This from Whitney Tilson's presentation at Guy Spier's VALUEx conference in Klosters, Switzerland last week.

'I think Berkshire Hathaway is 15% undervalued based on my updated calculation of its intrinsic value, using the same valuation methodology I've been applying ' with a high degree of accuracy ' for more than two decades:

At a 15% discount, Berkshire isn't a screaming, pound-the-table buy ' as it has been a few times in the past two decades when it's briefly traded at a discount of up to 50% ' but it should outperform the S&P 500 by a few percentage points annually over the next five years, which would likely beat 95% of active money managers.'

The link to his slides on Berkshire'.& other topics,

assets.empirefinancialresearch.com - Whitney Tilson presentation ValueX

Conclusion of Berkshire trading 15% below current $556,000 fair value.

ciao