A number of Berkshire Hathaway Inc.'s (NYSE:BRK.A) businesses are well established and are among the leading players in their respective markets. BRK's various businesses are exposed to low industry and country risk, albeit with varying degrees of volatility, cyclicality, regulatory risk, and correlation among the various business segments. Significant operating earnings from low-to-uncorrelated non-insurance businesses offset potential volatility from its re/insurance business due to exposure to property-catastrophe (as highlighted by 2017 catastrophe events) and long-tail business. At the same time, significant holdings of common stock make the company's net income and shareholders' equity prone to market volatility in the short term, although the company has benefitted from substantial gains in the long term. While the company has made a number
