Subject: Re: Brkb, fair value 550 in his opinion,
“Berkshire Hathaway's stock is about 20% undervalued, presenting a golden investment opportunity for a unique capital allocation powerhouse.”

The obvious response: if it’s so undervalued why isn’t Berkshire buying it? It’s not like they don’t have excess cash.

I’ve done the 5-groves IV estimate ever since Buffett published it. Berkshire has almost always been undervalued using this ‘Buffett-approved’ method. It’s about 10% overvalued currently.