Understanding Berkshire Hathaway: A Detailed Examination
Intro
Berkshire Hathaway is not just another company in the stock market; it's a phenomenon that captivates both novice investors and seasoned analysts alike. Understanding what it means to own a share of this prestigious conglomerate is crucial for anyone looking to make informed investment decisions. This article aims to break down the complexities surrounding Berkshire Hathaway, focusing primarily on one share, dissecting its historical performance, governance structures, and investment strategies.
By examining the financial mechanics that power this company, investors can better grasp the implications of holding a share in Berkshire. Delving into the dynamics of risk and reward, we will explore how Berkshire Hathaway has solidified its reputation as a steadfast investment vehicle. Furthermore, we will provide an accessible guide designed to enrich your knowledge, regardless of your level of expertise in the investment world.
As we venture deeper into the article, expect to uncover not only why owning a piece of Berkshire Hathaway is often viewed with immense respect but also what the numbers say about its potential for growth and stability. Let's begin by establishing a fundamental understanding of the investment terminology that will be consistently referenced throughout this exploration.
An Overview of Berkshire Hathaway
Berkshire Hathaway stands as a titan in the investment realm, not only for its commanding presence but also for its unique operational methodologies and financial philosophies. Understanding Berkshire Hathaway goes beyond merely tracking stock prices; itâs about grasping the synergy between its diversified holdings, corporate governance, and the investment mindset of its legendary figurehead, Warren Buffett. This overview sets the stage for why owning even a single share is impactful in the world of investing.
Historical Background
Berkshire Hathaway's roots trace back to the 1830s, originating as a textile manufacturing company. By the mid-20th century, under the direction of Warren Buffett, it metamorphosed into a holding company for a plethora of businesses ranging from insurance to utilities. This transition was more than a change in label; it was a complete overhaul of the companyâs identity. Buffettâs shrewd acquisitions and long-term vision turned Berkshire into a powerhouse in multiple industries.
"The best investment you can make is in yourself. The more you learn, the more you'll earn." â Warren Buffett
By the 1980s, the company had shifted its primary focus from textiles to insurance, a strategic pivot that proved to be pivotal. The wisdom in this shift points towards the essential notion of adaptability in business practices, a lesson all investors can learn from.
Core Business Operations
Berkshire Hathaway operates through diverse segments that work in tandem to provide stability and growth. From insurance companies like Geico to energy providers like Berkshire Hathaway Energy, each subsidiary under its umbrella plays a crucial role in its financial ecosystem.
Additionally, Berkshire has significant stakes in various well-known brands such as Coca-Cola, Apple, and American Express. This vast portfolio of investments showcases not only the breadth of its operations but also its strategy to benefit from compound growth over time. Investors here must also understand the various revenue sources â insurance premiums, dividends from equity investments, and earnings from wholly-owned businesses all contribute to the financial health of the company.
Leadership and Management
The leadership at Berkshire Hathaway speaks volumes about its success. Warren Buffett, often referred to as the "Oracle of Omaha," embodies the company's philosophy of value investing. His partnership with Charlie Munger has created an administrative dynamic that promotes long-term thinking and sound decision-making.
Their management style fosters a culture of autonomy among subsidiaries, allowing individual executives to maintain operational control while aligning with the overarching values of the company. This balance of independence and guidance contributes immensely to Berkshire Hathawayâs ability to navigate various market landscapes successfully.
The Value of One Share
When it comes to investing, one share of Berkshire Hathaway is often more than a simple piece of paper or a digital coin in your portfolio; it represents a slice of a vast enterprise with myriad financial intricacies. Understanding the value of this one share entails looking beyond its market price into the depths of what makes Berkshire Hathaway a unique investment vehicle. The significance of this share lies not just in its price, but in how it embodies the strategic thinking, disciplined management, and investment philosophies employed by Warren Buffett and his team. For investors and analysts alike, unraveling this value is imperative as it can influence investment decisions significantly.
Current Market Price Analysis
A key starting point in assessing the value of a share in Berkshire Hathaway is to examine its current market price. As of the latest trading cycle, Berkshire Hathaway's Class A shares often soar to dizzying heights, usually listed at hundreds of thousands of dollars, whereas Class B shares provide access to the same management team at a much lower entry point.
