In May 1954, Roger Bannister broke the four-minute mile for the first time, crossing the finish line in three minutes
and 59.4 seconds. On his feet were thin leather spikes, custom-made by a small British cobbler. Last week, Josh
Kerr broke the world record for the fastest mile with a time of three minutes and 42.6 seconds. To reach the
milestone, the 28-year-old Scottish runner collaborated with his sponsor, Brooks Running (a Berkshire Hathaway
company), to design a shoe engineered for ultimate speed. The fastest mile ever run had been powered by a
company built on patience.

Reading about Kerr’s accomplishment and Brooks’ support was a welcome reminder of the company's rich history
under Warren Buffett. Guided by Warren Buffett’s management philosophy, Brooks shows what happens when
leadership pairs financial discipline with a clear, long-term purpose: bold investments in innovation have the
foundation they need to succeed, creating a win for the brand and investors alike.

Buffett’s Mandate: Build Brand Equity Over Quarterly Beats
In a 2025 interview with Fortune, Brooks CEO Dan Sheridan recalled the core advice Warren Buffett shared at the
company’s 100th anniversary celebration:

“Berkshire focuses on the long term, and your jobs are simply this: to make sure the brand is stronger at the end
of the year than it was at the beginning.”

His directive to prioritize long-term brand equity over short-term quarterly profits is the foundation of Brooks’ winning
strategy. When Brooks backed Josh Kerr’s "Project 222"—a quest to break the 3:42 mile in 222 seconds—they
weren't chasing a quick marketing win. By engineering record-breaking spikes for his world-record run, Brooks
elevated the brand’s long-term credibility on the global stage.

As Sheridan noted, being part of Berkshire gives Brooks "a rare degree of stability and confidence, especially in a
retail world known for its fickleness and fast pivots." That stable capital structure allows leadership to make multi
year R&D bets without panicking over short-term market swings.

Calling Warren Buffett, the "GOAT of capitalism," Sheridan considers this ownership model the gold standard of
business management. When leadership aligns with long-term value creation rather than quarterly noise,
innovation flourishes and the brand builds over time.

Moats, Focus and Execution
For investors, the intersection of Kerr’s record and Brooks’ business model offers a lesson in the power of an
economic moat.
• Focus: Kerr succeeded by cutting out distractions and perfecting the singular craft of the mile. Brooks
succeeds by ignoring fashion trends to focus strictly on effective running gear.

• Competitive Edge: Buffett’s strategy proves that when you back a stable management team and give
them the runway to execute long-term plans, the result is a strong company with a competitive moat.

In both athletics and asset allocation, long-term greatness is achieved by identifying your edge, ignoring the crowd
and executing consistently. While a record-breaking mile captures our immediate attention, the true power of both
running and wealth building lies in endurance. Investing is a marathon, not a sprint; it requires pacing, stamina,
and the ability to withstand volatile terrain without burning out early ;-)