Subject: Re: Why I sold my entire Berkshire stake
On a book value basis I've got 360-390per B pencilled in as fair to fully valued. So probably a c5-10% premium atm. Unless of course the market re rates for some reason and it starts to trade to higher multiples despite deteriorating fundamentals in the operating businesses as discussed. I can't see that so it's market exuberance IMO. Think it'll just trade sideways for a year or two.

We've seen this happen on numerous occasions before.