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What do you propose that would capture Warren Buffett's incremental value to Berkshire?

You could look at actuarial tables and assume a certain "excess" return on capital achievable only but Buffett for x number of years, then discount this back to present value. But other than being ghoulish, the estimate is certain to be wrong and it isn't even necessary to understand that Berkshire is undervalued today. We can quibble over the Buffett premium if and when the P/B gets up to 1.7-1.8 or higher. Until then I don't see the point.
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