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Responding to an intelligent question from a shareholder from Connecticut, WEB made the point that the two part analysis he puts in the AR is there more or less as a reality check on intrinsic value at year end. He used the initial BRK purchase price of $7 9/16 versus the book value as an example.

He specifically took pains to say that this is a different process than discounting back from the future ones own estimates of the future earnings power of the operating companies and the value of future compounding/re-investment power of the company's retained earnings.

Two threads on Two Columns:

I will leave you to draw your own conclusions as to the meaning of all of the above.

The glacial march in transforming the world's perception of Berkshire from Warrens closed end investment vehicle to a collection of fantastically enhanced and emancipated operating companies continues…..


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