Subject: M* latest Fair Value Est
Morning Star's Greggory Warren's latest thoughts,

'We've increased our fair value estimate for Berkshire Hathaway BRK.B to $370 per class B share from $357 after updating our forecasts for the company's operating businesses and insurance investment portfolio.Our fair value estimate is equivalent to 1.69, 1.45, and 1.33 times our estimates for Berkshire's book value per share at the end of 2022,2023, and 2024 respectively. For some perspective, the shares have traded at an average of 1.40 times trailing quarter-end book value per share for the past 5 years and at 1.39 times for the past 10 years. We use a 9.0% cost of equity in our valuation and assume that Berkshire pays at least 15% corporate alternative minimum tax or adjusted financial statement income for taxable years beginning 2023.'

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