Subject: Re: Brk and float,
I need to exclude Treasury payables of 14.38 BB in liabilities.

Is this what others have done?

Yes, I did.

36.892+305.501-14.38 = 328

I think we've seen previously that my 5-groves is a lot more "conservative" than yours. I think of it as a price I could buy at that will be a good long-term investment.
To that end I exclude some cash that will never be invested, use a 15 multiple, and use expected earnings from insurance of 1.4% float rather than actual.

Including all the cash and using an 18 multiple I get $480.

It's funny. For the years my method gave an estimated value far higher than the market and I looked silly. Now the same methodology gives a value far lower than the market and I look silly.

I could just say buy at <1.4x book and achieve the same result, but what fun would that be?