While i have no idea what the immediate movement of BRK stock will be, my own theory is BRK will rise over the next few years. As much as there is a Buffett Premium, there is also a Buffett cost. Buffett has been adding to his Canvas and it is possible that his been his bias whether or not it is good for the stock price of the company. More power to him I say, I get to tag along but I don't get to tell him how to drive.

But his successors are likely to have THEIR canvas more alighned with Total Return. Why would they just keep painting the last guys masterpiece? And it seems very likely that a reorganized Berkshire can very likely have its value more obvious to shareholders, and possibly even have a higher ROE than Berkshire has managed as it has grown.

So I think they will, over the first few years after Warren, release stockholder value that has been bottled up by Warren's, er, Artistic Temperment.

R:)