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Berkshire Hathaway Inc. (Class B)
Financials · Multi-Sector Holdings
Structural: insurance float (~$170B) funds the equity book and operating reinvestment at near-zero cost of capital; BNSF + BHE are regulated/oligopoly cash machines; cash + T-bill pile sits at ~$190B as of latest 10-Q, the largest dry-powder position in the public market.
- Float compounds tax-deferred; underwriting profitable across cycle (GEICO repricing complete, combined ratio sub-100)
- BNSF + BHE are inflation pass-through assets - rate base grows with capex, rail moves volume
- $190B cash earns ~5% on T-bills (~$9.5B/yr risk-free income) while waiting for dislocation
- $AAPL stake (~$140B) provides embedded buyback yield; recent trimming raised tax-efficient cash
- Buffett succession (Greg Abel) priced in; Ajit Jain runs insurance; cultural continuity intact
- Class B trades at ~1.5x book - historical floor; aggressive buyback authorization remains
- Buffett (b.1930) actuarial risk - multiple-compression event on succession announcement
- $190B cash is opportunity cost in a melt-up; reinvestment hurdle (>10% IRR) keeps deployment slow
- Insurance-cat exposure (BHRG) - single hurricane season can hit $5-10B
- BNSF margin pressure vs $UNP; rail volume mix-shift away from coal structural
- $AAPL concentration cuts both ways - 20% of equity book in one name
- No dividend; capital return is buyback-only, opaque vs peers
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