No. of Recommendations: 3
Have a look at what happened today, with S&P 4% down, Nasdaq 6%, but Berkshire just a good 1% and Markel 0%. In a market with such carnage that´s as practically doing the opposite. In light of what I laid out before:
B) The multiple is higher because of external reasons: Fear and accordingly sector rotation into what is seen as safe.
My subjective opinion: That Berkshire and Markel (I didn´t look at other stocks in the same "bullet-proof safe haven" category) since 1 month are strongly rising in tandem up while especially the Nasdaq since 1 month is equally strongly falling for me clearly points to B - and provides my personal answer to your question: It´s not about a change in Berkshire´s value.
this behaviour makes a lot of sense as it demonstrates that Berkshire´s rally is caused purely by rotation out of risk into what´s seen as super-safe, with today many of those ones owning what´s seen as risk having used the golden opportunity to get out of them with their profits finally pocketed --- and put into the safe haven´s Berkshire and Markel.
