Monthly Archives: February 2026

Greg Abel’s 2025 letter to the shareholders of Berkshire Hathaway

Every last Saturday of February, a must read for the weekend comes out: the letter to the Shareholders of Berkshire Hathaway by its CEO. For decades this was Warren Buffett’s letter, today it was the first such letter by Greg Abel [PDF, 91kB], the new CEO of the company, after Buffett stepped aside, remaining as chairman of the board.

To publish Abel’s letters they have created a new section in the rather rustic website of the conglomerate:

The new CEO chose the following words to open his first letter to the shareholders:

To My Fellow Berkshire Shareholders,

He then dedicated some lines of tribute to his predecessor and later to Charlie Munger.

The overarching theme of this year’s letter was to emphasize the culture and values of Berkshire, which he is fully committed to preserve, as he reflected by sharing this past comment:

Charlie’s comment on May 1, 2021, that “Greg will keep the culture” will forever resonate with me. It was a reminder that our culture is our most treasured asset, a call to maintain what defines Berkshire, and a challenge to ensure our culture continues.

Before discussing the performance of the different businesses in 2025 he chose to share a letter he sent earlier this year to the employees, which he commented by adding further context and details at some points.

I share below some excerpts that called my attention.

On integrity, recalling the past:

… we played a clip from Warren’s 1991 Salomon Brothers Congressional testimony: “Lose money for the firm, and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless.”

We know integrity is not a quality you admire on a shelf; it is an active quality that must be earned, re-earned, and maintained daily.

On the group’s financial strength:

… financial strength by using debt sparingly and prudently.

On the line between being a responsible company (integrity) accountable for its actions and defending its shareholders;

Where responsibility does not exist, it will continue to seek judicial relief. Accountability, paired with principled opposition to unwarranted liability, is essential to preserving the regulatory compact that governs utilities.

On its main equity investments, four American companies (Apple, American Express, Coca-Cola, and Moody’s; combined market value of these investments $158.6bn) and five Japanese ones ($35bn):

Taking these positions together, at year-end they totaled $194 billion in market value, representing nearly two-thirds of our $297.8 billion equity securities portfolio, providing combined dividends of $2.5 billion and yielding 10% on their original cost basis of $24.5 billion.

I also like the explanation of how the fire at Precision Castparts was handled, when discussing operational excellence:

Finally, he closed the letter by sharing some details about the annual shareholders meeting next May 2nd, where he confirmed he will be on stage to answer questions from the audience. The exercise will be a more choral one, compared to the old days of Warren Buffett and Charlie Munger, though in the last years Greg Abel and Ajit Jain already joined Buffett on stage.

This year’s program will include a CEO’s update on Berkshire, and two Q&A sessions – one with Ajit and me, and a second featuring Katie Farmer (BNSF), Adam Johnson (NetJets and president of consumer products, service, and retailing), and me, where Katie and Adam will discuss the challenges and opportunities they see in their respective businesses.

A new era at Berkshire Hathaway is starting.

Greg Abel at the 2025 annual shareholders meeting and his signature of the letter.

(1) See the review I made of 2009, 2012, 2013, 2014 and 2015 letters.

(2) See here the review I made of the 2011 annual shareholder’s meeting when we attended it in Omaha.

Leave a comment

Filed under Investing

Castellón marathon 2026

Last Sunday, February 22nd, together with my friends Juan, Nacho and brother Jaime, we traveled to Castellón to take part in its marathon, with a bit less than 1,000 runners registered in the distance.

We picked Castellón to celebrate Juan’s 50th birthday and following our series of marathons abroad (to combine tourism with long distance running) that has taken some of us to run together in Paris, Berlin, Roma, Athens, Rotterdam, New York, Sevilla (x3), Madrid, Millau, Dublin (x2), Lisboa, Vienna, Krakow, Porto, Bucharest, Malaga, Alicante and now Castellón. We also counted with the presence of Balint, a Hungarian runner whom we had met before in Vienna (2018).

Nacho, Jaime, me and Juan.

To prepare for this marathon I should have followed the same 16-week training plan I had used in the past. However, since I had previously run the marathon in Alicante, by that date we were already in the 13 weeks prior to the one in Castellón. I only ran a couple of times in December and a bit more in January, so in the end I arrived at Castellón with 292km in the legs in those 16 weeks, much less than I would have liked (barely half the training volume that I had cumulated before Alicante). I chose to skip the series training, as being overweight (96kg the day after the race), the series would hurt the Achilles tendon. I only did a couple of long runs in those 16 weeks: the 42km marathon in Alicante (November 30th) and a 20km run in early February. To make it even worse, just 8 days prior to the race day I had a small injury in the left calf (I suffered a similar one when preparing for Malaga in 2024), so during the last week I did not run but only did three sessions of elliptical riding.

