Subject: Re: Numbers
"The reduced valuation of BHE has been known for sometime now; ever since BRK bought out the minority stake of Walter Scott Estate in 2024. So it's hard to imagine it was a new revelation for shareholders during the annual meeting in May."

It's one thing to infer that the value declined based on the price paid to the Scott family, but it's another thing for Buffett explicitly to say that the value declined. Some analysts, like Greg Warren, are still valuing BHE at $87 billion, based on the price paid to Greg Abel, not $49 Billion based on the price paid to the Scott family. A $38 billion decline in value, if that is the correct inference, is a big deal.