For instance, the stock might be priced around the low $500,000 range for Class A shares. In contrast, Class B shares hover around $350. This price disparity stems from the company's historical refusal to split shares, aiming to maintain an image of exclusivity and stability. Itâs not uncommon for market watchers to discuss how this pricing reflects investor sentiment, demand, and market conditions. High prices can create a psychological barrier, although this hasn't deterred serious investors who appreciate the intrinsic value behind the share.
Intrinsic Value Considerations
Digging deeper, intrinsic value provides a more philosophical lens through which to evaluate Berkshire Hathawayâs share. This method is rooted in discount cash flow analysis, where investors look at the expected future cash flows of the companyâconsidering their present valueâinstead of just the black-and-white figures on a stock ticker. Buffett himself is known for his competence in determining intrinsic value, relying on rigorous evaluation of the company's ability to generate profits.
Letâs take a look at a couple of aspects that contribute to intrinsic value:
- Earnings Growth Potential: How well does the company increase its earnings? Investors keep an eye on historical trends, assessing growth rates of subsidiaries from GEICO to Dairy Queen, which all contribute to the cash flow.
- Asset Valuation: Berkshire Hathaway holds a treasure trove of assets, including investments in publicly traded companies and operating businesses. The value can often be perceived through how these appreciate over time. It is not merely about how much a single share costs, but rather how valuable the assets behind it are.
Factors Affecting Share Price
Several factors can influence the price of a single share at Berkshire Hathaway, ranging from internal company finances to external economic climates. Here are the key elements at play:
- Market Trends: Overall stock market trends affect share prices considerably. A bullish trend might drive a buoyant sentiment towards shares like Berkshireâs, while a bearish phase can lead to a reluctance among investors.
- Interest Rates: Changes in interest rates can influence how investors perceive Berkshire Hathaway. Lower interest rates may encourage buying as borrowing becomes cheaper, while higher rates typically exert downward pressure on share prices.
- Management Decisions: Strategic shifts or new acquisitions made by Berkshire Hathaway could also impact its share price. If Wall Street embraces the direction laid down by Buffett, stock prices may see an uptick or surge.
- Economic Indicators: Factors such as unemployment rates, GDP growth, and other economic indicators indirectly shape investor perception about whether the share will go up or down.
In sum, understanding the value of one share of Berkshire Hathaway is about more than immediate financial metrics. It invites a comprehensive exploration of the market context, intrinsic values, and various factors that collectively influence investment decisions, making it an essential part of any savvy investor's portfolio analysis.
Investment Philosophy at Berkshire Hathaway
Berkshire Hathaway's investment philosophy serves as the backbone of its exceptional performance over decades. It reflects the meticulous approach that Warren Buffett and Charlie Munger, the company's leading figures, have taken towards building wealth. This philosophy emphasizes a steadfast adherence to principles that stand the test of time, making the shares of Berkshire Hathaway not just a financial asset, but also a reflection of sound decision-making.
Value Investing Principles
At the heart of Berkshire Hathaway's strategy lies the concept of value investing. This principle advocates for buying stocks that are undervalued compared to their intrinsic worth. Rather than chasing trends, Berkshire Hathaway focuses on businesses with solid fundamentals. Thereâs a certain beauty in this method; it allows investors to remain calm amid market upheaval.
For instance, instead of merely looking at quarterly performance, the company dives into a business's long-term potential. Think of it like scouting for pearls in a sea of gravelâplucking those that may shine in the long run.
Berkshire Hathaway does not just invest for returns; it invests for value. This long-term vision allows it to sidestep the pitfalls of market fluctuations. As Buffett once said, "Price is what you pay. Value is what you get."
Long-Term Focus
Berkshire Hathaway's commitment to a long-term investment horizon sets it apart. The philosophy here is clear: short-term market noise is just thatânoise. Successful investing, particularly for Berkshire, isn't about timing the market. Itâs about the patient accumulation of wealth over time.
This approach guarantees that shareholders can ride out volatility. The 2008 financial crisis is a prime example; many investors panicked, selling off stocks at rock-bottom prices. However, Berkshire Hathaway's strategy of holding strong paid off significantly when markets rebounded.
To encapsulate this focus:
- Buy and hold: Berkshire is not just interested in a quick turnaround. Instead, it aims to own great companies for extended periods.
- Embrace patience: This philosophy means waiting for the right opportunities, rather than rushing into every investment.
