Subject: Morningstar Writeup
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
https://www.morningstar.com/st...

Spoiler alert: Fair Value Estimate: $510.00

I have to use 18.5x operating earnings to get to $510 with my 5-groves estimate-o-matic, which I believe closely follows Buffett's method in the 2018 letter.
This is valuing all the cash as cash, no haircut on the equities, 1.4% of float as insurance earnings.
I'm not sure paying 18x for the subs as a whole has much margin of safety. No buybacks...