Subject: Gregg Warren's Estimate
Our fair value estimate is derived using a sum-of-the-parts methodology, valuing each of Berkshire’s operating segments separately and adding them back together for the total estimate. We value the Class A shares at $640,000 and the Class B shares at $427. This is equivalent to 1.45 and 1.35 times our estimates for Berkshire’s book value per share at the end of 2024 and 2025, respectively. For some perspective, the shares have traded at an average of 1.43 times trailing quarter-end book value per share during the past five years and 1.44 times during the past 10 years. We use a 9.0% cost of equity in our valuation and assume Berkshire pays—at the very least—the required 15% corporate alternative minimum tax on adjusted financial statement income.

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