- Trust the process: Berkshire's unwavering faith in its investments aids in weathering economic downturns.
Diversification Strategies
In terms of diversification, Berkshire Hathaway takes a nuanced approach. While conventional wisdom often touts broad diversification as essential, Buffett prefers a concentrated but well-researched investment strategy. Itâs somewhat akin to having a few well-chosen horses in your betting stable rather than a whole herd. Each investment is chosen with careful consideration of its potential to outperform novel market trends.
Berkshire's portfolio is notably diverse across various industriesâfrom insurance with GEICO to consumer goods with brands like Coca-Cola and Kraft Heinz. However, Buffett emphasizes investing in businesses he understands deeply. This insight leads to more informed decisions and stronger performance.
- Core holdings: Companies like Apple are held not just for their stock price, but for their fundamental business model and brand strength.
- Investment sectors: Instead of random plays, Buffett focuses on sectors he knows well.
- Quality over quantity: Buffett believes in investing in fewer businesses but with higher quality.
Quote: "Risk comes from not knowing what you're doing." â Warren Buffett
This strong emphasis on understanding each investment underscores Berkshire's success. By embracing these tenets, Berkshire Hathaway navigates the investment landscape with a steady hand, showcasing an investment philosophy that resonates with both seasoned investors and those just starting their journey.
Shareholder Characteristics
Understanding shareholder characteristics is vital for anyone contemplating an investment in Berkshire Hathaway. These characteristics can provide insight into not only who owns the shares but also their motivations and how they influence corporate governance and strategy. Essentially, the makeup of shareholders plays a fundamental role in shaping the company's future and its operational decisions.
Demographics of Shareholders
When it comes to the demographics of Berkshire Hathaway shareholders, there exists a fascinating tapestry of investors. Broad categories might include institutional investors, individual retail investors, and high-net-worth individuals. This variability in ownership patterns affects the dynamics at play when it comes to shareholder meetings, voting on important measures, and overall corporate governance.
Key Demographics:
- Age Groups: Typically, the investors tend to skew older, with many being middle-aged or retirees. They often have the financial stability to afford a buy-in, especially considering the high cost of one share.
- Wealth Profiles: Many shareholders are quite affluent, often with considerable investment backgrounds. A good number are value-investing enthusiasts who appreciate Warren Buffett's style.
- Geographic Distribution: While many investors are based in the United States, there is a growing interest globally, attracting foreign investors looking to tap into the company's sustainable growth.
These demographic features outline not just who these investors are, but the general sentiment toward what owning a part of Berkshire Hathaway signifies. For instance, many shareholders are likely to adopt a long-term perspective, willing to ride out market volatility, which aligns with the company's investment philosophy.
Motivations for Ownership
Understanding why individuals choose to invest in Berkshire Hathaway can reveal much about investor psychology in the modern market. Various factors motivate people to hold a share in this firm beyond just the potential financial returns.
Primary Motivations Include:
- Trust in Management: Investors often cite their trust in Warren Buffett and his leadership as a major reason for ownership. The effectiveness of governance and operational strategy under his stewardship inspires confidence.
- Growth Potential: Beyond just dividends, shareholders are drawn to the potential for long-term appreciation in share value, bolstered by the sound investment strategies employed by the company.
- Philosophical Alignment: Many shareholders resonate deeply with the value-investing principles propagated by Buffett and the company. It's often not just about returns, but a shared belief in these philosophies.
"Owning a piece of Berkshire means becoming part of something largerâan investment culture grounded in integrity and wisdom."
Berkshire Hathawayâs Market Position
Berkshire Hathaway stands tall in the investment arena, often recognized as a bellwether for both seasoned and novice investors alike. The discussion regarding its market position is paramount because it showcases the companyâs resilience, adaptability, and overall standing amid economic turmoil. With its diverse portfolio and strategic acquisitions, Berkshire Hathaway has forged a unique path, demonstrating how a well-managed conglomerate can outperform its peers in various sectors.
Comparison with Peers
When comparing Berkshire Hathaway to its contemporaries, one canât help but notice that this conglomerate operates on a different plane. Not only is it the home of legendary investors like Warren Buffett and Charlie Munger, but it also embraces a broader scope of businesses compared to traditional investment firms or insurance companies. For instance, while many of its peers may focus solely on finance or technology, Berkshireâs ventures cover utilities, railroads, and consumer goods among others. This diversification acts as a cushion against market fluctuations.
