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Category: Business and Industry
Date Submitted: 02/10/2016 10:01 AM
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.
-3-
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...