Berkshire Hathaway

Pricing power is mixed but adequate. In insurance, a prolonged hard market supports rate adequacy in primary and reinsurance, and GEICO has sustained strong loss ratios after significant rate increases but is currently accepting higher acquisition costs to restart growth.

In regulated utilities, allowed returns on rate base provide an institutionalized pricing mechanism, effectively passing through prudent investments to customers over time. BNSF typically achieves core price increases above inflation over cycles, but fuel surcharge dynamics and mix can offset in any given period.

Overall we see solid pricing power in aggregate, with the strongest visibility at BHE and steady, cycle-aware pricing at BNSF and the insurance units.