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tecmo said "What I find most interesting is that the share price almost exactly matches the business growth. ie: the shares are (roughly) no more overvalued (undervalued) than at this time last year (as Jim likes to point out - a big contrast to the S&P 500).
ie: Share Price up 13.4% vs. Business Results up 13.8%"

In the Semper analysis, Bloomstran observes the BRK annual price growth over a period of time
has tracked his average estimated increases in business value very well historically. He expects
that to continue going forward.
He also conservatively estimates book value growth of 10%/year, but his intrinsic value estimates are built from bottom up data, not a simple multiple of book.

For those up to the effort of going through his 55-page analysis, and last year's letter for additional methodology built into this year's update, there is plenty of food for thought. His analysis of BRK is deeper by far than any analysis I have seen on or off this board. This does not mean you have to agree with all of it, but his methodology and assumptions are out there for one to think about and come to your own conclusions if you are into intrinsic value estimation.

There is also a good deal of aggregated or intermediate data useful for your own manipulations.
The data forms the building blocks of his 4 intrinsic value estimates, with an average value of $466K, and a range of $438K to $495K.

Carl
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