Financials
Berkshire Hathaway Inc. (BRK.B)
Investment Thesis
Rational capital allocation across wonderful businesses with a permanent-capital mindset.
Economic Moat Analysis
Insurance float, diversified subsidiaries, and exceptional stewardship.
Revenue & Earnings Trends
Steady compounding with resilient margins versus peers.
Intrinsic Value Estimate
Fair value: $420–$460 (DCF / owner earnings).
Key Risks
Succession, size constraints, catastrophe risk.
Management Evaluation
Rational, owner-oriented capital allocation.
Free Cash Flow Trends
Strong conversion supports reinvestment and shareholder returns.
Long-Term Outlook
Cash pile provides optionality in dislocations.