Notable points in the comparison include:
- Diverse Business Model: Unlike many companies that specialize in one market, Berkshire is a jack-of-all-trades, allowing for more stability.
- Investment Philosophy: The strategy is long-term focused, meaning they are less swayed by short-term market movements.
- Financial Strength: Berkshireâs robust balance sheet often allows it to weather financial storms that may sink others.
This multifaceted approach gives Berkshire a competitive edge. For instance, in 2022 while many companies took a hit during the pandemic, Berkshireâs portfolio demonstrated resilience, primarily due to its mix of consumer staples and essential services that continued to perform.
Market Share and Influence
Berkshire Hathaway doesnât just participate in the market; it actively shapes it. Its investment decisions can send ripples throughout multiple industries, and its sheer size often leads to discussions about monopolistic behavior. The conglomerateâs substantial holdings in firms like Apple and Coca-Cola arenât just investments; they impact share prices and market trends at large.
Key factors regarding its market influence include:
- Ownership Stakes: Berkshire Hathaway's significant equity in prominent companies means it can influence corporate strategies, often pushing for stability and long-term growth over short-term gains.
- Reputation: Its solid reputation enables smoother negotiations and partnerships, giving it an advantage over many competitors.
- Capital Allocation: Berkshireâs sophisticated capital allocation framework allows it to quickly invest in promising ventures, often before others in the market can react.
In summary, the market position of Berkshire Hathaway is not merely about its financial standing; it encapsulates its strategic decisions, diverse business operations, and the immense influence it wields across sectors. Understanding this market position equips investors with the knowledge to gauge potential risks and rewards associated with owning a share of this illustrious conglomerate.
Navigating Risks
In the financial world, the buzz around owning a share in a company like Berkshire Hathaway can be contagious. Yet, amid the excitement, it's essential to take a measured approach. Navigating risks is not just a prudent strategy; itâs an indispensable part of making sound investment choices. For a potential shareholder, understanding the various risks associated with Berkshire Hathaway helps demystify the path ahead.
Owning a single share in this conglomerate means taking stock of market volatility, sector-specific risks, and operational challenges. Each of these elements can have profound implications for the performance of one's investment. Therefore, recognizing these risks isnât just about risk management; it's about positioning oneself favorably in a landscape thatâs perpetually in flux.
Market Volatility
Market volatility refers to the fluctuations in securities prices and indices over time. For Berkshire Hathaway, a high-performing company, its stock can still be subject to erratic price swings. Investors should remember that this is a common trait of equity investments. A hot cup of coffee in the morning can seem soothing until the market opens, and announcement after announcement sends stocks into a tailspin.
Several factors can contribute to market volatility, including economic data releases, geopolitical tensions, and changes in the interest rates set by the Federal Reserve. These external events may have no direct connection to Berkshire Hathaway's underlying business performance but can still lead to significant short-term price movements. A classic saying in finance comes to mind: "Don't put all your eggs in one basket." This rings particularly true when considering the volatility that can surround even the most seemingly stable companies.
- Diversification as a Shield: One approach to mitigate this risk is to diversify one's investment portfolio. Holding shares of multiple companies across different sectors can offer a buffer against unexpected market changes.
- Staying Informed: Another beneficial practice is to stay informed about market conditions and have a plan in place for various scenarios, whether they be favorable or unfavorable.
"Investors who maintain a long-term perspective are less likely to be swayed by short-term market fluctuations."
Sector-Specific Risks
Berkshire Hathaway operates in a diverse range of industries, from insurance to utilities to manufacturing. While diversification within its own portfolio may reduce certain risks, each sector has its unique vulnerabilities. Understanding these sector-specific risks is pivotal in grasping the broader investment landscape.
For example, the insurance sector can often be influenced by unpredictable weather patterns. Natural disasters can lead to unexpected claims, directly impacting Berkshire's profits from its insurance underwriters. Hereâs a look at some common sector-specific risks:
- Economic Cycles: Certain sectors may perform poorly during economic downturns. For instance, luxury goods tend to see a dip when consumers tighten their belts.
- Regulatory Changes: Industries such as finance or healthcare may face sudden legislative shifts that can alter profitability overnight.
