Berkshire Hathaway may seem to be a peculiar organization that cannot easily be pigeonholed into any sector. In its latest annual report dated February 26, 2022, it was stated:

• It owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation.

• Operations of its “Big Four” companies account for a very large chunk of Berkshire’s value: the insurance business, the company’s 5.55% stake in Apple Inc the railroad company BNSF whose trains traveled 143 million miles and carried 535 million tons of cargo in 2021, and Berkshire Hathaway Energy which is described as a leading force in wind, solar and transmission throughout much of the U.S.

• Leading non-controlling stakes in financial services companies such as a 19.9% stake in American Express, a 13.3% stake in Moody’s, a 12.8% stake in Bank of America and an 8.3% stake in BNY Mellon.

• Non-controlling stakes in leading companies outside of financial services and Apple include a 9.2% stake in Coca-Cola and a 7.7% stake in Chinese electric vehicle company BYD.

Outside of « market value » considerations, the company also has a $10 billion investment in Occidental Petroleum Corporation, a 26.6% interest in Kraft Heinz and a 38.6% interest in Pilot Travel Centers (also known as « Pilot Flying J »), the U.S.’ biggest operator of truck stops and travel centers. 

Furthermore, despite the company’s « Big Four » assertion, it is clear that – in terms of earnings – the company’s mainstay has been its numerous investments: