Thanks LongTermBRK for injecting logic into this thread.

A downgrade of BHE's value, poor operating earnings, and a reverse of momentum investing as Risk On became Risk Off are the real reasons for the reversal of BRK stock price versus the index. How Kass was/is ever viewed as a knowledgeable analyst for BRK is beyond me. More a headline seeker. Not at the Pabrai/Tilson level, but same ballpark.

I also think Munger Disciple is on the right track in that perhaps the market is better realizing that reinvestment of BRK's cash, and cash flow, is an ongoing fundamental issue. But I don't think it's tied to BHE in the base case. BHE is, and has been, self-funding via retained earnings and borrowing/debt. That makes sense in their regulated environment. Only if BHE needed large sums from BRK for acquisitions might BRK be a factor. Growth by acquisition hasn't been BRK's game plan so far. Or possibly an explosive growth in electricity demand beyond BHE's ability to self finance. That remains to develop. Who is looking that far ahead in today's unsettled, Trump driven, world?

Buffett taking steps to manage BRK's stock price is unlikely. I agree he probably does view that a fair price at the time Greg actually takes command is desirable - but not to the point of intervention.

I think we BRK observers may be looking for a simple explanation of a more complex situation.