Berkshire Hathaway (BRK.A, BRK.B) has suffered a crisis of identity that has left it discounted in terms of its price-to-book ratio.
Photo by Michael Hooper
Berkshire Hathaway trades like a financial stock, yet over two-thirds of its earnings come from utilities, energy and BNSF Railway, according to a recent Bloomberg article.
It would be more appropriate to call Berkshire Hathaway a conglomerate with an emphasis on industrials, utilities and other operating businesses, and not just a financial.
