and events, festivals and more, as well as restaurant reviews. It also has features about local figures in the arts and entertainment industry, including local bands, artists and others. Berkshire Hathaway, Inc. Berkshire Hathaway Inc. ( / ˈ b ɜːr k ʃ ər / )

SECTION 20

#1732772269833

1078-592: The News & Record has under BH Media and current owner Lee Enterprises. " Former News & Record journalist Margaret Moffett, 2022 On March 16, 2020, Lee Enterprises Inc. completed its $ 140 million purchase of BH Media's publications, including the News & Record and the Winston-Salem Journal , all of which Lee had managed since June 2018. The acquisition was soon followed by another round of layoffs at both Triad papers, including five News & Record journalists, many of them from

1127-669: The Public Utility Holding Company Act of 1935 was repealed in 2005. It owns Northern Powergrid , which operates in the UK. In 2005, it acquired PacifiCorp for $ 5.1 billion in cash, and assumed $ 4.3 billion in PacificCorp debt and preferred stock. MidAmerican was rebranded as Berkshire Hathaway Energy (BHE) in April 2014. The division owns a residential real estate brokerage business, which, in March 2013,

1176-543: The board of directors has historically been opposed to stock splits . Berkshire Hathaway traces its roots to Valley Falls Company , a textile manufacturing company established by Oliver Chace in 1839 in Valley Falls, Rhode Island . Chace, who was a carpenter, started working for Samuel Slater , the founder of the first successful textile mill in America. Chace founded his first textile mill in 1806. In 1929,

1225-557: The hedge fund Castle Point Capital, would join as an investment manager . In early 2012, 50-year-old Ted Weschler , founder of Peninsula Capital Advisors, joined Berkshire as a second investment manager. In the 2015 letter to shareholders, Buffett described hiring them both as "one of my best moves". In the 2016 letter to shareholders, Buffett revealed that each of them independently manages over $ 10 billion on behalf of Berkshire. In January 2018, Berkshire Hathaway appointed Ajit Jain and Greg Abel to vice-chairman roles. Abel

1274-2230: The Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company. Notable companies wholly-owned by Berkshire include GEICO , Gen Re , BNSF Railway , Precision Castparts Corp. , Lubrizol , Dairy Queen , Duracell , Benjamin Moore & Co. , Pilot Flying J , Clayton Homes , Fruit of the Loom , Business Wire , NetJets , Oriental Trading Company , Pampered Chef , Ben Bridge Jeweler , CTB International , Central States Indemnity , Johns Manville , Scott Fetzer Company , McLane Company , See's Candies , WPLG , Berkshire Hathaway Energy , Berkshire Hathaway Assurance , and HomeServices of America . Notable stakes in public companies owned by Berkshire as of September 30, 2024, in order of value as of that date, include 2.0% of Apple Inc. ($ 69.8 billion), 21.5% of American Express ($ 46.2 billion), 9.99% of Bank of America ($ 36.4 billion), 9.3% of The Coca-Cola Company ($ 25.7 billion), 6.6% of Chevron Corporation ($ 19.0 billion), 27.2% of Occidental Petroleum ($ 12.8 billion), 13.6% of Moody's Ratings ($ 12.1 billion), 26.9% of Kraft Heinz ($ 10.4 billion), 6.7% of Chubb Limited ($ 7.7 billion), 44.0% of DaVita ($ 6.0 billion), 8.9% of Mitsubishi ($ 5.9 billion), 7.5% of Itochu ($ 5.7 billion), 8.4% of Mitsui ($ 5.2 billion), 2.9% of Citigroup ($ 3.9 billion), 6.9% of Kroger ($ 3.0 billion), 32.5% of Sirius XM ($ 3.0 billion), 8.6% of Visa Inc. ($ 2.6 billion), 1.2% of Verisign ($ 2.3 billion), 8.5% of Marubeni ($ 2.1 billion), 9.5% of Sumitomo Group ($ 2.1 billion), 0.4% of Mastercard ($ 2.1 billion), 0.1% of Amazon.com ($ 2.0 billion), 4.9% of BYD Auto ($ 1.8 billion), 2.4% of Capital One ($ 1.7 billion), 1.9% of Aon ($ 1.6 billion), 1.8% of Nubank ($ 1.2 billion), 9.5% of Ally Financial ($ 1.1 billion), 0.4% of T-Mobile US ($ 1.1 billion), 2.0% of Charter Communications ($ 1.1 billion), 8.6% of Louisiana-Pacific ($ 0.7 billion), 3.7% of Domino's ($ 0.6 billion), 1.3% of HEICO ($ 0.2 billion), 1.1% of Pool Corporation ($ 0.2 billion), and 0.4% of NVR, Inc. ($ 0.1 billion). Insurance

