Warren Buffett's Berkshire Hathaway gets a lot of attention for its positions in public equities. But the value of its controlled businesses, led by insurance, as well as its mound of cash, cash equivalents, and Treasury bills, is far more valuable.

In the meantime, Berkshire Hathaway Energy appears well-positioned to capitalize on some of the AI upside (rising energy demand from data centers) without as much risk of being penalized if there is a correction that will probably disproportionately affect hyperscalers and semiconductor firms.

Warren Buffett shares his thoughts on his career and Berkshire’s future in a letter.

Meyer Shields of Keefe, Bruyette & Woods recently downgraded Berkshire Hathaway stock to a sell rating. Many of Berkshire's businesses face a number of macroeconomic headwinds. Warren Buffett has successfully navigated numerous stock market environments during the last six decades.