Subject: Re: What Am I Missing? Please help!
Berkshire is over capitalized any way you look at it. I track the below

Apple was probably sold down further in Q2 but for now assume it hasn't been

AAPL as a % of BRK market cap = 20.6%

AAPL + cash as a % of BRK market cap = 41.8%

All equity + cash as a % of BRK market cap = 67%

Equity as a % of BRK market cap = 46%

Of course the approximate $200 billion of cash has claims against in primarily from future insurance claims.

Any debt within the subs will be managed within them and is considered as part of their respective valuations.