Subject: Re: Back of the envelope
Also, underwriting from just 4 quarters or even a few years is going to be volatile.

True, and I only include it because it seemed to be the board consensus to do so. Buffett didn't include underwriting earnings in his original 5-groves.

If I include the $30b cash, and underwriting earnings of $2793m, I get: $441 vs $444 previously.


Ok. Looks like including the cash would be a small positive, offset by the fact that using the long-term average underwriting return is a little less positive than last year's stellar underwriting results.

I thought we might be heading towards a share price around $425 where I would reestablish my Berkshire stake, but the market's trumpphoria may postpone that.

dtb