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Author: rationalwalk Big red star, 1000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 202137  
Subject: Re: Two Column/Rationalwalk Date: 10/9/2012 3:27 PM
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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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