Many investors know Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B) as "Warren Buffett's company," but they aren't sure exactly how it makes money. And the answer is a bit complicated, as Berkshire is a collection of subsidiary businesses and a massive stock portfolio.
In this Industry Focus: Financials clip, host Shannon Jones and Fool.com contributor Matt Frankel give a quick rundown of Berkshire's business model.
A full transcript follows the video.
This video was recorded on Aug. 6, 2018.
Shannon Jones: Before we dive into the latest on Berkshire, Matt, let's actually catch our listeners up on what exactly Berkshire does, and more importantly, how in the world is it so awesome at making money?
Matt Frankel: First of all, a lot of people don't think of Berkshire as a financials sector company, but in reality, it's the largest financials sector company. The reason for it is, at its core, Berkshire is an insurance company. Warren Buffett loves the insurance business. He started buying up insurance companies shortly after he took the reins of Berkshire Hathaway -- which, at the time, was a textile manufacturer. It owns insurance subsidiaries. Geico is probably the most well-known one. Gen Re, a reinsurance company, is the biggest of their insurance subsidiaries. That's why we include it in the financials sector -- at its core, it's an insurance business.
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