BERKSHIRE HATHAWAY Class B (BRK.B)

The company’s most important engine is insurance. GEICO, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group supply auto insurance, commercial cover, reinsurance, and other property-casualty products. Premium float from these operations gives Berkshire investable funds, supporting a model that combines underwriting, long-term equity ownership, and outright acquisitions.

Berkshire also owns a wide range of non-insurance businesses. BNSF Railway gives it exposure to freight transport across North America, while Berkshire Hathaway Energy operates regulated utilities, electricity transmission, gas pipelines, and renewable energy assets. Its manufacturing, service, and retail operations include companies such as Precision Castparts, Lubrizol, Clayton Homes, Marmon, and IMC/ISCAR.

A defining feature of Berkshire is its decentralised management approach. Operating subsidiaries are typically left to run independently, while the parent company focuses on capital allocation, risk management, and maintaining financial flexibility. For investors, BRK.B functions as a liquid, lower-priced share class tied to a conglomerate whose performance reflects insurance cycles, industrial activity, consumer demand, energy regulation, and the value of its investment portfolio.