With that disastrous training behind I only expected to finish the race in a time between 4h15′ and 4h30′, with the final mark uncertain, and I would start with the 4h15′ pacers.

Weekly mileage (Alicante marathon at week 4)

The profile in Castellón is rather flat. The organization prepared a circuit composed of several long avenues in the city centre, then taking us by the seaside, 4km away from the centre, by the port of  Grau around the half marathon, going North up to the aerodrome and back to the centre for the last 12km. All in all the circuit wasn’t very scenic or appealing, but the organization was good, with supply posts every 2-3 kilometers and several music bands and DJs (including a local one by the name Serrucho, of certain fame).

Race circuit

The temperature was a bit fresh in the morning (~8°C), the sky was clear and it would be a bit warmer towards the end of the race, though the temperature did not exceed 19°C. My strategy was to start at a pace just below 6min per km, with the group of 4h15′ (which also started a bit faster) to build up some margin, and then, whenever I started to feel the lack of preparation, manage the situation the best I could.

Before the race

The race started at 9:17am. Nacho had already departed with the 10k race. Juan and Balint went with the 4h pacers, I went with the 4h15′ group and Jaime a bit behind. We wished luck to each other and ran separately. I ran at comfortably until km 26; with the 4h15 pack until km 12 and around 100 meters ahead of them later. I didn’t feel and pain or injury. However, at the km 26 I felt that I couldn’t keep up with that pace any longer, hence I softened it. Later, from km 29, I needed to walk for some short stretches of ~100m here and there.

At around the km 33 I met Juan again and we ran at times together, or ahead one from the other. I also show a couple of times among the cheering crowd Nacho (who had finished his race long before) and Fran, another of Juan’s friends who came over for the weekend.

Running the last 3-4 kilometers

In the end, I clocked a net time of 4h26’19”, a time a bit worse than the best part of the bracket I had in mind, but as expected given the weight with which I arrived at the race and the incomplete training that I followed. This has been my 26th marathon completed, easy to say today but not so on April 30th 2000 when I started in the distance in Madrid.

With those 4h26’19”, I was again above the 4-hour mark and finished in the 783th place out of 891 finishers (12% percentile). That time makes it my 3rd worst marathon, though with a positive feeling of having completed another marathon, another year doing at least one marathon, less than 3 months after the previous one. I am now looking forward to the next one, hopefully with a better preparation and lower weight.

This was the 15th marathon organized in Castellón. The organization of the race was very good. They offered a wardrobe service at the gym of a school nearby, including toilets and showers. They included plenty of water supply posts (with bottles), isotonic drinks (paper cups), some food (bananas), and gels (up to three times). It was a good experience.

Juan, Jaime and me
Race diploma

During the weekend we had the chance to meet and discuss with some other runners with over 100 or even over 400 marathons completed (we had seen some of them back in Alicante in November). This was already their 5th marathon in 2026 (!), as they are running over 20 per year.

Balint, Fran, Nacho, Jaime, “Gocho sombrilla”, Juan and me.
“Gocho sombrilla”, Dani (a regular pacer), Juan, me and Jaime.

Leave a comment

Filed under Sports

All-time men’s best long jump (up to 2025); Carl Lewis

Back in 2015, I wrote a post about the all-time best long jumps and Carl Lewis as a jumper. This is a quick update to see how the situation has evolved in the last decade.

For that purpose I use the website “Track and Field all-time Performances” (maintained since years ago by Peter Larsson).

With the data of all-time men’s long jump I plotted the chart below with the best 2,823 jumps (jumps from 8.20m and longer) and their dates, highlighting the jumps made by Carl Lewis, Mike Powell, Bob Beamon, Larry Myricks and Ivan Pedroso (only taking into account “legal” jumps, i.e., those with tail winds of a maximum 2.0 m/s).

The first quick fact is that in the past 10 years there have been 587 just long jumps, added to the 2,236 that had been achieved earlier.

All-time men’s best long jump.

Carl Lewis retired in 1997. His last great competition was the Olympic Games of Atlanta in 1996 (where, by the way, he collected a gold medal with a 8.50m jump at age 35).

