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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (28228)	9/25/2007 3:38:10 PM
From: Mark Marcellus	Read Replies (1) of 78749

the second paragraph is quoted somewhat out of context and is a part of an answer to a question "Will Berkshire ever pay out its excess capital?" Yeah, I was a little lazy, but I don't think I distorted his meaning as to the value of WSC relative to BRK. So I return to my original claim: WSC is now trading closer to the intrinsic value than BRK, so it is a buy. Maybe you're right but I think it's pretty clear that Munger disagrees with you. I also don't agree with your rationalization as to why they aren't folding WSC into BRK. If they would really like to do it, and they think that both are above IV but BRK is more above IV, why not just use BRK stock to acquire WSC?

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