- Technological Disruption: Companies that fail to keep up with tech advancements may find their business models outdated. Think of how retail has shifted due to e-commerce; legacy companies can struggle in such an environment.
Operational Risks
Operational risks pertain to the internal challenges any large company like Berkshire Hathaway might face. These could stem from subpar management decisions, failure of internal systems, or even human errors. While such risks might not be as visible as market volatility, they can derail operations with alarming speed.
Key aspects to consider include:
- Management Decisions: Given that Berkshire Hathaway is often deemed as having a unique management model, decisions made at the top can have outsized effects on shareholder value. Investors must consider the leadershipâs track record and their strategic foresight.
- Supply Chain Disruptions: Any hiccup within the supply chain, whether due to labor disputes or shortages, can impact production in a significant way. Investors should remain aware of the dependencies that Berkshire has on third-party suppliers.
- Crisis Preparedness: In today's unpredictable world, operational risk also encapsulates how well a company can adapt to crises, whether economic downturns or global pandemics.
In summary, navigating the risks associated with owning a share in Berkshire Hathaway is no small feat. Understanding market volatility, sector-specific nuances, and operational challenges offers a clear view of potential pitfalls that an investor may face. This comprehensive knowledge enables shareholders to make informed decisions, creating a backbone for a resilient investment strategy.
Dividends and Returns
When it comes to investing in a company, dividends and returns are fundamental components that canât be overlooked. They not only represent the income a shareholder earns but also reflect the financial health and strategic decisions of the company itself. In the case of Berkshire Hathaway, the discussion on dividends is particularly interesting, given its unique stance on paying them. While many companies reward shareholders with regular dividends, Berkshire has chosen a different path that necessitates a deeper understanding.
Dividend Policy Overview
Berkshire Hathaway is famous, or perhaps infamous, for its dividend policy. The company has not issued a dividend since 1965 when Warren Buffett became the CEO. This may seem like a drawback at first glance, especially for investors who prioritize regular income. However, it's essential to look beyond this surface-level observation. The decision not to pay dividends is deeply tied to Berkshire's overarching investment philosophy. Buffett believes in reinvesting profits into the business, fueling growth and creating long-term shareholder value.
For many companies, dividends serve as a tangible way of rewarding investors for their loyalty. In contrast, Buffett prefers to use retained earnings to acquire new companies or invest in existing holdings. This approach has proven effective over the decades, leading to substantial growth in shareholder equity. To illustrate, consider how Berkshire has compounded its book value at an impressive annual rate over the years.
"Our favorite holding period is forever."
- Warren Buffett
Thus, for those who prioritize growth over immediate returns, Berkshire Hathaway might still be a smart pick, even without the customary dividend checks.
Historical Return on Investment
Letâs talk numbersâspecifically, the historical return on investment (ROI) that Berkshire Hathaway has delivered to shareholders. While the absence of dividends may deter some, the returns generated through stock price appreciation tell a different story.
Since Buffett took the reins, Berkshire Hathaway's stock has dramatically outperformed the broader market averages. From 1965 to 2022, the company's market value soared, marking astronomical growth. Investors who bought one share of Berkshire in the early years have seen their investment multiply multiple times over, reflecting Buffett's astute investment decisions and his remarkable knack for capital allocation.
Here's a look at some clear benefits of investing in Berkshire for those focused on returns:
- Long-Term Capital Appreciation: The company's focus on reinvesting profits leads to exponential growth.
- Strong Market Position: Its diverse portfolio of businesses fosters sustainability and resilience.
- Quality Acquisitions: Berkshire's ability to acquire quality companies has led to a robust growth trajectory.
Calculating the historical ROI involves looking at both the price appreciation and how well the company has performed relative to others. Depending on oneâs investment timeline, this could translate into several times the initial investmentâa compelling argument for potential investors.
By understanding dividends and returns in the context of Berkshire Hathaway, investors can make more informed decisions. This deeper acknowledgment of the company's strategies allows for a richer interpretation of what it means to hold a share of Berkshire Hathaway.
Corporate Governance
Corporate governance in Berkshire Hathaway is more than just a set of rules; it forms the backbone of how the company operates and interacts with its stakeholders. The importance of governance cannot be overstated. It not only shapes the relationship between shareholders and management but also establishes the framework for accountability, transparency, and ethical behavior. Proper governance practices can lead to enhanced investor trust and ultimately better financial performance, making it crucial for both current and potential shareholders to understand this aspect thoroughly.
