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NetJets’ first fatal crash kills influential Texas VC founder
NetJets says it is not going to speculate on what brought about one in all its planes to crash onto a freeway in Laredo, Texas late Tuesday, killing a distinguished tech entrepreneur.
Joshua Baer was the 50-year-old founder of Capital Manufacturing unit, a VC firm in Austin that makes a speciality of tech startups.
NetJets did say in a press release, “Security is, and has at all times been, the inspiration of every little thing we do.” It’s going to “cooperate absolutely” with investigators from the Nationwide Transportation Security Board.
It’s the first fatal crash for the Berkshire Hathaway subsidiary, and the first for any firm that gives fractional possession of personal jets, a enterprise mannequin NetJets originated in 1986 earlier than it was acquired by Berkshire in 1998.
The Cessna Quotation Latitude aircraft was touring from San José del Cabo, a resort metropolis in Mexico, to Austin when its pilots reported it was low on gas and requested for an emergency touchdown at Laredo’s airport.
Firefighters on the website of a NetJets aircraft crash in Laredo, Texas, June 16, 2026.
Laredo Police Division/Handout by way of REUTERS
Experiences and movies from the scene present bystanders serving to to rescue the 2 pilots and three teenaged passengers who survived.
Laredo’s mayor advised reporters, “Whereas the lack of life is deeply regrettable, it’s nothing wanting a miracle that this tragedy didn’t develop into a mass fatality occasion.”
A witness described the scene for CNN as her husband joined the rescue effort.
Former FAA and NTSB investigator Jeff Guzzetti tells the AP the ultimate minutes of the flight counsel it was making an attempt to glide into Laredo’s airport after each engines misplaced energy. “I believe they only ran out of altitude and airspeed towards the top there.”
Mary Schiavo, a former inspector normal for the U.S. Transportation Division speculates to the AP there could could have been a gas leak for the reason that jet’s 3000 miles vary is round thrice the space of its deliberate flight.
The NTSB says the aircraft’s cockpit voice recorder and flight information recorder are being despatched to Washington for evaluation.
Google’s mum or dad edges out Coca-Cola for third place in Berkshire’s fairness portfolio
Berkshire Hathaway has not but advised us whether or not it has really bought the $10 billion of Alphabet shares it agreed to purchase instantly from Google’s mum or dad in a deal introduced on June 1.
But when these new shares are mixed with its holdings of GOOGL and GOOG as of March 31, as disclosed by Berkshire in its Q1 13F submitting with the SEC final month, their whole market worth is now barely greater than Berkshire’s long-time stake in Coca-Cola that Warren Buffett bought after the 1987 market crash.
This is the mathematics:
Alphabet’s information launch mentioned Berkshire had agreed to purchase $5 billion of its Class A shares (GOOGL) for $351.81 every and $5 billion of its Class C shares (GOOG) for $348.20 every.
That works out to greater than 14 million shares of every class:
Including the brand new shares to the present holdings provides Berkshire 68.5 million Class A shares and 17.9 million Class C shares:
Utilizing Thursday’s closing costs, the Class A shares are valued at just below $25.2 billion and the Class C shares are value virtually $6.6 billion for a complete of $31.79 billion:
That places Alphabet into third place in Berkshire’s fairness portfolio by a razor-thin margin of $34 million forward of Coke:
Final Friday, Coca-Cola was forward by virtually $2 billion, however its shares fell almost 4% this week whereas Alphabet gained near 2%.
Well-known footballer recounts embarrassing dialog with ‘Buffett’
Jimmy Buffett with Warren Buffett on the 2016 Berkshire assembly.
Lacy O’Toole | CNBC
In what seems to be an outtake from his “New Heights” podcast that was posted on Instagram this week, Travis Kelce, a particularly well-known soccer participant for the Kansas Metropolis Chiefs who’s planning to marry pop star Taylor Swift, probably subsequent month, recounted what he referred to as an embarrassing encounter with a person he thought was Warren Buffett:
I’ve face blindness. You guys know I’ve face blindness?
Yeah, nicely, that is an episode of face blindness.
I am going to — I am going to New York, and there is a big competition, a music competition, out within the Hamptons, and I am an enormous music lover, as you guys know. (Applause)
And I am going with a bunch of men from New York within the cash world, so it is like a connection and like, funds and I am pondering that I will be round a bunch of men in funds at this music competition.
So, I stand up there and I instantly begin having drinks, which is sort a factor, the Kelce method of going about issues.
And I get shit confronted. (Laughter)
Get shit confronted. Do not even actually know who’s on, who’s performing on the live performance. I am simply sort of up there, like, hey, you bought any extra tequila? (Laughter)
And a man comes up and says, “Dude. Buffett’s right here. He desires to fulfill you.”
I am like, “Holy shit. That is massive cash.” (Laughter)
“My god, I am method too hammered to say hiya to this man and begin speaking funds.”
I bought to go — get it collectively — get a water, the place’s the water, the place’s the water?
Kansas Metropolis Chiefs tight finish Travis Kelce (87) runs the ball in for a landing in opposition to the Tampa Bay Buccaneers in the course of the first quarter at Raymond James Stadium, Oct. 2, 2022.
Kim Klement | USA As we speak Sports activities | Reuters
So, I get a water, I am going over to fulfill Buffett. I shake his hand and man, now we have the very best dialog I’ve ever had in my life. The person is actually smiling from ear to ear.
