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Berkshire Hathaway Inc Class B BRK.B

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Morningstar’s Analysis

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1-Star Price

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Economic Moat

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Stewardship

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Berkshire a Net Purchaser of Equities in Q3; Apple Remains Top Holding at 47.8% of Holdings

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

Unlike most periods, there were a few surprises in wide-moat Berkshire Hathaway's third-quarter 13-F filing, with the firm actually taking positions in four different healthcare firms--AbbVie, Merck, Bristol-Myers Squibb, and Pfizer--while making meaningful reductions in several of its bank holdings--JPMorgan Chase, PNC Financial Services, Wells Fargo, and M&T Bank. We had some sense about the Wells Fargo trades, noting that Berkshire (through information provided in its Form 4 and Schedule 13G filings intra-quarter) seemed to be swapping out of Wells Fargo in favor of Bank of America (where the insurer now holds more than 1 billion shares following the purchase of an additional 85 million shares during the third quarter).

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Company Profile

Business Description

Berkshire Hathaway is a holding company with a wide array of subsidiaries engaged in diverse activities. The firm's core business segment is insurance, run primarily through Geico, Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group. Berkshire has used the excess cash thrown off from these and its other operations over the years to acquire Burlington Northern Santa Fe (railroad), Berkshire Hathaway Energy (utilities and energy distributors), and the firms that make up its manufacturing, service, and retailing operations (which include five of Berkshire's largest noninsurance pretax earnings generators: Precision Castparts, Lubrizol, Clayton Homes, Marmon and IMC/ISCAR). The conglomerate is unique in that it is run on a completely decentralized basis.

Contact
3555 Farnam Street
Omaha, NE, 68131
T +1 402 346-1400
Sector Financial Services
Industry Insurance - Diversified
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 391,500

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