Thank you for the lovely summary. I had too many chores today, so this was very helpful from a reliable source…

“Increased construction and consulting services, including data center design, at Integrated Project Services.”

“This relates to the Berkshire Hathaway subsidiary named IPS-Integrated Project Services, LLC. 
IPS is a global leader in technical consulting, architecture, engineering, procurement, construction management, commissioning, qualification, and validation services, primarily for technically complex facilities in the life sciences (pharmaceutical, biotech), science and technology, and data center industries. 
Berkshire Hathaway acquired IPS in 2022 as part of the larger acquisition of Alleghany Corporation.”

I knew the Alleghany acquisition got Berkshire into the soft, squishy and huggable toy business and now I’m learning about another hot sector: data centers. You never know what you’ll find in Berkshire’s nets.

Surprised to see BHA doing well. I had thought the car business would be struggling.

A very solid quarter. Interesting to ponder the share price decline, alongside the not insignificant increase in book value you highlighted. The valuation gauge got adjusted a little in the right direction. The buyback machine may not have been fired up yet, but Warren will be paying close attention, should these trends continue.

Always comforting to see what Berkshire is doing with its cash and importantly - not doing. Buying treasury bonds with falling yields. Sounds boring and even unattractive, given inflation but of course as Charlie Munger might have said, it’s often not what you buy that’s significant but what you stay away from. Invert and avoid stupid mistakes. Business as usual at Berkshire then.

The tortoise looks foolish to some, for now. But now is the time for patience ($354.3 billion dollars in cash). The time for aggression will come…