Berkshire's equity book rose an eye popping 14.6% in Q4 and is up 38% for 2019, significantly beating the S&P 500's 29% return.
Operating performance remains strong with Q3 results coming in at $7.8 billion.
Berkshire's cash has grown to $128 billion, representing 23% of its current market value. The Apple stake has grown to $70 billion, representing 13% of the market value.
Even after rising from $206 to $226 in Q4, Berkshire's price/book value remains near the lows of its historical range because of the strength of its equity book and continued operating earnings.
Berkshire remains a great buy at these prices, and I reiterate my call for them to launch a repurchase tender at a small premium to current levels.