1323-766: The Valley Falls Company merged with the Berkshire Cotton Manufacturing Company established in 1889, in Adams, Massachusetts . The combined company was known as Berkshire Fine Spinning Associates . In 1955, Berkshire Fine Spinning Associates merged with Hathaway Mills which had been founded in 1888 in New Bedford, Massachusetts , by Horatio Hathaway with profits from whaling and the China Trade . Hathaway had been successful in its first decades, but it suffered during

1372-610: The acquisition. The salary for Buffett is $ 100,000 per year with no stock options, which is among the lowest salaries for CEOs of large companies in the United States. Buffett's salary has not changed in 35 years. Buffett also receives approximately $ 300,000 worth home security services from the company annually. Abel and Jain each receive a salary of $ 20 million per year, with a possible $ 3 million annual bonus approved by Buffett. Buffett's letters to shareholders are published annually. Berkshire's annual shareholders' meetings, nicknamed " Woodstock for Capitalists", take place at

1421-451: The company for $ 11.50 per share. Buffett agreed to the deal. A few weeks later, Warren Buffett received the tender offer in writing, but the tender offer was for only $ 11.375. Buffett later admitted that this lower, undercutting offer made him angry. Instead of selling at the slightly lower price, Buffett decided to buy more of the stock to take control of the company and fire Stanton, which in 1965 he did. However, this left Buffett's fund with

1470-713: The company from 1978 until his death on November 28, 2023. With some exceptions, Berkshire Hathaway usually does not invest in real property due to precise pricing, lack of competitive advantage, complex management, and corporation tax disadvantages. Insurance and reinsurance business activities are conducted through approximately 70 domestic and foreign-based insurance companies. Berkshire acquired See's Candies in 1972 for $ 25 million. It produces boxed chocolates and other confectionery products in two large kitchens in California. See's revenues are highly seasonal with approximately 50% of total annual revenues being earned in

1519-460: The company, after 1914. He remained president until 1961, when his son, Charles, took over the reins of the company. In 1965, the company was purchased by Norfolk-Portsmouth Newspapers, based in Norfolk, Virginia. Jeffress remained publisher but the presidency was given to Frank Batten of Norfolk. Two years later, Norfolk-Portsmouth Newspapers became Landmark Communications . In the early 1980s,

News Record - Misplaced Pages Continue

1568-510: The eighth U.S. public company and the first non-technology company to be valued at over $ 1 trillion on the list of public corporations by market capitalization . The company has generally avoided investing in the technology industry ; Buffett has said he prefers evergreen businesses that generate predictable long-term returns, that he doesn't invest in companies that he doesn't understand, and that he does not like to invest in companies that may undergo significant change. Berkshire Hathaway

1617-460: The end of the decade, accompanied by large layoffs. In 1962, Warren Buffett began buying Berkshire Hathaway stock for his fund, anticipating that as the company liquidated textile mills there would come a tender offer when he could sell the shares at a profit. A year later, Buffet and his associates became the largest shareholder of the company, eventually securing a 49% stake. In 1964, Stanton made an oral tender offer to buy back Buffett's stake in

1666-545: The fields of military, governmental, corporate, and regional or mainline flying. FlightSafety is the largest provider of professional aviation training services, with 1,800 instructors and offers more than 4,000 individual courses for 135 aircraft types, using more than 320 flight simulators to serve customers from 167 countries. In October 1997, Berkshire acquired Dairy Queen , based in Edina, Minnesota, for $ 585 million. It franchises approximately 6,000 stores operating under

1715-417: The first time on October 23, 2006. David L. Sokol , CEO of Berkshire Hathaway Energy until early 2008, was a top lieutenant for Buffett. Sokol, who was paid $ 24 million per year, resigned from Berkshire in 2011 after it was disclosed that he personally made a $ 3 million profit from Berkshire Hathaway's purchase of Lubrizol . In October 2010, Berkshire announced that 39-year old Todd Combs , manager of

1764-475: The fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type. In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750. In 1999, Berkshire acquired MidAmerican Energy Holdings. At the time of purchase, Berkshire's voting interest was limited to 10% of the company's shares, but this restriction ended when

