Sunday, November 20, 2005

Thoughts on BRKA's valuation...

A number of interesting speakers spoke at the Value Investing Congress, which was held in New York this past week. Of note is a presentation by Whitney Tilson that tries to estimate Berkshire's intrinsic value. The file is located here.

The argument is a familiar one: Adjusted for cash and marketable securities, the operating businesses sell for 12-13x earnings. As the document makes clear, that's not a bad position to be in once super-cat pricing firms up and more cash builds up.

Finally... an interview with Wally Weitz, whom we visited in May.

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I like the 5 year LEAP discussed in the T2 link. I wish I had $30K sitting around!
What were some of the other ideas and presentations that you can provide from the conference? Thanks
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