I can live with BRK’s growing intrinsic value. It’s clear that dancing options can be skillfully played for enhancement of return. A few decades ago I’d have eagerly pounced on such an opportunity. But today, at age 84, I’m disinclined to dabble in unfamiliar complexities. I’m comfortable with BRK as it stands at the moment, largely based on insights deriving from this esteemed discussion group.

BRK is now about 2% above its presently assessed intrinsic value (1.55 times book), and 25% below its 3-5 year anticipated value, based on long-term growth of book value.

It's perhaps worth noting that infants integrate their perceptions in an instant, as complexifying experience is then minimal and organically evolving energy still near maximal. But from a contemporary perspective, deriving from many decades of investing surplus energy into ongoing complexification, my inclination is toward simplicity.

No excuses. Ongoing experience just is what it is.

Tom

Berkshire Hathaway FAQ

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