Subject: Re: Intrinsic Value
"The market is pricing the wholly owned subs at 15.7x earnings. That doesn't seem very cheap to me."

The S&P trades at 26x - expensive of course

Worse than that according to:
https://www.multpl.com/s-p-500...

Current trailing PE 31.8

S&P500 5-year earnings growth rate about 10%
Berkshire 5-year book value growth rate about 7%

Berkshire seems like a far better value, but then it almost always does.