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Why do you think the market would ignore Buffet's value?

The "Buffett is old, drinks too much cherry Coke, and won't be around much longer" concern has been around since I first seriously studied Buffett's career after reading Lowenstein's biography in 1995. The concern has definitely been there since his health scare in 2000. I doubt many people in 1995 or 2000 thought Buffett would be around in 2012 ... Or at least not actively managing Berkshire. Instead he has gotten better over time with no hint of decline (a weird call in to CNBC is just normal octogenarian billionaire eccentric behavior, nothing more!).

There has arguably been a Buffett premium at times since 2000 but it is not clear that periods of overvaluation were specific to Buffett at all. Most stocks have periods of over and undervaluation including Berkshire. It isn't useful to spend too much time psychoanalyzing Mr Market.
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