Berkshire Hathaway INC

• Weitz Investment Management Letter to Shareholders: Value Matters — Patience, Perspective, and the Wall of Worry ↗ Weitz Investment Management argues that a prolonged bull market, concentrated in a handful of large stocks, may give way to a choppy period favoring business analysis and value investing. The firm remains cautious on the AI trade, holds Berkshire Hathaway, and expects life-science, software, and business-services holdings to benefit despite tariff, spending-cut, and AI-related sentiment headwinds. 4Q25 BRK.A $1.1T
• Markel Group 2024 Shareholder Letter ↗ Markel Group reported $3.7 billion of operating income, a 95.2% insurance combined ratio, and 20.1% equity-investment returns against the S&P 500’s 25.0%. Management cited strong Markel International results and $5.1 billion of Ventures revenue, while targeting further improvement in underperforming U.S. specialty lines and technology. 2024 BRK.A $1.1T
• FE First Eagle Investments Global Value Team Annual Letter ↗ Global Value Team argues that market optimism underprices the risks of a failed soft landing, persistent fiscal deficits and widening geopolitical conflict. The team favors quality, durable businesses bought below estimated value, alongside gold and potentially oil as ballast, and promoted Max Belmont to portfolio manager of its Gold strategies. 2023 AAPL $4.5TAMZN $2.8TBRK.A $1.1TGOOGL $4.2T

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