Subject: Re: RationalWalk on BRK Valuation
My question is why would anyone expect, especially in light of the recent earnings numbers, the stock to decline?


Outside of insurance and a slight turn around in the utility business, are the recent earnings numbers all that impressive? One could say Ops earnings growth less insurance have been mediocre at best since 2016 without the tax breaks in 2018 and a one time covid bump in 2021.

When it comes to the insurance side i don't think it would be prudent to start penciling in extravagant growth to the $9B in net underwriting profits from last year either. Combined net underwriting profits from 2010 to 2022 were $8.9B. The situation at GEICO seems to have improved but how much rosier can it get from here?

I just don't see much of a justification for the current high valuation. I'm content waiting for better prices to increase my BRK exposure from my current all time lows.

Jeff