I believe in the comment below on $1.2 Trillion in 12-15 years, Warren is referring to book value. He explicitly states
"if we don't pay any dividends"


Rarely does he give an implicit view of growth in book value.

Would be interested in other views on this.



"I think it's fair to say we think about it plenty, but I don't worry enormously. It is true that Greg and the Directors will have a honeymoon period for a long time simply because of the bolts that will still remain. I mean, and -- but it's true that eventually, they will get judged based on how well our operation fares versus others. Now if we don't pay any dividends in 12 or 15 years, you're talking $1.2 trillion would take to take over. And I think if we can't - that limits the group. They like to think about how much they can borrow against it. It doesn't work. When you -- and - and some of these - - there's nobody to come close to doing it themselves. And I think that the important thing is that Berkshire regarded - will be regarded as a national asset rather than a national liability. We've got to be a plus to the country with our form of operation, and we certainly have got a record which will then be 12 or 15 years longer, done with much more capital, more companies."