One must consider several specific elements when analyzing corporate governance at Berkshire Hathaway:
- Board Composition: The board's makeup is fundamental. A mix of various backgrounds and expertise lends itself to diverse perspectives in decision making. Celebrated for its independent directors, Berkshire's board enjoys strong credibility.
- Decision-Making Processes: Governance sets the stage for how key decisions are made within the company. This aspect reviews the rigor in the decision process and whether it's really in the best interest of shareholders.
- Ethical Standards: In an age where corporate scandals are hot on the news, ethical governance speaks volumes. Berkshire Hathaway has built its reputation on integrity and doing right by its shareholders.
Several benefits arise from strong corporate governance practices:
- Increased Accountability: Clearly defined roles hold management accountable for their decisions. Lack of accountability can spiral into inefficiencies or even scandals.
- Enhanced Reputation: Companies that demonstrate stellar governance practices tend to enjoy higher trust from stakeholders. This can translate to premium valuations in the marketplace.
- Attracting New Investors: When governance is transparent and reliable, it invites more investors, as they can feel more secure in their investments.
Various considerations also come into play:
- Balancing Interests: Thereâs an ongoing challenge in ensuring that the interests of shareholders are prioritized while maintaining operational autonomy.
- Monitoring Mechanisms: The efficiency of checks and balances plays a pivotal role in effective governance.
Understanding the corporate governance of a significant player like Berkshire Hathaway allows investors to gauge not only the risks but also the potential that comes with holding a share.
"At Berkshire, corporate governance is not merely an exercise in compliance, but rather a critical instrument for robust financial performance and fostering long-term relationships with stakeholders."
The impact of governance is often seen across the companyâs operational mechanics, influencing how Berkshire Hathaway is viewed in the financial landscape.
Future Outlook
The future outlook for Berkshire Hathaway is pivotal in grasping the broader implications of owning a share in this financial giant. Investors, both new and seasoned, often look to the horizon, seeking signs of potential shifts in market dynamics, emerging trends, and growth trajectories. Understanding these elements isn't just about numbers; itâs about anticipating shifts in the business environment and being strategic with investment decisions.
Market Trends and Predictions
As we peer into the future, several market trends emerge. Tech integration stands out prominently. Companies within Berkshire's investment portfolio are increasingly leveraging technology to enhance efficiency and reach wider markets. This technological pivot is expected to catalyze growth and ensure competitive edge amidst fast-paced changes in consumer behavior.
The sustainability wave is another significant factor. Companies that practice sustainability tend to attract a more conscientious consumer base. Berkshire's commitment to investments in sectors like renewable energy highlights its proactive stance. Many analysts anticipate that corporations focusing on sustainability will flourish in the coming years, thus enhancing the overall value of Berkshire's investments.
Additionally, economic indicators suggest that shifts in interest rates and inflation will play a critical role in the market's direction. A potential rise in interest rates may shift investor behavior, affecting stock valuations across the board. Therefore, closely monitoring these economic signals is crucial as they can dramatically influence Berkshire Hathawayâs earnings and, by extension, its share price.
"The future belongs to those who believe in the beauty of their dreams."
- Eleanor Roosevelt
Potential Growth Opportunities
Looking toward growth, Berkshire Hathaway has a unique position. Its diversified portfolio enables it to capitalize on various sectors effectively. Here are notable avenues for potential growth:
- Expanding International Presence: Many Berkshire-owned companies are well positioned to tap into emerging markets, especially in Asia and Africa. This could generate significant revenue and strengthen their global footprint.
- Healthcare Sector Investments: The healthcare landscape is changing rapidly, with technology integration and an aging population driving new opportunities. Berkshire's existing investments and potential new ventures in this field could lead to fruitful returns.
- Insurance Innovations: As a traditional leader in the insurance industry, Berkshire can leverage data analytics and AI to enhance underwriting practices. Improved risk assessment can lead to more refined pricing strategies and better profitability.
The interplay between Berkshire's robust investment strategy and the above opportunities illustrates a promising horizon. For existing and prospective investors, this outlook serves as a critical framework for understanding the value and potential of owning a share in Berkshire Hathaway.
