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Hi Mildert -

I own Berkshire, and I've spent some time thinking about the issue of valuing float. It's not clear-cut -- sort of a philosophical question.

Here's an analogy that I find helpful: Berkshire's float like a parking space. Say there is a house or apartment, and in front of it, there's a parking space. The parking space is on public land, so the homeowner doesn't "own" the parking space. However, the homeowner has free and perpetual use of the parking space. If you were buying or selling the home, would you value it as "parking included?" I would, which is why I chose to include the value of float in my Berkshire valuation.

I know the value of float has been an issue of discussion on this board in the past, and I'd be curious to hear other opinions.

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