Subject: Re: Ravi on repurchases and valuation

I don't understand what you mean by this paragraph. I especially don't understand that last sentence. If Berkshire owns "stuff" (like See's, like Geico, like Gen Re, like Coca Cola shares, like Apple shares, BNSF, American Express shares, etc) that is worth $600B or $800B, then how could the market cap of the company as a whole ever get back to under $200B?

By having a lot of liabilities, such that the equity base is worth substantially less than the total assets?