How Do You Estimate Berkshire's Intrinsic Value?

Warren Buffett: We're ashamed. Maybe Apple was a totement. When he said sucking her thumbs I'm just glad he didn't use some other example. This question is on Berkshire's intrinsic value. Warren, in your most recent annual letter you discussed a methodology to estimate Berkshire's intrinsicvalue. Could you discuss how you value the company's insurance unit based on information Berkshire provides especially since gap book value is not disclosed? Well, our insurance business gives us a float. That's other people's money which we're temporarily holding but which gets regenerated all the time so it's a practical matter.