Warren Buffett made his first million U.S. dollars at thirty years old. At 83 years old, his wealth amounted to **** billion U.S. dollars.

Buffett’s wealth

Warren Buffett is one of the most renowned and successful investors worldwide. The most significant business association is his leadership of Berkshire Hathaway. It is a conglomerate involved in multiple industries. Under his leadership, the company is one of the largest in the world by market value (******). Warren Buffet’s investment style is called “value investing”. It means that he seeks undervalued companies with high growth potential.

Other high net worth individuals

Buffett has consistently ranked as one of the world’s top billionaires. While the richest individuals in the world tend to be from North America and Europe, the largest concentration of billionaires is in the Asia-Pacific region. Billionaires around the world generate a lot of interest, though there are only several hundreds of them worldwide.

Berkshire Hathaway reported 5.63B in Interest Income for its fiscal quarter ending in March of 2025. Data for Berkshire Hathaway | BRKB - Interest Income including historical, tables and charts were last updated by Trading Economics this last August in 2025.

Berkshire Hathaway reported $-116491000000 in Operating Profit for its fiscal quarter ending in June of 2025. Data for Berkshire Hathaway | BRKB - Operating Profit including historical, tables and charts were last updated by Trading Economics this last September in 2025.

Berkshire Hathaway reported $42.18B in Cash and Equivalent for its fiscal quarter ending in March of 2025. Data for Berkshire Hathaway | BRKB - Cash And Equivalent including historical, tables and charts were last updated by Trading Economics this last September in 2025.

Duracell and Energizer are two of the most well known and most recognizable alkaline battery brands in the United States. In 2016, Duracell Coppertop was the leading battery brand in the United States with a market share of **** percent. Alkaline batteries were the leading type of household battery sold in the United States as of 2018.

Household battery use
Batteries are used in a variety of common household items and appliances. Remote controls, flashlights, smoke detectors, shavers, and toothbrushes are just a selection of the items in a typical household which may be battery operated. Battery sales amounted to approximately *** billion U.S. dollars in the United States in 2018.

Who owns Duracell?
Duracell is an American manufacturing company owned by Berkshire Hathaway that produces batteries and smart power systems. Berkshire Hathaway is an American multinational conglomerate headquartered in Omaha, Nebraska. Warren Buffett has been the CEO since 1970. Duracell was first owned by Procter & Gamble but the FMCG giant decided to sell Duracell as part of a wider restructuring scheme in 2016.

Kindred Group - Write-Up Kindred Group is an event-driven situation with an imminent catalyst, offering an attractive risk-reward skew over a one-year time horizon. In a sale case, we see 21%-33% upside in the next ~3-6 months. If a sale doesn’t transpire, we see the shares trading modestly higher twelve months from now. We think the new activist-driven board “driving the bus” provides downside protection as it will likely force the company to immediately wind-down the loss-making U.S. business and utilize its overcapitalized balance sheet to aggressively repurchase shares or pursue accretive M&A. Situation Overview Kindred is a leading, pureplay online B2C sportsbetting and igaming business, operating primarily in continental Europe and the Nordics. It historically derived a large portion of revenue from unregulated markets but this mix has been steadily decreasing over time. Regulated markets represented 81% of total revenue in 1Q23, up from just 30% in 2015. This partly explains why the company is a popular choice for many big hedge funds. To name a few: Warren Buffett portfolio Carl Icahn portfolio Bill Gates portfolio Cathie Wood portfolio George Soros portfolio Bill Ackman portfolio In May 2022, Corvex (the U.S. activist fund run by a protégé of Carl Icahn, Keith Meister) disclosed a 10% shareholding (since increased to 15%) and put out a press release suggesting the company explore strategic alternatives. It should be noted that Corvex is also a large shareholder in MGM and Meister is on the board of MGM and BetMGM (Entain and MGM’s 50/50 online sportsbetting and igaming JV in the U.S.). Corvex’s view is likely that the online sportsbetting and igaming space is rapidly consolidating and Kindred is an under-levered, subscale but highly strategic asset. Kindred’s board appeared to not fully acquiesce to Corvex’s requests throughout 2022. During the year, Corvex appointed one representative to the board and Meister became head of the nominating committee and helped nominate an additional 5 independent directors in late December 2022 (one of which is a former gaming & leisure investment banker). All 5 new directors were voted in by shareholders on April 20, 2023. On April 26th, the newly assembled board of Kindred announced they were exploring strategic alternatives and hired three financial advisors (PJT, MS, Canaccord) to assist with the process. The press release noted, “such alternatives could include a merger or sale of the Company (in whole or in part) or other possible strategic transactions”. In the week of May 15th, Kindred’s CFO and long-tenured CEO both resigned. Last week Bloomberg ran an article stating that there is indeed a sale process being run and the timeline for first-round bids has been moved up following the executive resignations with bids due at the end of May. MGM, Flutter Entertainment, Entain and Evolution Gaming were cited as potential participants. Thesis We think it is quite likely that Kindred will be sold to a strategic acquirer. In a sale, we estimate the shares could be worth SEK 153 - SEK 168/share, or 21-33% upside. The upside and other metrics are from: DCF calculator WACC calculator Intrinsic Value calculator Fair Value calculator If a sale doesn’t take place, we think there is less downside to the share price than may be appreciated by the market. The shares today are still cheaply valued, trading at 8x EV / 2024E EBITDA (vs. an average of >10x from 2010-2021 despite having significantly higher unregulated exposure then) and a 9% unlevered 2024E FCF yield. Moreover, there are two obvious value-accretive levers we think the new board will pull in the event the sale process falls through: 1) leveraging the balance sheet to buy back stock or pursue accretive M&A, and 2) winding down the perennially loss-making U.S. business. Given Corvex’s shareholding and the new board, it seems highly likely that these levers would be pulled. The CEO resigning is likely also a sign that the above two initiatives are in late-stage discussions as his abrupt resignation came a few weeks after the board’s strategic alternatives announcement. We have heard here that country managers at Kindred operate quite autonomously and are well-regarded so we don’t see much near-term disruption from the CEO and CFO departures. It should be noted that Kindred’s net cash balance sheet is unique within the online gaming space. Flutter, Entain and MGM are levered 3.9x, 2.8x and 3.4x Net Debt/EBITDA, respectively. This is a very healthy level of debt when comparing with other leading companies such as: Apple Probability of Bankruptcy Tesla Probability of Bankruptcy Microsoft Probability of Bankruptcy Amazon Probability of Bankruptcy Best Buy Probability of Bankruptcy The strong balance sheet is a function of both Scandi management conservatism and Kindred protecting itself from the financial impact when the Netherlands decided to regulate sports betting. The...

