Berkshire annual report and letter is out

I’m sure most everyone here is aware, but here’s the link:


GEICO has successfully obtained premium rate increase approvals from certain states in response to the significant claims costs increases it has experienced in recent years. As a result, we currently expect GEICO to generate an underwriting profit in 2023.


On August 16, 2022, the Inflation Reduction Act of 2022 (“the 2022 act”) was signed into law. The 2022 act contains numerous provisions, including a 15% corporate alternative minimum income tax on “adjusted financial statement income”, expanded tax credits for clean energy incentives and a 1% excise tax on corporate stock repurchases. The provisions of the 2022 act become effective for tax years beginning after December 31, 2022. On December 27, 2022, the IRS and Department of Treasury issued initial guidance for taxpayers subject to the corporate alternative minimum tax. The guidance addresses several, but not all, issues that needed clarification. The IRS and Department of Treasury intend to release additional guidance in the future. We will continue to evaluate the impact of the Act as more guidance becomes available. We currently do not expect a material impact on our consolidated financial statements.


$30B in operating earnings, nice.

Notes payable and other borrowings:

Carry Value Fair Value

46,538 41,961

76,206 67,651

Looks like we are sitting on a $15 BB mark to market discount on our outstanding debt?

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FWIW. Bases on my 5 column methodology interpreted from Buffet prior letters I value BRK at $350 - $380 per B share.


Down 4% Monday. That’s my best guess.


It is short and getting shorter. Well he is 92.