Berkshire Hathaway
Sphere us
Pocket
Insurance
The lone FREE deployer among insurers — largest dry powder; gravity ~= capital, not thin.
The metrics
- Posture high
- expanding 1 src →
- Capital · available high
- ~$381.7B cash + Treasury bills (FY2025) — the largest true dry powder on the board; plus ~$171B insurance float that funds the pile. FREE-deployable, no mandate. 2 src →
- Capital · operating high
- ~$371.4B/yr total revenue (FY2025); net premiums written ~$71.6B/yr — an operating conglomerate (insurance, BNSF rail, BHE energy, manufacturing), not a pure investment vehicle. 2 src →
- Capital · deployed high
- ~$1.222T total assets (FY2025); ~$233B+ marketable equity portfolio (Q4 2025) atop wholly-owned operating businesses; equity $717.4B. The 'pile' is equities + op-cos, not a solvency-locked … 2 src →
- Capital · in high
- Premium inflows ~$71.6B/yr + float growth (~$169B->$171B 2023->2024); operating cash from rail/energy/manufacturing; opportunistic stock sales (sold $75.5B Apple in Q2 2024). 1 src →
- Capital · out high
- Claims paid on float; acquisitions (OxyChem $9.7B, Taylor Morrison $6.8B, Alphabet $10B in 2026); historically buybacks — but Berkshire paused repurchases while the cash pile grew. 1 src →
- Optionality high
- free — Buffett/Abel discretion, no external mandate; ~$381.7B cash is genuinely unallocated dry powder, the exception among insurers whose piles are solvency- and liability-matched. 1 src →
- Gravity high
- ~$371B/yr GROSS routed through the economy — NOT thin: real-economy operating conglomerate (BNSF, BHE, insurance, manufacturing), so gravity ~= capital, unlike the pure general-account … 1 src →
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