Subject: Re: Berkshire's stock price
UK based.

Truthfully I have no view on Insurers or bank stocks and I just put them in the too hard pile. The only reason I'm invested in Berkshire is because of Warren Buffett, I have no handle on the insurance risk or operations which IMO could easily be mismanaged if WEB and AJ depart..... I have a very small holding in BOA purchased at $28 (tracking Li Lu and looking at valuation)

I deal with Cala and Inspired Villages Group in a business context (owned by L&G), they also had L&G homes which was their new modular housing division, (this disbanded and merged into Cala after modular building didn't really take off here in the UK and their factory had issues). They also have a build to rent arm. They've pumped a lot of money into these business and have been aggressive in the land market buying new sites but have no ideas on ROE and ROI. I just transact with them. The British Government have an obsession with the UK property market and it's a vote winner, they seem to like to work hand in hand with large British insurers and pension funds to invest. Eg BTL market encouraging institutional BTR and propping up the market with help to buy etc etc but it creates artificially high pricing IMO. Everytime the government meddle it creates inefficiencies. Now we have overextended first time Buyers and negative equity, sky high rents and limited supply. (I also have BTL and rents have jumped 30% but I have higher mortgage costs to service) landlords are selling up and homelessness is now increasing,

Other than that I bought a basket of housebuilders at recent 5 year lows partly because of valuation but also because I deal with them all and can say I'm part owner.

Other than that I generally avoid investing in the UK, it's a basket case as far as I'm concerned I get much more excited about opportunities in the US and China.

Being in property I've jumped in and out of a few commercial property companies from time to time based on price to Net Asset value, I usually keep an eye on British Land, Land Secs and Shaftesbury but don't currently own any.they're all reasonably attractively priced IMO atm however they keep writing down their asset values year on year so one to watch out for. If you are to invest in house builders on NAV also beware of them writing down their land banks. I learnt a lot about them watching during the GFC.