Subject: Re: Berkshire Annual Report 2024
The only time I was puzzled while reading the AR was the reference to non-quoted equities. Presumably, given his indication these are vastly higher in carried value than the marketable equities, these would be spelled out in some capacity? I've always thought of this as a several legged stool of a business, with equities, wholly owned subsidiaries, insurance, and his ability to lend money at attractive rates when nobody else can or will being the sorts of lines of operations, and thus the components of the balance sheet and book value. What are these, anyway? I feel ignorant.

I believe he is just referring to Berkshire's operating subsidiaries here.