Subject: Re: BHE
I think there are reasons to look more favorably at the valuation of BHE than what recent earnings would suggest...

Seems reasonable.

For whatever it's worth, these are the trailing-four-quarter net earnings at BHE as reported, and the same figures with the addition of my two adjustments to 2023-Q1 and 2023-Q1.
Gives an interesting insight when graphed...some gentle roll-off lately, but not a plummet.

TTM...     True   Jim's
2019-Q4   2,840   2,840
2020-Q1   2,796   2,796
2020-Q2   2,822   2,822
2020-Q3   3,039   3,039
2020-Q4   3,141   3,141
2021-Q1   3,283   3,283
2021-Q2   3,390   3,390
2021-Q3   3,491   3,491
2021-Q4   3,572   3,572
2022-Q1   3,619   3,619
2022-Q2   3,693   3,693
2022-Q3   3,798   3,798
2022-Q4   3,904   3,904
2023-Q1   3,570   3,888
2023-Q2   3,685   4,003
2023-Q3   2,438   3,899
2023-Q4   2,331   3,792
2024-Q1   2,632   3,775
2024-Q2   2,496   3,639

Jim