Berkshire Paper

Berkshire Hathaway: A Safe, High-Quality, Growing

Company With 45% Upside Over the Next Year

Whitney Tilson

Kase Capital

November 9, 2015

This latest version of this presentation is always posted at:

www.tilsonfunds.com/BRK.pdf

Kase Capital Management

Manages Three Hedge Funds and is a

Registered Investment Advisor

Carnegie Hall Tower

152 West 57th Street, 46th Floor

New York, NY 10019

(212) 277-5606

WTilson@KaseCapital.com

Disclaimer

THIS PRESENTATION IS FOR INFORMATIONAL AND EDUCATIONAL

PURPOSES ONLY AND SHALL NOT BE CONSTRUED TO CONSTITUTE

INVESTMENT ADVICE. NOTHING CONTAINED HEREIN SHALL CONSTITUTE

A SOLICITATION, RECOMMENDATION OR ENDORSEMENT TO BUY OR

SELL ANY SECURITY OR OTHER FINANCIAL INSTRUMENT.

INVESTMENT FUNDS MANAGED BY WHITNEY TILSON OWN SHARES IN

BERKSHIRE HATHAWAY. HE HAS NO OBLIGATION TO UPDATE THE

INFORMATION CONTAINED HEREIN AND MAY MAKE INVESTMENT

DECISIONS THAT ARE INCONSISTENT WITH THE VIEWS EXPRESSED IN

THIS PRESENTATION.

WE MAKE NO REPRESENTATION OR WARRANTIES AS TO THE

ACCURACY, COMPLETENESS OR TIMELINESS OF THE INFORMATION,

TEXT, GRAPHICS OR OTHER ITEMS CONTAINED IN THIS PRESENTATION.

WE EXPRESSLY DISCLAIM ALL LIABILITY FOR ERRORS OR OMISSIONS IN,

OR THE MISUSE OR MISINTERPRETATION OF, ANY INFORMATION

CONTAINED IN THIS PRESENTATION.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS AND

FUTURE RETURNS ARE NOT GUARANTEED.

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The Basics

• Stock price (11/9/15): $200,600

– $133.72 for B shares

• Shares outstanding: 1.64 million

• Market cap: $329 billion

• Total assets (Q3 '15): $545 billion

• Total equity (Q3 '15): $251 billion

• Book value per share (Q3 '15): $151,083

• P/B: 1.33x

• Float (Q3 '15): $86.2 billion

• Revenue: (TTM Q3 '15): $207 billion

• Berkshire Hathaway today is the 15th largest company in the

world (and 4th largest in the U.S.) by revenues

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History

History

• Berkshire Hathaway today does not resemble the company that

Buffett bought into during...