Berkshire Hathaway is a diversified holding company that owns and operates businesses across insurance, freight rail, energy, manufacturing, services, and retail. Berkshire's subsidiaries run independently, with capital allocation centralized at the CEO level. The core of Berkshire's business model is insurance float: Berkshire's insurance subsidiaries — primarily GEICO, Berkshire Hathaway Primary Group, and Berkshire Hathaway Reinsurance Group — collect premiums upfront and pay claims later, generating a pool of investable capital (approximately $176B) that Berkshire deploys into public equities and wholly-owned operating businesses. If insurance operations run at an underwriting profit, this float is essentially free financing. GEICO is the third-largest U.S. private passenger auto insurer, selling directly to customers online and by phone. The reinsurance operations take on risks ceded by other insurers globally. BNSF, one of the largest North American freight railroads, hauls consumer goods, industrial products, agricultural commodities, and coal across the western and southern U.S. Berkshire Hathaway Energy operates regulated electric utilities serving roughly 5.4M retail customers, natural gas pipelines, and renewable power projects. The manufacturing segment includes Precision Castparts (aerospace castings and fasteners), Lubrizol (specialty chemicals), Clayton Homes, Shaw flooring, Duracell, and Forest River (recreational vehicles), among others. Service and retail businesses include NetJets, FlightSafety, McLane (wholesale distribution), Pilot Travel Centers, and various home furnishings and jewelry retailers.