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najdorf
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To say that BRK is in the financial sector is to over-simplify. First of all there's a distinction between insurance companies and banking companies. Secondly, a huge portion of BRK's book value comes from Buffett's stock picks, which of course include picks like KO (along with some big financial positions like WFC and AXP).
Aug 18 22:34 pm
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All Comments by najdorf »Money Managers and the Berkshire Hurdle [View article]
Secondly, you can't really blame Buffett for the low share price of any given moment. He can't control what investors are willing to pay for the company or for its stock holdings. He can only create value, which the price will reflect in the long run. He's the quintessential buy-and-hold investor, and if you don't fit into that profile then you shouldn't be a BRK shareholder. It's not the same as holding a mutual fund with 300% turnover, where you should blame the manager if he underperforms the relevant indices.