Subject: Re: Intrinsic Value
Berkshire's operating earnings have compounded at 17.3% since 2018

I get 7.2% nominal NOT including underwriting earnings.

Underwriting earnings went like this the last 10 years ($bn):
1.370
0.000
1.566
0.325
0.657
0.728
-0.090
5.428
9.020
7.258

Those last three years have been great.

I think if Mr. Buffett thought they'd be material long-term he would have included them in his IV estimate.