"The stock is trading above most analyst estimates of intrinsic value. The chief bull on Wall Street is Meredith, who has a Buy rating and price target of about $942,000 on the Class A shares.

He thinks the stock should trade at a premium to intrinsic value, which he puts at about $815,000 per Class A share."

Why should the stock trade above IV?

Regarding IV, Brian Meredith's estimate of $815,000 per A-share (or 1.52x BV) seems like a reasonable estimate of IV. However, looking at stock repurchases, Berkshire repurchased stock at 1.60x BV in February and March of 2024, and then issued stock in September 2024 at 1.57x BV. These repurchases were not open market purchases. The February repurchase was of stock that had been donated to the Albert Einstein College of Medicine by Dr. Ruth Gottesman, the widow of former Berkshire director Scott Gottesman. The September issue of stock was part of a deal to purchase the 8% stake of Berkshire Hathaway Energy from the estate of deceased director Walter Scott.