Subject: Re: Berkshire undervalued
I ran a conservative back of the envelope on Apple and have come up with the following.

Average earnings of $5 per share growing at 10% for 10 years equates to $12.97 a share with a terminal multiple of 20 = $259.

Which equates to a 3% return pa from here. Another KO situation and lower returns going forward at current valuations I think.