Warren Buffett at the 2017 Berkshire Hathaway meeting, on repurchases and excess cash: "There’s no way I can come back here three years from now and tell you we hold $150 billion or more in cash, and we think we’re doing something brilliant by doing so."
Thank you to Andrew Walker for having me back on YAVP!
We discussed $NFLX, $WBD, $PSKY, $DIS, and more
Operating Ratio comparison for UNP and BNSF
Greg Abel, 2025 Berkshire Hathaway Shareholder Letter: "The gap to the industry’s best remains too wide... We will be disappointed if we do not deliver a substantial [operating ratio] improvement over the next few years.”
Greg: "The goal [in buying Berkshire shares with 100% of his after-tax compensation] was to continue to demonstrate alignment… I’m committed to doing this every year going forward, as long as I’m CEO... This is a logical thing to do when you're leading the company."
www.cnbc.com/video/2026/0...
As of late, volumes are flat / down depending on the spirits category
Today's TSOH Investment Research
Brown-Forman: "Trying To Be Realistic"
thescienceofhitting....
"Boasting more than 125 distilleries, the most since the Repeal of Prohibition, Kentucky now has an all-time high of 16.1 million aging barrels of Bourbon in its warehouses."
kybourbon.com/indust...
Brown-Forman update tomorrow at TSOH Investment Research
Annual volumes for Brown-Forman's Tequila business
Since 2003, $CACC share count has declined by >70%
$VITL update tomorrow morning at TSOH Investment Research
Time Warner FY17 10-K: "At December 31, 2017, Home Box Office had approximately 54 million domestic subscribers, including subscribers to HBO NOW and through Home Box Office’s digital distribution partners."
Versant U.S. TV Channel Distribution
Updated chart from the $VSNT initiation
thescienceofhitting....
David Ellison: “This deal positions us to be one of the leading competitors in the DTC space, to really accelerate our growth and to achieve scale in DTC… It is a primary goal for the business.”
BH Primary Group Earned Premiums
GEICO Year-End Headcount
"Americans on average paid $2.58 for a dozen large grade A eggs in January 2026, a 59% drop from last March’s record high of $6.23 for a dozen eggs, when avian influenza outbreaks decimated flocks and sent prices soaring."
www.bloomberg.com/news/article...
Berkshire's cost basis on American Express is <$1.3 billion.
It's market cap is >$200 billion and Berkshire's owns ~22%.
Annual earnings for Berkshire Hathaway's Insurance businesses
Today's TSOH Investment Research
"Floor & Decor: Awaiting Normalization"
thescienceofhitting.com/p/floor-and-...
Market value of Berkshire Hathaway's Apple position
$FND update tomorrow at TSOH Investment Research
Home Depot Store Count $HD
Berkshire Hathaway Annual Share Repurchases
Markel 2025 Shareholder Letter: "I hope you share our confidence that the 2025 results, and those over longer time periods, provide a strong case for the value we have and will continue to create for our shareholders."
A short note on Netflix / Warner Bros.
thescienceofhitting....
Floor & Decor FY23 10-K:
"We believe there is an opportunity to significantly expand our warehouse-format store base by a low- to mid-teens annual percentage growth rate over the near-to-medium term, reaching at least 500 in the U.S. within approximately eight years."
From "Netflix: A Rare Opportunity" (December 2025)
Roku Annual Streaming Hours $ROKU
