Berkshire Hathaway (BRK.A)

Insurance is central to Berkshire’s model. GEICO, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group write auto, property-casualty, reinsurance, and specialty cover, generating premium float that can be invested before claims are paid. This gives Berkshire a distinctive source of low-cost capital, although underwriting discipline remains critical to long-term returns.

Beyond insurance, Berkshire owns major businesses across transport, energy, manufacturing, housing, chemicals, retail, and services. Burlington Northern Santa Fe is one of North America’s largest freight rail networks, while Berkshire Hathaway Energy owns regulated utilities and energy infrastructure. Other subsidiaries include Precision Castparts, Lubrizol, Clayton Homes, Marmon, IMC/ISCAR, and a range of consumer and industrial companies.

The group is known for a highly decentralised structure. Subsidiary managers run day-to-day operations with limited interference from headquarters, while capital allocation is handled centrally. Berkshire’s scale, balance sheet strength, and conservative culture make it a bellwether for investors seeking exposure to a broad slice of the US economy through a single listed company.