Berkshire Hathaway Inc.

“Berkshire Hathaway is a structurally irreplicable permanent capital compounder with a $397B cash fortress, $47B in annual operating earnings, and a moat that no competitor can replicate at scale — but at ~22x operating earnings, the stock is fully priced with minimal margin of safety, sizing constraints limit future compounding well below historical rates, and post-Buffett succession introduces unquantifiable capital allocation uncertainty; the business deserves ownership at the right price, and that price is approximately 10-15% below current levels.”