2012: What’s a reasonable pre-tax multiple to apply to Berkshire's non-insurance earnings?
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JAY GELB: Warren, when you discuss Berkshire’s intrinsic value, why do you value the insurance business at only cash plus investments per share? And what’s a reasonable multiple to apply to the pretax earnings of the non-insurance businesses? WARREN BUFFETT: I would — I don’t value the insurance business quite the way you say it. I would value GEICO, for example, differently than I would value Gen Re, and I would value even some of our minor companies differently.
2012: What’s a reasonable pre-tax multiple to apply to Berkshire's non-insurance earnings?
2012: What’s a reasonable pre-tax multiple to…
2012: What’s a reasonable pre-tax multiple to apply to Berkshire's non-insurance earnings?
JAY GELB: Warren, when you discuss Berkshire’s intrinsic value, why do you value the insurance business at only cash plus investments per share? And what’s a reasonable multiple to apply to the pretax earnings of the non-insurance businesses? WARREN BUFFETT: I would — I don’t value the insurance business quite the way you say it. I would value GEICO, for example, differently than I would value Gen Re, and I would value even some of our minor companies differently.