Subject: Re: Numbers
I would love to hear at what point people here currently would buy Berkshire, would not sell puts or whatever, but simply would buy good oldfashioned shares with a really BIG part of their portfolio --- especially those who did the I think reasonable thing and sold heavily at $500+.

...for what it's worth at current BV I would only start at $450 to accumulate again


That price sounds about right to me.

To be honest, I am not very excited about Berkshire, and I wouldn't make it a big holding. I sold around $425 in February 2024, expecting to be able to buy back substantially lower. A year and a half later, the value has moved up by, say, 10%, so today's $485 is not very much higher with respect to value than it was when I sold.

I think its fully owned businesses will do fine, with Abel as a competent operator, and I expect they will invest capital carefully as they always have, with a small amount of leverage from float, and deliver market-beating returns, but I don't expect anything very dramatic, largely because they have become too big to move the needle with small equity purchases and anything they might want to buy is so expensive right now.

$450 seems like a fair price to have a 5% position, and I have recently sold June 2026 puts at exactly that price, for the equivalent of about a 3% stake, so I would love a little drop to, $425, my breakeven price, and I would then buy regular shares to increase that. If that happens, say in 6 months, I will be out and in at about the same price, and Ii have so far done quite well with the funds freed up at that same price 2 years prior, so no regrets. And I might pull the trigger a bit sooner, because it doesn't feel right not to be an owner of this business...