... nor (other than Apple) concentrated in companies that are apparently richly valued at the moment.

FWIW
If you take BAC, AXP and OXY together as one $66 billion lump of positions, that lump is trading at about 11.8 times current run rate earnings.
Alas even in aggregate that's still only 1/3 the market cap of the Apple position, but it shows that the typical Berkshire position isn't currently showing signs of being bubbly. As is usually the case.

Speaking of big positions being cheap---
I have never been a huge fan of Bank of America, but it does seem pretty cheap these days. It has been lagging the market for two years now.
They seem to have the ability to make $3.50 a share per year lately. Outside of problem periods, anyway. That makes the current price of $33.84 look pretty good even without pencilling in any future real growth at all.

Jim

Berkshire Hathaway FAQ

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