Same file, different rules. Each brief states a view and why. Briefs are written in isolation so one loud narrative cannot drag the room. The clerk reads them only after they exist. Never “you should buy.” There is no buy button.
Cathie Wood
Disruptive Innovation Lead
Isolated
View
Skeptical — the burden of proof is on the bull case. On BRK-B, I care whether the decade capital flow still funds this vehicle — revenue YoY -1.0%, revenue $247.2B.
Why
Why: Horizon is 5+ years; reject 12-month price targets as the main frame. If the industry is not on the decade map, I pass without a speech. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Business dig: BRK-B must still sit inside a funded decade theme — not a tourist ticker. On file: revenue $247.2B; revenue YoY -1.0%.
Method: Horizon is 5+ years; reject 12-month price targets as the main frame. Second rule: Map the name to ARK-style platforms: AI, robotics, energy storage, multiomics, fintech rails.
Variant view: the tape often prices the theme; this seat prices whether BRK-B is the vehicle.
Underwrite frame: Pass for now.
Risks
Main risk: the era is right and the vehicle is wrong — or the era has already been bid.
Looks at
revenue CAGR vs category S-curve
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: linear legacy business dressed up as disruption.
Philippe Laffont
Tech Commercialization Validator
Isolated
View
Skeptical — the burden of proof is on the bull case. On BRK-B, I care whether the decade capital flow still funds this vehicle — revenue YoY -1.0%, revenue $247.2B.
Why
Why: A trend is only investable once it hits a commercialization inflection: revenue, not demos. If the industry is not on the decade map, I pass without a speech. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Business dig: BRK-B must still sit inside a funded decade theme — not a tourist ticker. On file: revenue $247.2B; revenue YoY -1.0%.
Method: A trend is only investable once it hits a commercialization inflection: revenue, not demos. Second rule: Demand proof of unit economics: contribution margin, payback, net retention.
Variant view: the tape often prices the theme; this seat prices whether BRK-B is the vehicle.
Underwrite frame: Pass for now.
Risks
Main risk: the era is right and the vehicle is wrong — or the era has already been bid.
Looks at
YoY revenue inflection
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: beautiful tech, no buyer with a budget.
Chase Coleman
Internet & Consumer Penetration Tracker
Isolated
View
Skeptical — the burden of proof is on the bull case. On BRK-B, I care whether the decade capital flow still funds this vehicle — revenue YoY -1.0%, revenue $247.2B.
Why
Why: Tiger Global. Tracks internet and new-consumer penetration rates globally.. If the industry is not on the decade map, I pass without a speech. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Business dig: BRK-B must still sit inside a funded decade theme — not a tourist ticker. On file: revenue $247.2B; revenue YoY -1.0%.
Method: Tiger Global. Tracks internet and new-consumer penetration rates globally.. Second rule: Map the name to a multi-year capital-flow theme, not a 12-month target.
Variant view: the tape often prices the theme; this seat prices whether BRK-B is the vehicle.
Underwrite frame: Pass for now.
Risks
Main risk: the era is right and the vehicle is wrong — or the era has already been bid.
Looks at
Internet & Consumer Penetration Tracker
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Early-stage growth investing in category-defining companies.) cannot be applied to the facts on the page.
Ron Baron
Decade-Long Growth Scout
Isolated
View
Skeptical — the burden of proof is on the bull case. On BRK-B, I care whether the decade capital flow still funds this vehicle — revenue YoY -1.0%, revenue $247.2B.
Why
Why: Baron Funds. Identifies companies that can compound for 10+ years.. If the industry is not on the decade map, I pass without a speech. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Business dig: BRK-B must still sit inside a funded decade theme — not a tourist ticker. On file: revenue $247.2B; revenue YoY -1.0%.
Method: Baron Funds. Identifies companies that can compound for 10+ years.. Second rule: Map the name to a multi-year capital-flow theme, not a 12-month target.
Variant view: the tape often prices the theme; this seat prices whether BRK-B is the vehicle.
Underwrite frame: Pass for now.
Risks
Main risk: the era is right and the vehicle is wrong — or the era has already been bid.
Looks at
Decade-Long Growth Scout
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Early Tesla backer; holds through volatility for multi-decade compounding.) cannot be applied to the facts on the page.
T. Rowe Price
Historical Growth Cycle Analyst
Isolated
View
Skeptical — the burden of proof is on the bull case. On BRK-B, I care whether the decade capital flow still funds this vehicle — revenue YoY -1.0%, revenue $247.2B.
Why
Why: Founder of growth stock investing philosophy. Historical analogy to current cycles.. If the industry is not on the decade map, I pass without a speech. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Business dig: BRK-B must still sit inside a funded decade theme — not a tourist ticker. On file: revenue $247.2B; revenue YoY -1.0%.
Method: Founder of growth stock investing philosophy. Historical analogy to current cycles.. Second rule: Map the name to a multi-year capital-flow theme, not a 12-month target.
