Thank you, Jim. I remembered that post, but I couldn't find it. It's a good breakdown of the value of the parts. Now if we can just estimate the value growth rates. Or we could guess. The returns of a few of thee parts like cash and fixed income are easy to guess; the rails and utilities are allowed 10% ROE, etc. Morningstar provides some numbers in their sum-of-the-parts valuation.

My guess is that Apple is near the top of the list in both value and value growth rate. Berkshire's Apple position had a value as of Dec 31 of $116B, and according to Morningstar Apple grew fair value at a 30%/year rate over the five years ending Dec 2021 (I haven't yet updated that figure to include 2022. One has to calculate if from Morningstar's "price and fair vale" chart). If we assume that Berkshire's position in Apple is considerably leveraged, having been purchased largely with float, then the rate of equity creation of this part of Berkshire is well above 30%. Other parts of Berkshire, like T-Bills, grow in value by less than 5%/year.

Does anyone have rough estimates for the value growth rates of other parts of Berkshire?

Berkshire Hathaway FAQ

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