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WEB has always said that intrinsic value often correlates to what an educated and rational buyer would pay for the whole business in a private arms length transaction.

I think the problem today is that not very many educated and rational investors exist who can reasonably grasp the complexity of BRK.
Both WEB and Charlie have recently admitted that very few really have a shot of fully getting their minds around the whole business based upon the reported financials/gaap issues, etc. I think they basically said that it would be virtually impossible without their help in the annual report.

In essence you are making a bet, (along with most or all of us) on the charecter of the management, the culture they have created, the strength of the underlying businesses and the fact that one day the market will wake up to what many of us percieve to be hidden value in this complexity....especially if 40 billion or so more in cash can find a home

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