Subject: Re: Berkshire Valuation v Fairfax Financial
this is an excellent post. Thank you.

You do say how conservative your approach is but it seems extremely conservative.

If Apple gets down to 15X (short of a Taiwan invasion), I think Warren would be buying aggressively.

BNSF @ $76 Billion seems a bit low given UNP has a current market cap of $137B or so - 80% higher - they are not that dissimilar.

Food for thought however.