Berkshire Hathaway:  In Search of the “Buffett Premium”

Publication Date:  March 1, 2011

This report takes a close look at management succession issues at Berkshire Hathaway in the context of a careful examination of the drivers of intrinsic value.  Incorporating the data contained in Berkshire’s 2010 annual report and related SEC filings, The Rational Walk’s 118 page report provides extensive coverage of all key facets of Berkshire Hathaway and an estimate of intrinsic value based on three valuation methodologies.

Platinum Underwriters:  Mining for Value in Reinsurance

Publication Date:  October 21, 2011

Platinum Underwriters was a Bermuda-based company organized in 2002 as a spin-off of The St. Paul Companies reinsurance operations.  At the time this report was published in October 2011, we believed that Platinum’s valuation at approximately two-thirds of tangible book value presented investors with an interesting opportunity.  Platinum was acquired by Renaissance Re in March 2015. 

Berkshire Hathaway:  Background, Analysis, and Valuation

Publication Date:  February 28, 2010

The Rational Walk is pleased to make our report on Berkshire Hathaway published in February 2010 available to readers.  The analysis was published shortly after the release of Berkshire Hathaway’s 2009 annual report. “In Search of the Buffett Premium”, listed above, is a newer version of this report.

Selected Reader Comments:

“I have read many books and articles about Berkshire Hathaway, Charlie Munger and Warren Buffett and your briefing book was great! I learned a lot and will probably start over and read it again. It was logical, sound and came across as very credible.”

“I want to congratulate you for a very lucid analysis. It amazes me that this company is so misunderstood by the general business media. I hope your analysis contributes to a greater understanding of the company.”

“Your presentation is easy to follow and conservative in approach. I deeply appreciate the work, effort and analysis you put into it. I feel I have a much better understanding of Berkshire Hathaway because of your efforts.”

“I thoroughly enjoyed your briefing book. It was very well written and covered every aspect of the business very well.”

“You’ve done a terrific job. It’s by far the best thing I’ve read on Berkshire.”