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Stocks B / Berkshire Hathaway


Subject:  Re: Two Column/Rationalwalk Date:  10/9/2012  3:27 PM
Author:  rationalwalk Number:  194776 of 235682

I don't have the numbers in front of me but the general idea is that you don't want to include cash and investments integral to operating businesses since the value of operating businesses are captured in the second "column". So cash in the rail and utility group, for example, is excluded from the first "column". So the short answer is that it is an attempt to avoid double counting. This is in line with what Buffett has said in the past I believe.
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