Subject: BHE
Who knows how the litigation will turn out so that is certainly a source of worry but I think there are reasons to look more favorably at the valuation of BHE than what recent earnings would suggest

Slide 12 and 13 of the most recent fixed income slide pack gives an idea of the huge amounts of expansion capex that has been plowed back into this business over the past several years

Then there is also the purchase of Mr Abel’s shares in 2022 for an implied valuation of some 87 billion. Berkshire owns 92%