Episode summary
BI Weekend: Deere, Walmart Earnings, Berkshire Hathaway 13F Filings | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney, Scarlet Fu · Guests: Christopher Ciolino, Emily Cohn, Jody Lurie, Jeffrey Langbaum, Edward Najarian, Matthew Palazola, Randall Williams
Summary
Deere, Walmart, Six Flags, Berkshire Hathaway, AI-driven office demand, American Express and MSG Sports all pointed to a market where fundamentals are still uneven but selective business models are holding up. The host and guests argued that Deere’s strong quarter, higher outlook and strengthening order book suggest the farm-machinery downturn is nearing a bottom, with 2026 likely the trough as North American large ag shows early signs of improvement. Walmart, meanwhile, posted another solid quarter but paired it with cautious guidance and commentary that tariff-driven inflation may be peaking while consumer conditions remain mixed.
The discussion then shifted to how companies are adapting to change. Six Flags is trying to improve operations, debt metrics and technology adoption, while BI’s REIT view was that AI is not yet hurting office demand and may even be supporting leasing in New York and San Francisco as firms hire and expand. American Express was presented as benefiting from a richer card mix even as acquisition spending rises, with the premium refresh helping drive higher fee economics.
Berkshire’s final quarter as CEO Warren Buffett was framed as bearish and selective: cutting Amazon, Apple and Bank of America while adding to Chevron and Chubb. The show closed with MSG Sports, where a possible Knicks-Rangers split could unlock value, sharpen pricing and help the company address tax and capital-structure issues.
Key takeaways
- Deere’s earnings beat and raised outlook were presented as evidence that 2026 should mark the trough of the ag cycle, with early improvement in North American large ag orders.
- Walmart said tariff-driven inflation may be peaking, but its guidance still reflected a cautious view of labor, sentiment and consumer conditions.
- BI’s office research argued AI fears have not yet reduced leasing, and office demand remains strong in New York and San Francisco.
- American Express appears to be getting better economics from premium card acquisition, even as rewards spending and customer-engagement costs rise.
- Berkshire’s fourth-quarter 13F showed Buffett trimming megacap tech exposure while adding to Chevron and Chubb, reinforcing a selective capital-allocation stance.
- MSG Sports could unlock value by splitting the Knicks and Rangers, especially as tax rules and private-market valuations push toward a cleaner structure.
Notable quotes
“I think this kind of gives us the all clear on the cycle and that you know 26 will be the trough earnings year”
“It was another uh solid quarter for Walmart in the fourth quarter. They did come out with conservative guidance, which is pretty typical for Walmart”
“the fee per new card went up from 196 in the third quarter to 282”
“he was the CEO uh as of the fourth quarter. So these moves that we're looking at in the 13F took place in the fourth quarter of last year”
How the episode opens
Bloomberg Audio Studios podcasts, radio news. This is Bloomberg Intelligence with Scarlett Fu and Paul Sweeney. — Concerned about rising prices, spooking investors. — What does renewables investment look like in the US? — More tariff talk coming out of this administration. — Breaking market headlines
And corporate news from across the globe. — The president wants lower interest rates. He wants a rate cut cycle. How do you broaden out the AI play? — Are people just looking for something to worry about when it comes to China? Bloomberg Intelligence
With Scarlett Fu and Paul Sweeney on Bloomberg Radio originals and the Bloomberg Business App. — On today's Bloomberg Intelligence Show, we dig inside the big business stories impacting Wall Street and the global markets. — Each and every week, we provide in-depth research and data on some of the 2,000 companies and 130 industries our analysts cover worldwide. Today, we'll look at why AI is emerging as a catalyst for office spacebased demand despite fears of job cuts.
Plus, we'll discuss what recent 13F filings revealed about Warren Buffett's last quarter as CEO of Berkshire Hathaway. — But first, we begin with news from the farm machinery leader, Deer. — This week, Deer boosted its annual profit outlook as the company, which is the world's biggest farm machinery maker, anticipates the agriculture economy will soon get better.
For more, we were joined by Chris Chelino, Bloomberg Intelligence senior US machinery analyst. We began by asking Chris for his take on the latest at deer. — It was a really solid beat and race quarter and I think this kind of gives us the all clear on the cycle and that you know 26 will be the trough earnings year. Uh the one QB beat was was broad base all segments better topline um better margins than expected really on the back of higher shipment volumes um with particular strength in the small a business and construction.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- earnings
- ai office demand
- credit analysis
- consumer finance
- 13f filings
Companies and tickers mentioned
- DE
- WMT
- AXP
- BRK-A
- BRK-B
- Deere
- Walmart
- Six Flags Entertainment
- American Express
- Berkshire Hathaway
- MSG Sports
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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