Berkshire Hathaway Shifts Leadership as Buffett Era Ends

Berkshire Hathaway stands as one of the most admired and influential holding companies in the world, renowned for its disciplined investment philosophy and remarkable long-term returns. Headquartered in Omaha, Nebraska, the conglomerate operates under a unique model: it both acquires companies outright—gaining full control over operations—and makes substantial investments in publicly traded firms, often without seeking direct management[1]. This dual approach has allowed Berkshire Hathaway to amass a diverse portfolio spanning insurance (GEICO), transportation (BNSF Railway), retail (Dairy Queen), manufacturing, and energy, among other sectors[1]. The company’s origins trace back to a struggling textile manufacturer, which Warren Buffett began acquiring in the 1960s. Under Buffett’s leadership, alongside his longtime partner Charlie Munger, Berkshire Hathaway transformed into a powerhouse by focusing on value investing—buying undervalued, well-established businesses and holding them for the long term[1]. This strategy, combined with a hands-off management style that grants subsidiaries significant autonomy, has delivered standout shareholder returns, often outpacing the S&P 500 over decades[1]. As of 2025, Berkshire Hathaway is undergoing a historic leadership transition. In May 2025, Buffett announced that Vice Chairman Greg Abel would assume the CEO role by year’s end, though Buffett intends to remain involved in some capacity[1]. Despite this change, the firm’s investment strategy remains consistent, with a renewed focus on consumer-centered brands such as Lennar (homebuilding), Chevron (energy), and Constellation Brands (beverages)[2][3]. These moves reflect confidence in the resilience of American consumers, even as other investors chase trends in technology and AI[2][3]. Berkshire’s recent activities also include strategic acquisitions, such as the purchase of OxyChem, signaling ongoing expansion in core industries[5]. The company’s ability to adapt while staying true to its value-oriented roots has cemented its

**BNSF Railway** stands as North America's largest freight railroad, operating a vast 32,500-mile network across 28 U.S. states and three Canadian provinces, hauling essential commodities like coal, grain, intermodal containers, consumer goods, and industrial products to power homes, feed populations, and fuel the economy.[1][2][6] Formed in 1996 through the merger of Burlington Northern Railroad and Atchison, Topeka & Santa Fe Railway—culminating nearly 400 predecessor lines over 175 years—BNSF became a Berkshire Hathaway subsidiary in 2010, headquartered in Fort Worth, Texas, under CEO Kathryn Farmer.[1][2][5] This heritage traces back to pioneering transcontinental routes, including the coal-rich Powder River Basin joint line developed in the 1970s.[1] Key achievements include unmatched efficiency: BNSF moves a ton of freight nearly 500 miles per gallon of diesel, outperforming trucks, and powers one in every 10 U.S. homes with its coal trains while transporting grain for 900 million people's annual bread supply.[4][6] It leads intermodal freight with 33 hubs, handling over a million more loads yearly than rivals, plus 23 automotive facilities, integrating rail, road, and water for seamless supply chains.[1][7] Since 2000, over $50 billion in investments have modernized infrastructure, locomotives, and tech like GPS and predictive analytics, boosting safety, service, and sustainability.[3][4] Today, with ~36,000 employees and 8,000+ locomotives, BNSF runs 1,200+ daily trains, serving 40+ ports and 10,000 customers amid a technologically advanced network featuring centralized dispatching.[1][2][6] Notable for precision railroading and environmental efforts—reducing emissions while minimizing planetary impact—BNSF exemplifies rail's dominance

**Dairy Queen (DQ)** is an American multinational fast-food chain renowned for its innovative soft-serve ice cream, alongside hot foods like burgers, fries, and treats such as the iconic Blizzard.[1][2][4] Headquartered in Bloomington, Minnesota, it operates over 6,000 locations worldwide, making it the largest seller of soft frozen desserts globally.[1][2] The story began in 1938 near Moline, Illinois, when entrepreneur John Fremont "J.F." McCullough and his son Alex perfected a revolutionary soft-serve formula—creamier and dispensed at a higher temperature than traditional ice cream.[2][3][4][5] They tested it at friend Sherb Noble's shop in Kankakee, selling 1,600 servings in two hours during an "All You Can Eat" event.[4][5] This success led to the first DQ opening on June 22, 1940, in Joliet, Illinois—a walk-up stand offering cones, sundaes, and pints with no seating.[1][3][4][7] Franchising fueled explosive growth: from 10 stores in 1941 to 100 by 1947, 1,446 in 1950, and 2,600 across North America by 1955, producing 1 million gallons of ice cream annually.[1][3][4][6] Canada joined in 1953 (Estevan, Saskatchewan), followed by Panama in 1959.[6][8] Menu innovations included malts and shakes (1949), banana splits (1951), Dilly Bars (1955), and the Brazier hot-food line (1957).[3][4][6] Key achievements highlight DQ's adaptability. The 1985 Blizzard—a thick, upside-down-proof mix-in treat—sold 175 million units in its debut year, transforming the brand.[5] Acquired b