Berkshire Sees Improvements at Geico and BNSF in 1Q; Book Value at $211,184 per Class A Share
As we noted when we first discussed wide-moat-rated Berkshire Hathaway's first-quarter earnings this past weekend, there was little in the results that would alter our long-term view of the firm, and we retain our $330,000 ($220) per Class A (B) share fair value estimate.Coming into 2018, we had expected two issues--a reduction in the U.S. corporate tax rate (from 35% to 21%) and an accounting rule change requiring unrealized gains/losses on Berkshire's stock holdings to be included in reported...
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