Subject: Re: The hedge fund segment of brk
Why is BRK now trading at 1.6 - 1.7 x book value with a large cash position and no opportunities? This vs the 10 year averages of 1.3 - 1.4x book when he was previously more aggressive buying stocks and companies outright. He was also expanding his canvas previously and cannot find anything to buy presently.

Why would the market value the company higher with a large cash pile and nothing to buy? Hence I think it's an irrational valuation.