Subject: Re: Bro -?Argus Upgrade
I guess Mr Buffett's suggestion that people look at operating earnings is catching on a bit.
That might be the first time I've ever seen an "analysis" using multiple of operating earnings as a valuation yardstick.

It's a shame that look-through earnings of the stock holdings went out of fashion.
A multiple of the sum of Berkshire operating earnings (after a realistic tax provision) plus look-through earnings would make an even better number. Barring a little bit of buying low and selling high from time to time, that's where all the value comes from. Underwriting profit might still need a cyclical adjustment.

Jim