Subject: Re: MorningStar Valuation
Thanks Tex for digesting the data and Excel findings. The majority of my assets are in BRK. However, these are some quick amateur thoughts that come to mind wrt to market perception and the weighing machine consistently seems to lag its actual weight:

All assets are less liquid within BRK.
Investors know assets are quite unlikely to be 'spun off' or sold to PE.
Perceived complexity to value all of the diverse groves and jigsaw puzzle of BRK, including float.
The uncertainty as to what happens to current assets and , as importantly, future asset allocation when WEB leaves.
Will the hundreds of outstanding sub. managers stay and remain as loyal to BRK?
BRK may be less appealing to own and trade for growth-oriented large money managers.
Algorithm/Hedge fund/ momentum/options based frequent trading may make BRK less appealing.
A larger % of BRK may be Predominantly owned by individuals/loyal shareholders vs. large funds and institutional investors vs. other equities.
Perceived BRK keeps too much cash/ cash equivalents on hand.
Perception that BRK is becoming too large to provide market beating returns and 'move the needle.'