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Annotated Annual Letter


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Guest longinvestor

The commentary was insightful. One manager points out that there are many telegraphed messages for several stakeholders; small shareholders, subsidiary chiefs etc. I agree that this letter will be quoted most for the next 50 years.


Somewhat of a glaring miss is that none of the managers chose to comment on the intrinsic value section of the letter. The bullish tone of those managers holding BRK in their pf comes through, somewhat. Yet no commentary on the IV? Even if not throwing out a number/range, discuss the framework at least? After all, making folks think and behave in terms of IV is WEB's seminal contribution to the world. 

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