Subject: Re: Berkshire Valuation v Fairfax Financial
'Basically my rule of thumb is again of very elementary thinking: Either you trust management as to their levels of reserves/underwriting and investing or you don't.'

The discussion that I participated in was about how to value the float. I think we all here take it for granted that Berkshire reserves prudently.

I for one would be interested in your opinion on how to include float in a valuation of Berkshire.