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Berkshire with 45% upside


Nicholas
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Reminds me of this joke,

 

Warren Buffett retells the story of the dead oil prospector who gets stopped at the pearly gates and is told by St Peter that Heaven’s allocation of miners is full up. The speculator leans through the gates and yells “Hey, boys! Oil discovered in Hell.” A stampede of men with picks and shovels duly streams out of Heaven and an impressed St Peter waves the speculator through. “No thanks,” says the sage. “I’m going to check out that Hell rumour. Maybe there is some truth in it after all.

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He has said that Berkshire will repurchase shares at no more than 120% of Book Value. He also believes, and has said many times, that it is dumb to repurchase shares unless you think they are SIGNIFICANTLY undervalued.....so being that we are close I would argue, and I'd bet that Buffett would agree, that Berkshire is not expensive right now.

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