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Strategies & Market Trends : Value Investing

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To: Wallace Rivers who wrote (9361)	12/19/1999 9:59:00 AM
From: James Clarke	Read Replies (2) of 78652

re: Berkshire I own it and have been accumulating more at 1800. Now it is below that level. Mike has been vocal and consistent in saying he is going to wait for a catastrophe in the market and try to buy it below 1500. He's done the valuation analysis, I haven't. But there are other smart people out there who have done the work who would dispute the notion that it trades above NAV. I am trying to get hold of a model from one of them. I like the point made on the Buffetology thread the other day, I think by Wayne, that here we have a stock whose intrinsic value arguably INCREASES if the market tanks. Its a fascinating stock because the track record is so clear, and the stock is far less popular than it was a few years ago. But it is very very difficult to value with any precision, and Warren hasn't given out any signals that he thinks it is undervalued (though I can't recall him ever doing so in the past either). If he thought it was grossly undervalued, you'd think you might see him buy back stock (though he has never done so in the past). JJC

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