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Valuing Berkshire Hathaway: Strategies and Insights
This chapter explores the complex valuation of Berkshire Hathaway, emphasizing the distinction between operating and reported earnings, particularly in light of significant investments in companies like Apple and BYD. It analyzes the strategic importance of acquisitions, capital allocation, and the dynamics of intrinsic value as they relate to stock performance and economic fluctuations. The discussion further delves into how Berkshire's historical decisions and approaches to cash reserves and share buybacks have shaped its long-term financial success.