Berkshire Hathaway (BRK-B) analysis

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Health is the holding company's cash and the insurance reserves, not a free float. Quality separates operating earnings from the move in the share portfolio. Growth follows premiums and the owned businesses, not the price of what it already owns. Valuation is read against that value, not against a P/E of a year of gains. Shareholder return, if any, is the buyback, not a dividend this report asserts. Do not read it as a decades-long return already earned.

The P/E of a year of high markets is not operating earnings. EV/EBITDA is read without treating the share portfolio as an industrial business. Do not use a pure insurer's multiple or a railroad's as if the two books were one. A dash if the BRK-B cache is cold.

Limits of this report

Not advice on Berkshire. Vaultflake states neither a historical return nor a free float. It does not assert a dividend. Read the filings. The table is a snapshot, not a target price.

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