Chris Bloomstran published his annual letter. It normally comes out a day before Buffett’s but this year was not on the web site till yesterday afternoon.

https://static.fmgsuite.com/media/documents/209f84...

168 pages! I confess I have not read the whole thing. From what I have read:
- The US stock market is in a bubble akin to the dot-com meltdown. Don’t own the cap-weighted index.
- Berkshire is undervalued, but not as much as usual. IV $522. Dry powder.
- That IV includes valuing the cash holdings over $80 billion as more than cash, assuming it will be invested relatively soon.
- Some pages about DG that I didn’t read.

As always, I just don’t get why he doesn’t delay a couple of days and use the correct numbers for Berkshire instead of his estimates. He gets insurance earnings way low, for example.

Berkshire Hathaway FAQ

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