Now, in February 2026, 28 years later, of the best 214 long jumps ever (all those at or above 8.50m), 55 of those jumps (a 25.7%) correspond to Carl Lewis. I’ll let you qualify the feat.

That was Carl Lewis the jumper.

Some more comments after looking at the chart:

  • Carl Lewis holds 127 of the 2,823 jumps (4.5%) at 8.20m and longer
  • Larry Myricks holds 230 of the 2,823 jumps (8.1%) at 8.20m and longer
  • Mike Powell 157 of the 2,823 jumps (5.6%) at 8.20m and longer
  • Ivan Pedroso 147 of the 2,823 jumps (5.2%) at 8.20m and longer
  • Other notable athletes in the event were Bob Beamon (with just 4 jumps over 8.20 but one of them 8.90m, achieved in Mexico City in 1968, world record for over 22 years), Robert Emmiyan (31 such jumps and 8.86m, the 4th best ever jump), Dwight Phillips (95 such jumps and a best of 8.74m), Erick Walder (53 jumps and 8.74m as best one), Irvin Saladino (62 and 8.73m), James Beckford (133 and 8.62m), Luvo Manyonga (83 and 8.65m), Miltiadis Tentoglou (73 and 8.65m)…

Now let’s look at those jumps of 8.60m or longer (best 79 jumps ever):

  • Only 16 athletes ever jumped that long
  • Carl Lewis holds 30 of the 79 jumps (38%) at 8.60m and longer
  • Ivan Pedroso holds 9 of the 79 jumps (11.4%) at 8.60m and longer
  • Mike Powell holds 7 of the 79 jumps (8.9%) at 8.60m and longer
  • Dwight Phillips, Larry Myricks and Luvo Manyonga hold each of them 5 of the 79 jumps (6.3%) at 8.60m and longer
  • The other 10 athletes hold 3 such jumps or less

To put into perspective the long jumps of the 1980s and 1990s:

  • The gold medal in the last World championship in Tokyo 2025 was won by Mattia Furlani with 8.39m
  • The gold medal in the last Olympic Games in Paris 2024 was won by Miltiadis Tentoglou with 8.48m
  • The best jumps in the last two years were: 8.46m in 2025 and 8.65m (twice), all by Tentoglou

I believe it would be interesting to share again the Tokyo World Championship long jump competition of 1991, when Mike Powell managed to set a new long jump world record (8.95m), 22 years after Bob Beamon had set the previous one in Mexico City (8.90). Find the explanation from the Wikipedia here. Despite losing it, Carl Lewis managed the following four jumps in that competition: 8.91 (wind aided, therefore it doesn’t count for world record and best ever jumps), 8.87, 8.84, 8.68 and 8.56. The first 3 jumps would have won any competition in history except 3, including the two world records referred. Unluckily for Lewis, these jumps got him only a silver medal.

See that competition here:


Finally, I find it interesting to see that since 1991 there hasn’t been any jump beyond 8.75m (20cm less than the record), only two jumps beyond 8.70.

I plotted the chart below showing the numbers of jumps at and given distance per decade, with the cut off reference year in 1991.

Long jumps beyond 8.20m per decade

I also compiled in this table the number of jumps beyond 8.20 per decade and the number of different athletes jumping beyond that distance.

We see that from the 1970s to the 1980s there was a great increase in the number of long jumps beyond 8.20 (x6) and also in the number of athletes (x3) achieving those jumps.

After the peak performance in the summer of 1991 with the new world record in the competition described above, in the rest of the 1990s the number of those long jumps continued to increase (+32%) as well as the number of athletes jumping beyond 8.20m (+38%), however the peak performance wasn’t there anymore. The floor was higher, but the tail of the curve was shorter.

In the following two decades, 2000s and 2010s, the trend reversed. The volume of jumps beyond 8.20m decreased to the 1980s level, though spread over more athletes and without the peak performances of the 1980s through 1991.

And that is explained because as mentioned above Carl Lewis holds 30 of the 79 jumps (38%) at 8.60m and longer, he was the driving force of the peak performances of the 1980s.

Leave a comment

Filed under Sports

St. John’s College Great Books Reading List, the Western canon

I first came across St. John’s College Great Books program reading a post from Farnam Street.

St. John’s College is the third oldest college in the United States, founded in 1696 as King William’s School in Maryland.

In 1937 Stringfellow Barr and Scott Buchanan implemented their big idea, the New Program, which the college still follows today.

