Subject: Re: BRK Deep Dive by Adam Mead
He has also said that his IV is a range rather than a specific number. The authorization from the BOD likely refers to the lower end of his estimate. According to current policy, he is authorized to purchase only when the stock trades below the lower end of his estimate.

2023 5-groves, no reduction in cash, no haircut for Apple, ignoring underwriting earnings (the method Buffett described in the 2018 AR):
15.0x earnings: $398
17.5x earnings: $424
20.0x earnings: $450

Mr. Buffett: $407
Adam Mead: $404
Morningstar: $427
Mr. Market: $359-$420 (2024 closing prices)

I could see $407 being in the range of "below intrinsic value, conservatively calculated".

It's not a back-up-the-truck signal.