No. of Recommendations: 4
> Thanks for indulging me on this. I valued BRK half a dozen ways and they cluster around 1.5x BV. But when I assume that it would provide returns equal to market, I keep thinking it should not be valued at 1x BV.
- Some parts of BRK should be valued at 1x BV. This is because the BV for the asset accurately reflects the present value of a market-tradeable asset.
- Some parts of BRK should be valued at >1 x BV. This is because the BV does NOT reflect the present value of the asset it would have if it were market-traded.
- Things like CGT, ability to trade large positions or assets near current prices, should also be taken into consideration.
lux
