I was just talking with a friend about how Buffett' departure will affect IV. I'm sure we all have opinions. AS for me, I will lower BRK's value. No-one is as good as Buffett at managing Berkshire's investment portfolio, neither the stock picks nor the fixed income allocation. No-one is as good as Buffett at acquisitions. No-one is as good as Buffett at choosing and working with the managers of the subs. Most importantly, no-one is as trustworthy at treating shareholders fairly.

Setting aside my opinions, the real test will be the long-term, sustainable growth rate of BV/share. For a while that will probably be about the growth rate of the value of the S&P 500 plus 2 percentage points or so. Not too long after Buffett's departure it will the growth rate of the value of the S&P 500 plus zero percentage points.

If I were buying all of Berkshire, I would pay at least 10% less if Buffett were not the CEO. How about you?