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This, I think, is hard to rationally disagree with unless you choose only to focus on Berkshire the business to the exclusion of Berkshire the stock.

Isn't this the point of the several years of cash reserves - to permit a long enough period for the price and the business to reasonably coincide during that period?

It seems to me that if one assumes that the market forces have changed so much that this type of long term divergence would happen to BRK, it would also reasonably apply to a more diversified portfolio.

The very nature of the major BRK businesses is that their future performance can be reasonably estimated. And a very competent and unemotional (with respect to investing) person has done so in choosing them. He isn't perfect, but probably better than most investors would do on their own. What portfolio mix would you favor to what exists in BRK?

I'm on the TraverseSlice side of this debate.
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