Subject: Re: BRK experts in denial
Could it be that the market views Berkshire primarily as an insurance company and values ​​it accordingly? That the current valuation has less to do with Berkshire as an individual company and more to do with optimism for the reinsurance sector?

Point well made. I used stockcharts.com to plot an S&P insurance index and BRK/B over the past 10 years. BRK has pretty closely tracked the index - slightly lagging - but this all depends upon what start point you choose. I took 10 years just to observe how each performed. Hope the link works.

https://stockcharts.com/freech...

If not, the symbols are $SPINPC and BRK/B and chose Perf Plot as the chart type.

Are the non-insurance businesses and cash actually holding back the BRK stock price? (grin)

Is the whole industry over-valued?

Otherwise, BRK is just keeping up.