Subject: Re: how market would valuate BRK
It's not unreasonable that the market would valuate BRK as follows: ...

I think the market mainly values Berkshire like this: Woo! Stock going up! Buy!
There are some deeper thinkers of the market go like this: Woo! Quarterly earnings beat! Buy!
In other words, I don't generally expect much intelligence or deep insight from short term market moves, up or down : )

There are some who quite rationally see that the book value is up a lot, and think the firm is worth that much more. But I doubt that group accounts for more than 1% of daily volume.

Jim