What follows is cut and paste from the Berkshire Hathaway website on 3.9.2024. So, it is their ‘official’ list of companies held by that conglomerate. It may be technically correct in some weird or convoluted legal sense. But it is arguably incomplete for several reasons which will be demonstrated during the course of this focused article. Providing this list of Berkshire owned brands should not be construed as an endorsement of Berkshire and its subsidiaries in any sense. As an editorial disclosure to the commentary that follows, it is fair to say that our reporting of Warren Buffett led Berkshire Hathaway (BRK) has gone from a kind of admirer decades ago to a critic of that firm and several of its leaders, including Buffett himself. The evolution of our editorial view of Berkshire is somewhat like Robin Harding’s, who wrote in the Financial Times: “Growing up, I admired nobody more than Warren Buffett, the greatest investor ever…” “But however much you admire the man, his influence has a dark side because the beating heart of Buffettism… is [his] completely honest desire to reduce competition. He just calls it by a folksy name – “widening the moat.” “The Buffett definition of good management is therefor clear. If you have effective competitors, you are doing it wrong.” “Nor is there a simple solution. Better antitrust solution would help.” “Mr. Buffett is brilliant at buying into monopoly profits, but he does not start companies or gamble on new ideas.”
So, someone can begin as a ‘fan’ of Buffett’s and then, as new information is gleaned, or new and prior experiences are digested, mulled and objectively considered, a fresh understanding of Buffettism and its impact on America and manufactured housing may emerge.
The pivot by L. A. “Tony” Kovach and this publication from a kind of cheerleader of Warren Buffett and Sam Zell to a critic years later is illustrated by looking at an article in the now defunct Manufactured Home Merchandiser Magazine authored by Kovach entitled: “Two Words for Manufactured Housing Industry Survival.”
That noted, this report with analysis includes firms whose products and/or services we have in days passed or more recently been customers of or even fans of, until we became more keenly aware of the arguably harmful and probe practices of Buffet, his “castle and moat” philosophy, his potentially weaponized use of nonprofits, and more. As a personal example, this writer personally likes Dairy Queen’s (DQ) Dilly Bar, along with several other DQ treats. I was a routine customer of DQ for decades. Compared to days gone by, my patronage of that firm has slowed to a crawl as the arguable evils of Buffett’s philosophy came more clearly into focus. I’ve not called for a boycott of DQ, that’s potentially problematic (meaning it could carry legal liability). But if others use this list to avoid doing business with a Buffett brand for their own reasons, that is a matter of free will. No doubt some do business with these brands for the opposite sort of motiving reason, such as Buffett’s well-known support for abortion, the abortion industry, and like his recently eulogized ‘radical’ partner at Berkshire Charlie Munger, numerous leftist causes.
So, Part I of this report will examine the ‘official’ list of brands wholly owned Berkshire.
Berkshire also owns a stake in numerous brands, as part of the illustration reflects sourced from Market Business News reflects. More on that in our planned follow up report. That noted, some of the images in the featured image at the top have changed. Don’t rely on it as current information. For instance, per Copilot on 3.11.2024.
As of recent reports, Berkshire Hathaway has made significant changes to its holdings in both IBM and Wells Fargo:
IBM:
In the past decade, Warren Buffett gradually exited his investment in IBM. Initially, he bought 64 million shares in 2011, valuing the stake at $10.7 billion. However, over time, he reconsidered his position due to challenges faced by the company. As a result, Berkshire Hathaway no longer holds a stake in IBM1.
In summary, Berkshire Hathaway has exited its position in IBM and reduced its stake in Wells Fargo. The investment landscape is always dynamic, and these decisions reflect the ever-evolving strategies of one of the most prominent investment firms in the world. …”
Part II – Additional Information with More MHProNews Analysis and Focused Commentary
As a programming notice, MHProNews plans to dig further into Warren Buffett let Berkshire Hathaway (BRK), so this article will set the stage for what is coming.
Perhaps still not exhaustive, but some of the companies that are also owned by Berkshire outright that are not on this list are 21st Mortgage Corporation (21st) and Vanderbilt Mortgage and Finance (VMF). There are times when Berkshire shows them as being under the Clayton Homes umbrella.
NAI is another firm that is owned by Berkshire but doesn’t appear in the listing above. Here is an item from their website: “NAI Iowa Realty Commercial is a Berkshire Hathaway affiliate and a wholly-owned subsidiary of HomeServices of America, Inc. ” Commercial real estate broker, active in the manufactured housing community is “NAI Iowa Realty Commercial is proud to be part of the Berkshire Hathaway family of companies.”
It isn’t just Robin Harding at the Financial Times who has critiqued Buffett and his “moat” philosophy as a harmful form of capitalism, rather than a generally positive development in an industry. Nor is Harding’s analysis of Buffett’s “moat” philosophy lacking in support from those within Buffett World, including Kevin Clayton and Manufactured Housing Institute member Andy Gedo.
By limiting or controlling capital access, Berkshire owned Clayton Homes was able to gobble up considerable portions of the manufactured housing industry. That is part of the argument made by the Manufactured Housing Association for Regulatory Reform (MHARR), Doug Ryan at what today is called Prosperity Now, and several other observers and critics, including multiple members of Congress. When offered opportunities by MHProNews to respond, Berkshire linked attorney and partner of the late Munger, Ron Olson repeatedly declined comment. See the related reports to learn more. Watch for a planned follow up report. It should be groundbreaking. ##
Note: some of the comments posted by viewers of the video above who assert they are/were customers of Clayton Homes, 21st Mortgage Corp, or Vanderbilt Mortgage and Finance (VMF) on that YouTube page are heartbreaking.
Remarks by employees, past and present, of Clayton Homes and other ‘leading’ MHI firms are in the articles that follow.
One of the best summaries of a rigged system that could be applied to how Berkshire and certain “predatory” brands operate in manufactured housing is by actor Danny Glover, who said the following. Glover has served on a Berkshire Hathaway nonprofit board. Glover said: “It’s not only a monopoly of wealth; its a monopoly of information as well.”
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Our son has grown quite a bit since this 12.2019 photo. All on Capitol Hill were welcoming and interested in our manufactured housing industry related concerns. But Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included the Constitution of the United States, bottled water, and other goodies.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing.
For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.
This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.
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