I am pondering I will be wealthy right here quickly. He will (unintelligible) these investments.
And he is begins telling this story in highschool when he picked up the guitar for the first time. (Laughter)
And I used to be like, proper to his face, “No method! Warren Buffett performed the guitar?” (Laughter and applause)
And his face went from smiling ear to ear to not smiling in any respect.
After which he bought tapped on the shoulder as a result of he needed to go sing Margaritaville. (Laughter and applause)
So, I used to be his greatest cheerleader singing Margaritaville on the aspect.
So, I’ve an episode of face blindness a minimum of as soon as a month, and that was my — that was me mistaking Jimmy Buffett — the late, nice, unbelievable Jimmy Buffett for — pondering Warren Buffett was going to be at a music competition within the Hamptons. (Laughter)
That is most likely probably the most embarrassing story I’ve for you guys.
There isn’t any household relationship between the 2 Buffetts however they had been mates, referring to themselves as “Cousin Warren” and “Cousin Jimmy.”
Jimmy Buffett recurrently attended Berkshire’s annual assembly, even opening the 2007 gathering with a rendition of “Margaritaville” that includes rewritten lyrics about “Losing away in Berkshire Hathaway-a-ville / Searchin’ for some good corporations to purchase.”
He died of a uncommon type of pores and skin most cancers in 2023 on the age of 76.
BUFFETT & BERKSHIRE AROUND THE INTERNET
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HIGHLIGHTS FROM CNBC’S BUFFETT ARCHIVE
How NetJets price Berkshire a whole lot of hundreds of thousands of {dollars} (2010)
Warren Buffett outlines the errors made at NetJets, Berkshire’s aviation subsidiary. However he and Charlie Munger say they may usually proceed to belief the managers of their subsidiaries.
WARREN BUFFETT: The most important mistake made with NetJets is basically we stored — we had been shopping for planes at costs that had been fictitious, by way of the worth at which we’d later have the ability to promote them. And there is a sure time lapse concerned in shopping for fractional shares.
There’s numerous explanations for it. However ultimately, we did not correctly put together for what was clearly taking place. And we misplaced some huge cash, an excellent little bit of which was attributable to the write-down of planes, which you would name is our stock, the place we purchased them at X and we could not promote them at X or 90 p.c of X.
A few of these had been new planes that we must always not have taken on, and plenty of of them had been planes getting back from house owners.
We additionally let our working prices get out of line with recurring revenues.
However, , I’ve made loads of errors. I stayed within the textile enterprise for 20 years. I knew it was a awful enterprise. Charlie was telling me it was a awful enterprise within the first 12 months, the second 12 months.
And 20 years later, I wakened. I used to be like Rip Van Winkle. I imply, it is sort of miserable when you consider it. (Laughter)
However the one factor we are going to assure, we’ll make some errors. It was a giant mistake at NetJets, $711 million is the determine…
CHARLIE MUNGER: If we purchase 30 massive companies and usually let the individuals who run them efficiently in — earlier than, run them with little or no interference from headquarters, and it really works out 95 p.c of the time very nicely, and now we have one episode when the essential franchise was protected however we misplaced revenue alternatives for some time, it isn’t a giant failure document.
Nor does it point out that we must always cease being fairly simple with the exceptional individuals who be a part of us with their corporations.
WARREN BUFFETT: No, it’s not going to vary — it doesn’t change our administration method in any respect.
I believe that now we have gotten efficiency, general, from managers which are past the goals I might have had after I was first placing this firm collectively.
So, it has been a — we let managers do their stuff.
BERKSHIRE STOCK WATCH
BRK.A inventory worth: $733,609.77
BRK.B inventory worth: $489.46
BRK.B P/E (TTM): 14.57
Berkshire market capitalization: $1,055,405,905,430
Berkshire Money as of March 31: $397.4 billion (Up 6.5% from Dec. 31)
Excluding Rail Money and Subtracting T-Payments Payable: $380.2 billion (Up 3.0% from Dec. 31)
Berkshire repurchased $234 million of its shares in Q1 2026.
(All figures are as of the date of publication, until in any other case indicated)
BERKSHIRE’S TOP EQUITY HOLDINGS – Jun. 19, 2026
Berkshire’s high holdings of disclosed publicly traded shares within the U.S. and Japan, by market worth, primarily based on the newest closing costs.
U.S. inventory markets are closed at this time, Friday, for Juneteenth Nationwide Independence Day.
Holdings are as of March 31, 2026, as reported in Berkshire Hathaway’s 13F submitting on Might 15, 2026, aside from:
- Alphabet, which incorporates the $10 billion in shares that Berkshire agreed to purchase instantly from the corporate, as introduced on June 1, 2026. Berkshire has not but formally disclosed whether or not the transaction has been accomplished. The entry is a mix of Class A and Class C Alphabet shares. The market worth is a weighted common of the costs of the 2 courses.
- Mitsubishi, which is as of April 30, 2026
The total record of holdings and present market values is offered from CNBC.com’s Berkshire Hathaway Portfolio Tracker.
QUESTIONS OR COMMENTS
Please ship any questions or feedback concerning the publication to me at alex.crippen@nbcuni.com. (Sorry, however we do not ahead questions or feedback to Buffett himself.)
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Additionally, Buffett’s annual letters to shareholders are extremely beneficial studying. There are collected right here on Berkshire’s web site.
— Alex Crippen, Editor, Warren Buffett Watch
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