Since you are getting into this much detail regarding look- through, remember that if you are using look-through earnings for the full portfolio in your estimation of Berkshire's earnings for anlysis purposes, you also have to make an adjustment whenever one of the portfolio securities is sold. Any capital gains become the real look-through earnings earned for that security, and should replace your cumulative lookthrough estimates for the holding period.A quick short-cut could be to remove Berkshire's capital gains from any estimate of Berkshire earnings that include look through. That shortcut assumes that all look through earnings were reflected in actual share price appreciation. The actual earnings calculation with look through is more complex than that of course, if you are really getting into that much detail, but the main point is that you don't want to double count.
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