#capital-allocation

#capital-allocation

United reported Q3 revenue of $15.23 billion, missing estimates of $15.29 billion but growing 2.6% year over year. Premium cabin revenue jumped 6% while basic economy climbed 4%. Cargo rose 3% and the loyalty program expanded 9%. Net income of $949 million declined 1.7% from the prior year, and adjusted EPS of $2.78 beat estimates of $2.67 by 4.1%. CEO Scott Kirby highlighted investments exceeding $1 billion in customer experience, including Starlink installations and enhanced inflight entertainment.

Under the legendary Oracle of Omaha's stewardship, Berkshire has evolved into a diversified powerhouse spanning insurance, railroads, energy, and consumer goods, all fueled by Buffett's value investing principles. The results speak volumes: Since 1965, Berkshire's cumulative returns have skyrocketed by over 4 million percent, delivering a compounded annual gain of 19.8%. In stark contrast, the S&P 500 has returned just 10.2% annually over the same period. This outperformance underscores Buffett's genius in capital allocation, turning shareholder dollars into enduring value.

Capital carries memory. If our relationships with money are complex and connected to our emotional state, then fiduciary duty for impact must measure more than basis points.