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What seems so obvious to you and to me, and to so many other people, i.e. that Buffett's presence adds significantly to Berkshire's intrinsic value, must surely be present in Berkshire's market value too, so it seems odd that you keep saying that there is no Buffett premium. How would you know this?

I keep saying this because any way that I look at Berkshire's intrinsic value shows that it is far higher than market value and I'm careful to NOT embed any assumptions regarding Warren Buffett's unique abilities, skills, and reputation in my estimate.

Whether the rest of my assumptions are accurate or not is another question entirely.

And from a purely subjective standpoint, I do not get the impression that investors are paying more for Buffett's presence. If anything, the negative psychology associated with the fact that he won't be around forever and turns 83 in a few months could be depressing the market price. But I have no way of evaluating investor psychology, only intrinsic value.
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