No. of Recommendations: 0
Different methods of analysis will reach somewhat different conclusions, but my conclusion is that intrinsic value per share has risen less than book value per share in this stretch. That's because book value has been pulled up by good performance from the investments side (thanks, Apple), while the operating subs have had a very weak stretch.
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The net earnings from the sum of those three divisions [rail, energy, MSR], adjusted for inflation, is up +2.9%/year per share.
The 7-year time period is interesting - Greg Abel was put in charge of non-insurance operations in January 2018.
Maybe he now has a freer hand to do what's necessary?
