Valuation

[ValueMaven]

Greg Warren is a very good analyst who has been brought back by Warren and Charlie over the last several shareholder meetings.  This piece didn't generate enough hits when it was published (during the holidays) - but he is very thoughtful on his valuation case.  It's a decent write-up and directionally correct. 

https://www.morningstar.com/articles/1016064/how-to-value-berkshire-hathaway

[Dooba]

Thanks for the link.

[no_free_lunch]

I don't have a subscription.

Can someone post a summary?

[Dooba]

I would have preferred a deeper dive into the DCF model, including the discount rate they are using.

[ValueMaven]

Yes.  Agreed. 

[ValueMaven]

I don't have a subscription.

Can someone post a summary?

It's a brief DCF based on Insurance, BNSF, BHE, and MSR units.  He aggregates it into a rolled-up SOTP's valuation. 

[alexmiddle]

I don't have a subscription.

Can someone post a summary?

You can sign up for free to see the whole article.  It was a very high level sum of parts that I felt didn't address the value of the huge cash balance enough.  They estimate the value of the b shares at $253. 

[ValueMaven]

Man, Berkshire is sitting on a $100,000,000,000 paper profit in AAPL in just under 4 years.  Amazing.

[Aurel]

I don't have a subscription.

Can someone post a summary?

Try: outline.com

[Fahrweid]

I don't have a subscription.

Can someone post a summary?

Try: outline.com

Great site. Thanks Aurel! Works perfectly.