Buy Berkshire instead of Vanguard S&P (BRKA) Message Board

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Strategies & Market Trends : Buy Berkshire instead of Vanguard S&P (BRKA)

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To: Jurgis Bekepuris who wrote (278)	5/29/2007 7:47:31 PM
From: matherandlowell	Read Replies (2) of 313

"we exclude investments held in our finance operation because these are largely offset by borrowings" Don't you believe that this statement argues that I am right? What would be the point of listing the $80,000/share as being cash and cash equivalents if this money was offset by debt? The clear implication of the statement is that the money is free of debt. Berkshire has much more cash per share if you include assets which are encumbered by debt or by future risk (i.e. "float"). We could write to the investor relations people to seek a clarification but for me the annual report is completely clear: the company holds cash of $80/share which is not "offset by borrowings." I can't see any other reasonable interpretation of this statistic. Why would Warren say the company "owns" cash and investments if it did not? I interpret that figure to be net of debt.

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