Subject: Re: BRK Morningstar update
Morningstar's fair value estimate of $467/B-share ($700,000/A-share) corresponds to 1.55x Dec 31 book value per share, which is consistent with Berkshire's stock repurchases. Today's price corresponds to 1.64x BV, or about 6% above that fair value estimate. I would go with Berkshire's stock repurchases and estimate IV at about 1.55x BV. Just FWIW.