Thank you. Looks like the operating companies are growing in value at about the same rate as Berkshire in total. Interesting.
Bear in mind that, although the earnings growth is substantial, it’s not all internally generated growth.
A lot of the growth in operating earnings arises from “bolt on” acquisitions from money funded by the investment side, not the operating earnings side.
There is certainly nothing wrong with this–this is what Berkshire does. And all power to them.
But it’s important to remember lest one try to think of what all the operating subsidiaries are worth.
You can’t just think of that as the growth number of those operations, and compare it to a stand-alone firm with similar growth metrics.
Jim