TIVP038: Berkshire Hathaway (BRK.B): From Buffett to Abel w/ Daniel Mahncke & Shawn O’Malley
The Intrinsic Value Podcast - The Investor’s Podcast Network
Sum-of-the-Parts Valuation and Buy Decision
Daniel's sum-of-the-parts valuation (cash, bonds, equities, BNSF, BHE, manufacturing, insurance) and the hosts' debate on using Berkshire as a core, conservative portfolio holding and target allocation.
Daniel Mahncke and Shawn O’Malley dive into Berkshire Hathaway, the billion-dollar conglomerate built by Warren Buffett and Charlie Munger that’s grown from a struggling textile mill into one of the most valuable companies in the world. With core pillars in insurance, railroads, and energy, plus a $250 billion equity portfolio anchored by Apple, Berkshire is often seen as the ultimate compounding machine. Its decentralized structure, conservative balance sheet, and reputation for permanence make it unlike any other business in corporate America.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro 06:15 - How Buffett took over Berkshire Hathaway 12:20 - How Buffett turned Berkshire Hathaway into an investment vehicle 20:22 - Why Buffett loves insurance businesses 26:22 - Why Buffett chose to invest in the energy business 47:51 - How Berkshire’s manufacturing business is set up 57:16 - What Buffett’s retirement will mean for Berkshire 01:00:08 - Whether Berkshire is attractively valued at its current levels 01:13:08 - Whether Shawn & Daniel add BRK to The Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
- Sign Up for The Intrinsic Value Community.
- A Biography of Buffett: The Snowball.
- Semper Augustus Investment Letters.
- Warren Buffett Shareholder Letters.
- Adam Mead website.
- The Story of Berkshire Hathaway w/ Jacob McDonough.
- Berkshire Hathaway Discussion w/ Stig Brodersen and Chris Bloomstran.
- Clay and Kyle reflecting on the Berkshire Annual Meeting 2025.
- Explore our previous Intrinsic Value breakdowns: Moncler, Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.
- Related books mentioned in the podcast.
- Ad-free episodes on our Premium Feed.
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