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Ok, I sold $BRKB $BRKB here at $425 premarket. There was nothing bullish in that letter. Berkshires valuation is out of wack. 1. BNSF is down mostly on labor issues and reading between the lines, it’s not getting better. 2. BHE he’s also soured on. Liability from wildfires a huge deal, as is the “contract” of fair profit being broken. 3. Berkshire stopped repurchase around $350 in Q4. 4. Pilot was massively overpaid for. 5. Apple barely got a mention! “If you can’t say something nice, don’t say anything at all.” It’s overvalued and even Warren thinks so. 6. GEICO lost almost 10% of customers last year, but showed good numbers by cutting advertising. Imagine what the market would do if it was a standalone biz. 7. P&C had a fantastic year but will almost certainly normalize this year. 8. Berkshire had the most explicit mention that there’s nothing to buy and they’re unlikely to generate Alpha ever again (see: Pilot) 9. Not mentioned because it’s Berkshire but would be for any other company, Berkshire doesn’t generate as much FCF as their stated earnings. They generated $30B this year versus $37B in earnings. Interest rate drops back to 3% and underwriting results normalize and this will be a low $20’s number on a $940B market cap company. 10. Ex-Pilot, “Other Controlled Businesses” showed almost zero growth.