To compare (let me know if I got any number wrong):

Gator1984:
1 - Operating Earnings at 15X - $160
2 - Equities - $104
3 - Partially Owned Businesses - $19
4 - Cash & Equivalents - $160
5 - Underwriting gains - $16

Total - $457.

DTB:
1 - Operating Earnings at 15X - $151
2 - Equities - $107
3 - Partially Owned Businesses - $12
4 - Cash & Equivalents - $158
5 - Underwriting gains - $16

Total - $443.

AdrianC:
1 - Operating Earnings at 15X - $163 (15x Rolling 4 qtrs)
2 - Equities - $107 (taxes taken out at 21%)
3 - Partially Owned Businesses - $9 (15x Earnings)
4 - Cash & Equivalents - $149 (Cash $305b, fixed $16b, no deduction, subs need their cash)
5 - Underwriting gains - $19 (15x avg of last 23 years $2.793b from upthread)

Total - $447.

I don't get into the details too much, just use the easy to find numbers in the report, but we get similar estimates.

I adjusted to more match up to you guys. The estimate I actually use does not include underwriting gains (Buffett didn't) and I deduct some cash since it will never be available for investment. This results in an estimate of $404. Around $400 is where I would get more interested in buying. I've been a net seller the last couple of years and still have a lot, far too much by any conventional asset allocation.