Berkshire Hathaway Will Survive the Departure of Buffett and Munger

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Equity Bottom-Up

Berkshire Hathaway Inc Cl A / Equity Bottom-Up

<ul><li class="p1">Unlike past annual meetings that have been focused on succession and dividends, our annual trek to Omaha this year found Warren Buffett and Charlie Munger speaking more heavily about Berkshire's myriad operating businesses and investments.</li><li class="p1">Based on the pair's responses to our six questions, as well as those from the other analysts, journalists, and shareholders, we gained valuable insight into several of the company's subsidiaries, and walked away with a fair amount of confidence in our valuation.</li><li class="p1">We continue to believe the firm is much more than a sum of its parts, and while the eventual departure of Buffett and Munger creates some legitimate concerns for investors, we think they have built a culture and way of doing business that will endure and ultimately make the next CEO's job easier</li></ul><p><em>Analyst: Greggory Warren</em></p>

Unlike past annual meetings that have been focused on succession and dividends, our annual trek to Omaha this year found Warren Buffett and Charlie Munger speaking more heavily about Berkshire's myriad operating businesses and investments.Based on the pair's responses to our six questions, as well as those from the other analysts, journalists, and shareholders, we gained valuable insight into several of the company's subsidiaries, and walked away with a fair amount of confidence in our valuation.We continue to believe the firm is much more than a sum of its parts, and while the eventual departure of Buffett and Munger creates some legitimate concerns for investors, we think they have built a culture and way of doing business that will endure and ultimately make the next CEO's job easierAnalyst: Greggory Warren

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