The S&P 500 (SNPINDEX: ^GSPC) declined 12% during the next five trading days, leaving the index 19% below the record high reached in February. Ahead of that tariff-driven market crash, Warren Buffett's Berkshire Hathaway made two interesting capital allocation decisions in the fourth quarter.

It's not difficult to find stocks likely to go up if the tariff dispute is resolved with a series of trade deals, but what if you want to be a bit defensive and buy some stocks with relatively less exposure to potential tariffs or even some upside exposure?