Berkshire Hathaway

Berkshire Hathaway is an American multinational holding company whose subsidiaries span insurance, rail transportation, energy, manufacturing, and retail. Warren Buffett led it for decades using insurance float and long-term capital allocation to build a diverse group of businesses.

Insurance float: Funds collected through insurance premiums and held before claims are paid. Insurance premiums provide Berkshire with investable funds before claims come due.
GEICO: An American property and casualty insurer best known for automobile insurance. GEICO is a major Berkshire insurance subsidiary and a source of insurance float.
Berkshire Fine Spinning Associates: A New England textile company formed from the 1955 merger of Berkshire Fine Spinning Associates and Hathaway Manufacturing. The textile company is the corporate predecessor whose name Berkshire retained after its business changed.
General Electric: An American industrial company that historically combined businesses across manufacturing, finance, and services. Its conglomerate history offers a contrast to Berkshire's insurance-funded, acquisition-centered structure.
Holding company: A company that owns controlling stakes in other companies, often without merging their operations. Berkshire owns businesses across industries while leaving many operations decentralized.
BNSF Railway: A major North American freight railroad operating primarily in the western United States. BNSF gives Berkshire a large operating business in rail transportation.
Hathaway Manufacturing Company: A New Bedford textile manufacturer that merged with Berkshire Fine Spinning Associates in 1955. Its name became part of the company that Buffett later transformed.
Danaher Corporation: An American industrial conglomerate that acquires and manages businesses using the Danaher Business System. Danaher's active operating system contrasts with Berkshire's comparatively autonomous subsidiaries.
Value investing: An investment approach that seeks securities priced below estimates of their underlying worth. Buffett's investment choices grew from a value-investing discipline shaped by Benjamin Graham.
Berkshire Hathaway Energy: An energy company with utility, natural gas, and renewable energy businesses. Its regulated utilities and energy infrastructure form a major Berkshire business group.

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