At the heart of St. John’s is a liberal arts curriculum focused on reading and discussing many of the greatest books and most important questions in history. This is perhaps the most distinctive undergraduate curriculum of any college in America.

The program can be consulted on their website and it’s subject to some changes (mostly in the elective books which count with some more recent ones). The version I use is this one from some years ago:

St. John’s College Great Books Reading List.

As you can see, the undergraduate program reading list follows some chronological order in the selection of its books for the different years; Freshman, Sophomore, Junior and Senior. In all, the program requires reading over 160 great books in the curriculum and over 20 elective ones.

Scott Buchanan, an American philosopher and educator, met Mortimer J. Adler and Richard McKeon while working at the People’s Institute in New York in the 1920s. There they conceived the idea of setting up this kind of Great Books curriculum, which they pursued with different degrees of success in different institutions. Buchanan tried it at the University of Virginia, the University of Chicago and finally succeeded at St. John’s College. Adler worked on such an initiative together with Buchanan and Robert Maynard Hutchins at the University of Chicago.

Adler and Hutchins later worked to launch the Great Books of the Western World book series, originally published in 1952 by the Encyclopædia Britannica, with 52 volumes in the first edition and 60 in the 1990 edition. This collection eventually sold a million copies. In the presentation of the first edition, Hutchins said:

“This is more than a set of books, and more than a liberal education. Great Books of the Western World is an act of piety. Here are the sources of our being. Here is our heritage. This is the West. This is its meaning for mankind.

The Great Books of the Western World (2nd edition, 1990) in 60 volumes. Credit: Rdsmith4.

Leave a comment

Filed under Books

Blog visits’ origin in 2025

This is a quick post to share the map below, in which the intensity of the color for each country represents this blog’s views in 2025.

Readers’ origin map provided by WordPress.

The blog received in 2025 over 20,800 views. The top 10 countries by the number of views were:

  1. United States, 40.3%
  2. Spain, 11.6%
  3. United Kingdom, 8.5%
  4. France, 6.5%
  5. China, 2.7%
  6. Canada, 2.6%
  7. Germany, 2.3%
  8. Singapore, 1.9%
  9. India, 1.6%
  10. Netherlands, 1.5%

The views from those countries make up for 79.4% of the total traffic.

The last time I made a similar check was in 2012, then the top 10 countries were: USA, Spain, UK, France, Germany, Canada, Netherlands, Australia, Ireland and India. The main changes since then have been the inclusion of China and Singapore in the 2025 top 10 (Australia and Ireland ranked 11th and 13th).

Leave a comment

Filed under Twitter & Media

Escher in the Palace museum (The Hague)

Maurits Cornelis Escher (1898-1972) was a Dutch graphic artist who made several works inspired by mathematics. During most of his life he was neglected but in the last decades he has become a popular artist.

I first came across his work in high school, in art class (in then 1⁰ BUP grade in Spain (~1994-95), equivalent to grade 9). The teacher shared with us some of Escher’s lithographs, among them the Möbius strip.

Möbius strip.

Fast forward to my university time, where in the second year (2000-01) we had a mathematics teacher, Bartolo Luque, who shared some other works from Escher, including his tessellations.

Tessellation.

Years later, this teacher, Luque, published a book on complex numbers (“Números complejos“, which I read in 2023) in which among other curiosities he shared how two Dutch mathematicians, Bart de Smit and Hendrik Lenstra, had approached yet another work by Escher, the Print gallery (Prentententoonstelling), using complex numbers analysis. Departing from complex variables, they applied 3 consecutive transformations: a logarithm (transforming the complex surface, except the origin, into a band), then a rotation and a dilatation, and finally an exponential function. You can find below the description of the steps from the book (in Spanish) and an article about this at the University of Leiden website. Further below I include a photo of the painting taken at the museum.

Logarithm
Rotation and dilatation
Exponential
The Print Gallery.

Finally, in 2024 we visited Escher in the Palace museum in The Hague. It was a fantastic experience, that all the family loved. We could see those paintings that I had seen many years ago and let ourselves be captivated by the details of those works and the mental tricks that he prepared.

Escher in the Palace museum.

The palace itself is also a landmark. Built between 1760 and 1764 for Anthony Patras (a States General representative), it was later bought by the Hope family (financers of the European nobility), Napoleon on his travels through the Netherlands stayed there, and in 1896 it was bought by Queen Emma. The palace belonged to the Royal family until 1990 in which they sold it to the municipality of The Hague.

I leave below some other photos of different pieces of art found at the museum.

2 Comments

Filed under Books, Travelling