1813-637: The months of November and December. By 2019, the $ 25 million investment had returned over $ 2 billion, or an 8000% return, to Berkshire. In 1977, Berkshire purchased the Buffalo Evening News and resumed publication of a Sunday edition of the paper that had ceased in 1914. After the morning newspaper Buffalo Courier-Express ceased operation in 1982, the Buffalo Evening News changed its name to The Buffalo News and began to print morning and evening editions. It now prints only

1862-431: The names Dairy Queen, Orange Julius , and Karmelkorn . The stores offer various dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn, and other snack foods. In July 1998, Berkshire Hathaway acquired NetJets , formerly Executive Jet Aviation, for $ 725 million in cash. NetJets is the world's largest provider of fractional ownership programs for general aviation aircraft. In 1986, NetJets created

1911-456: The paper's news staff to over 100 people, the largest it ever became. The newspaper did not gain enough additional revenue from the expansion to operate sustainably, and King retired in 2004. He was replaced by Robin Saul, who stopped hiring replacements to fill open positions, preferring to consolidate reporters from satellite bureaus back to Greensboro. On June 7, 2007, the newspaper announced it

1960-404: The sports staff. The paper was moved out of its downtown headquarters, which remained under BH Media ownership, and relocated to a rented space. In 2021 its reported circulation was 21,510. By August 2022, the paper employed only six reporters, and had no executive editor or local publisher. By early 2023 the paper had further reduced its staff to five reporters. Go Triad is a weekly insert in

2009-499: The title News Record . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=News_Record&oldid=991804985 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages News %26 Record The News & Record traces its roots to

News Record - Misplaced Pages Continue

2058-685: Was a morning paper founded in 1909, an outgrowth of the recently defunct Daily Industrial News . The Daily News and the associated company, the Greensboro News Company, grew quickly, acquiring the other morning paper, the Greensboro Telegram in 1911, and in 1930, acquired the Daily Record . The Greensboro News Company and its two papers were run by Edwin Bedford Jeffress, who owned half interest in

2107-487: Was acquired in February 2000 by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire and is the largest U.S. provider of rental furniture, accessories and related services in the "rent-to-rent" segment of the furniture rental industry. In May 2000, Berkshire acquired Ben Bridge Jeweler , a chain of jewelry stores established in 1912 with locations primarily in the western United States. Helzberg Diamonds ,

2156-464: Was appointed vice chairman for non-insurance business operations, and Jain became vice chairman of insurance operations. In May 2021, Buffett named Greg Abel to be his successor as CEO of Berkshire Hathaway. Berkshire Hathaway has never undergone a stock split of its Class A shares because of management's desire to attract long-term investors as opposed to short-term speculation . However, in 1996, Berkshire Hathaway created Class B shares , with

2205-510: Was eliminated two years later. In 1999, the publication, at the direction of publisher Van King, broke with the downsizing trends in the newspaper industry and began a major expansion effort into communities surrounding Greensboro, especially the city of High Point and Randolph County . Editor John Robinson hired over 30 additional staffers, most of whom were assigned to existing news bureaus in Asheboro , Eden , and High Point. This brought

2254-418: Was laying off 41 employees, as part of a "business reorganization", the first layoffs in its history. Layoffs continued over the following years. On January 3, 2008, it was reported that the family-owned Landmark Communications may be for sale. Editor John Robinson, facing declining budget projections for the paper, resigned in December 2011. On January 31, 2013, the News & Record was sold to BH Media,

2303-624: Was rebranded as HomeServices of America , a division of Berkshire Hathaway Energy . In addition to brokerage services, it provides mortgage loan originations, title insurance and closing services, home warranty , property insurance and casualty insurance and other related services. The company has acquired several residential real estate brokerages including Long & Foster , acquired in September 2017. In October 1999, Berkshire acquired Jordan's Furniture for an estimated $ 200 million to $ 300 million. CORT Business Services Corporation

2352-409: Was reluctant to create the class B shares but did so to thwart the creation of unit investment trusts that would have marketed themselves as Berkshire look-alikes. In January 2010, as part of the acquisition of BNSF Railway , Berkshire completed a 50-to-1 stock split of its class B shares . The increased market liquidity resulted in the company's inclusion in the S&P 500 upon consummation of

2401-520: Was valued at $ 35 per share, but Buffett offered $ 50 per share for the company, or $ 8.6 million. In 1963, Franklin Otis Booth Jr. invested $ 1 million in the company and in 1968, David Gottesman invested in the company. The investments made both individuals billionaires. In the late 1970s, Berkshire acquired an equity stake in GEICO , which forms the core of its insurance operations today and

#832167