Space X is yet the latest example of what markets can do on the upside when momentum and euphoria gets behind them.
That's why I think it's ridiculous when members of this board get so precious about their valuation of Berkshire, where for example at 1.3x BV its a "buy"and at 1.5x BV it's a sell.
A great way to get shaken out of a stock right before a big move.
It's best to "be right and sit tight".
There has been literally ZERO reason for any new money to flow into Berkshire for the past 5 years.
The thesis was " you're investing in a bunch of T bills, a great insurance operation, but you also get a poorly run railroad, utilities, and a bunch of other slow growing companies.
But someday in the future there will be a crash and hopefully the CEO at the time will pick the right opportunities, and we'll find that out 5 years after that."
That was the basic theory. Not very compelling, so one must assume the stock, at present levels is as washed out as it can get, give or take 10-15%.
Now we have a new CEO that is buying back stock and aggressively pursuing opportunities NOW to
Make Berkshire Compound Again.
The story has changed, but Wall Street doesn't know it yet.
It's once again exciting to be a Berkshire shareholder!