In 2024, insurance premiums written in the United States amounted to **** trillion U.S. dollars, which includes property/casualty premiums in addition to life/annuity premiums. This market has been steadily expanding since 2009; however, it saw a decline in 2020 owing to the economic effects of the coronavirus (COVID-19) pandemic. The amount of money charged to the organization or person for the insurance coverage is known as the premium. Between 2021 and 2022, the value of gross premiums written in all 38 OECD countries grew by *** billion U.S. dollars. Which country leads the global insurance market? The United States was the leading direct premium writing country worldwide in terms of the value of written premiums. The non-life insurance sector turned out to be larger than the life sector in the United States. In 2023, the value of both life and non-life insurance premiums in the United States was estimated to account for approximately ** percent of the global market share. China was ranked second with a ** percent share of the global market. Leading insurance companies globally by revenue The Berkshire Hathaway Corporation, which is owned by Warren Buffett and has its headquarters in the United States state of Nebraska, ranked as the largest insurance company globally in 2023, with revenues exceeding *** billion U.S. dollars. Nonetheless, the subsequent largest insurer was Ping An Insurance, which is situated in the rapidly expanding Chinese city of Shenzhen.

ATSG Investment SummaryAir Transport Services Group (ATSG) is a leading provider of aircraft leasing and air cargo transportation & related services. We have been involved with ATSG since 2017 and invested across its capital structure at various points in time. While management has made some minor missteps in 2023, the share performance (down 40% YTD) is a massive overreaction, providing the most attractive entry point since we have been involved. While our typical investment horizon is two to three years, we see multiple paths to ATSG generating approx. 50% IRR over the next 12 months: Our research indicates there are both strategic and financial investors that would be interested in acquiring the company. Specifically, we heard from a key customer of private equity interest which is not surprising given the recent acquisition of Atlas Air by financial buyers. We also believe ATSG is an attractive asset for a strategic acquirer as the largest lessor of cargo freighters and the largest operating partner for Amazon and DHL.We believe this investment idea will be attractive to activists as there are multiple levers to unlock value, including a break-up of the two business divisions (goodco/badco), forcing a sale or a large tender.We expect a meaningful rerating in the coming quarters once the market realizes that the core business is not only not impaired but has a significant growth opportunity (growth capex masking true earnings power). We expect the company to beat their lowered 2023 guidance. The risk-adjusted returns of this investment are particularly compelling as we see minimal probability of capital impairment at the current price. Investment overviewATSG currently represents a rare opportunity to buy a business with a proven ability to generate mid-teens ROIC that will grow EBITDA by an approximately 10% CAGR over the coming years, while trading at a dislocated 4x EV/EBITDA multiple. Our differentiated view on ATSG represents a couple key investment frameworks we have successfully employed in the past: (i) growth capex masking true earnings power and (ii) goodco/badco. The company also shows tremendous potentials since it is chosen by many well-known investors:Warren Buffett portfolioCarl Icahn portfolioBill Gates portfolioCathie Wood portfolioGeorge Soros portfolioBill Ackman portfolio ATSG is currently in the middle of a major investment cycle which will produce significant earnings growth in the years to come. The market does not appreciate that ATSG's current investment cycle will only slightly increase leverage, while locking in predictable and profitable growth in sales and EBITDA for many years, regardless of the macro-economic backdrop. While the company has not seen any weakness in Aircraft Leasing (where the majority of earnings, growth, and value lies), its Aircraft Operations/Services segment has faced tough comps this year and declining earnings amid macro weakness, leading to the first downward revision of guidance in a decade. While we are disappointed by the Aircraft Operations/Services results, we see these trends as a normalization from a period of over-earning and not indicative of a secular decline or permanent impairment of the business. Business DescriptionATSG is the largest global lessor of freighter aircraft with 129 aircraft in service (including 18 passenger) with an additional 27 awaiting conversion to cargo. ATSG primarily operates in two businesses: Aircraft Leasing and Aircraft Operations/Services.Aircraft Leasing (63% of EBITDA): ATSG buys 15- to 20-year-old passenger aircraft, has them converted into cargo aircraft, and then leases them out to customers through its subsidiary Cargo Aircraft Management (“CAM”). CAM is a high-quality, non-economically sensitive business, with long-term contracted revenue providing stable, predictable earnings and high ROIC into the next decade. Because of the current high demand for cargo aircraft and wait times to get planes converted, CAM already has visibility into incremental leases going into 2028 supported by customer commitments and deposits. CAM has historically focused primarily on the medium wide-body 767 which is the aircraft of choice for express and e-commerce air cargo networks such as DHL and Amazon Prime Air. Over the next few years, ATSG will continue to lease 767s but is