NEW YORK (CNN/Money) - The recent market turbulence has left many investors with their hands in the air, but in times of doubt, a true market professional could be a safe haven in the storm -- which makes Warren Buffett's Berkshire Hathaway the favorite stock of Peter Doyle, chief investment officer of Kinetics New Paradigm Fund.

Berkshire Hathaway acts primarily as the investment vehicle for Buffett and holds stakes in more than 20 companies, with a total value of about $29.6 billion as of June 30, according to a company filing with the Securities and Exchange Commission.

Its largest investments include stakes in Coca-Cola, American Express, Gillette, Wells Fargo and Washington Post.

Buffett's investments also allow him exert his influence on corporate governance, as Coca-Cola and the Post were two of the first companies to say they will report stock options as expenses. Buffett, also one of the world's richest individuals, later followed with an opinion piece about stock options in the New York Times.

Peter Doyle

Berkshire also owns several companies including Geico (the auto insurance firm with the lizard commercials), Fruit of the Loom, Benjamin Moore, reinsurance firm GeneralCologne Re, International Dairy Queen and See's Candies.

The Omaha, Neb.-based company posted a second-quarter profit of $1.04 billion, or $681 per share, up from $773 million, or $506 a share, a year earlier.

While most of Buffett's investments have been in more conservative businesses, he's lately ventured into the beaten down telecom and utility sectors by taking stakes in Level 3 Communications, Williams Companies and making an acquisition from troubled energy firm Dynegy.

"If other equities continue to deflate, which is a distinct possibility, Berkshire Hathaway could become the lender of last resort," said Doyle.

Doyle explains what else makes Berkshire Hathaway class B (BRK.B: up $52.00 to $2492.00, Research, Estimates) shares his favorite stock.

Despite the preferred status of Berkshire's investment in Level 3, are the investments in more troubled sectors an indication that Buffett is wandering into risky waters?

He's really picking up the pieces from companies that have been looking to raise money. In the case of Level 3, the investment was $100 million -- Berkshire generates about $100 million in pretax cash flow weekly, so even if he wrote it off, it wouldn't show up on its balance sheet. In addition, Walter Scott is a personal friend of Buffett's, sits on Berkshire's board, and is the chairman of Level 3.

By buying Dynegy's Northern Natural Gas pipeline and Williams' Kern River Gas Transmission Co. Berkshire now has a significant impact in how natural gas is transported in this country. These are businesses that Buffett knows and likes.

Should an individual investor have any reservation about paying close to $2,500 for a single share of Berkshire Hathaway class B shares? If not, why not buy class A shares?

It's not what you pay, but the value you get for what you pay. It's not extremely cheap, but it does have significant upside. The class B shares would be fully valued at $3,000 each.

The class B shares are 1/30th of the class A voting shares and most individual investors don't have $74,000 lying around to buy a single class A share.

Why should an investor buy Berkshire and not a mutual fund that follows the same investment strategy?

It can be done, but mutual funds aren't able to allocate capital like Berkshire.

Any risks with Berkshire?

There may be some concern with Buffett's age, but he doesn't show any signs of slowing down. When he retires, the company may lose its ability to allocate capital as it does now, but its assets are too significant to have any real shortfall when he departs.

Do you have a stake in Berkshire Hathaway?

Yes, we have a large stake in our Kinetics New Paradigm Fund.