Subject: Re: Value of BHE
"However, when Warren is no longer available to give his input on acquisitions and capital allocation, I plan to lower my IV estimate, perhaps by several percent. No one is as good as Warren at capital allocation."


This is spot on.

Greg will be (way) better than Warren on operational efficiency but no where near Warren on capital allocation.

Lastly, Warren had the cult of personality and demonstrable track record to attract sellers of their businesses to Berkshire.