Variant view: the tape often prices the theme; this seat prices whether BRK-B is the vehicle.
Underwrite frame: Pass for now.
Risks
Main risk: the era is right and the vehicle is wrong — or the era has already been bid.
Looks at
Historical Growth Cycle Analyst
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Pioneered the growth stock approach in the 1930s–60s.) cannot be applied to the facts on the page.
Ken Fisher
Global Capital Flow Analyst
Isolated
View
Skeptical — the burden of proof is on the bull case. On BRK-B, I care whether the decade capital flow still funds this vehicle — revenue YoY -1.0%, revenue $247.2B.
Why
Why: Fisher Investments. PSR ratio inventor. Global fund flow and valuation divergence.. If the industry is not on the decade map, I pass without a speech. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Business dig: BRK-B must still sit inside a funded decade theme — not a tourist ticker. On file: revenue $247.2B; revenue YoY -1.0%.
Method: Fisher Investments. PSR ratio inventor. Global fund flow and valuation divergence.. Second rule: Map the name to a multi-year capital-flow theme, not a 12-month target.
Variant view: the tape often prices the theme; this seat prices whether BRK-B is the vehicle.
Underwrite frame: Pass for now.
Risks
Main risk: the era is right and the vehicle is wrong — or the era has already been bid.
Looks at
Global Capital Flow Analyst
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Son of Philip Fisher; quantifies sentiment-driven mispricings.) cannot be applied to the facts on the page.
Mark Mobius
Emerging Markets Perspective
Isolated
View
Skeptical — the burden of proof is on the bull case. On BRK-B, I care whether the decade capital flow still funds this vehicle — revenue YoY -1.0%, revenue $247.2B.
Why
Why: Templeton Emerging Markets. Geopolitical diffusion path of global trends.. If the industry is not on the decade map, I pass without a speech. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Business dig: BRK-B must still sit inside a funded decade theme — not a tourist ticker. On file: revenue $247.2B; revenue YoY -1.0%.
Method: Templeton Emerging Markets. Geopolitical diffusion path of global trends.. Second rule: Map the name to a multi-year capital-flow theme, not a 12-month target.
Variant view: the tape often prices the theme; this seat prices whether BRK-B is the vehicle.
Underwrite frame: Pass for now.
Risks
Main risk: the era is right and the vehicle is wrong — or the era has already been bid.
Looks at
Emerging Markets Perspective
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (The godfather of emerging market investing.) cannot be applied to the facts on the page.
Ray Dalio
Debt Cycle Architect
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
policy rate vs inflation
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: equity thesis that only works if a late-cycle credit boom never ends.
Howard Marks
Market Pendulum Assessor
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
credit spreads vs history
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: priced for perfection in a risk-on pendulum extreme.
John Templeton
Sentiment Extremes Detector
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
drawdown from peak
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: priced as if nothing bad can happen.
George Soros
Reflexivity Tester
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
Reflexivity Tester
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Broke the Bank of England in 1992.) cannot be applied to the facts on the page.
John Maynard Keynes
Consensus Beauty Contest Analyst
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
Consensus Beauty Contest Analyst
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Managed King's College Cambridge fund to ~12% annualized.) cannot be applied to the facts on the page.
Alan Howard
Rates & Liquidity Cycle Judge
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
Rates & Liquidity Cycle Judge
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (One of the most successful macro traders of his generation.) cannot be applied to the facts on the page.
Bill Gross
Bond Market Signal Reader
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
Bond Market Signal Reader
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (The Bond King; decoded bond market signals for equity investors.) cannot be applied to the facts on the page.
John Paulson
Credit Quality & Systemic Risk Monitor
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
Credit Quality & Systemic Risk Monitor
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Made ~$20B shorting subprime in 2007–2008.) cannot be applied to the facts on the page.
Paul Tudor Jones
Macro Cycle Inflection Confirmer
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B sits on the thermometer before any multiple debate — Late Expansion at 62.
Why
Why: cycle first. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing. A hot reading is not a ticket. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Regime first: Late Expansion, thermometer 62. The short-term debt cycle is hot; long-term debt is still high. This is not crisis pricing.
On BRK-B: On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
I will not time an entry from this chair. I will say whether the print smells mid-cycle or peak.
Underwrite frame: Worth further homework.
Risks
Main risk: treating a regime note as a timing ticket.
Looks at
Macro Cycle Inflection Confirmer
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Profited 62% in the month of the 1987 crash.) cannot be applied to the facts on the page.
Benjamin Graham
Margin of Safety Guardian
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Teacherly, quantitative, unsentimental. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Teacherly, quantitative, unsentimental. Hard rule: Margin of safety: pay well below a conservative appraisal of intrinsic value (classically ~2/3).
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
P/B
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: price > conservative value with no margin.
Warren Buffett
Moat & Management Final Review
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Plain Midwest English, folksy metaphors, long-horizon. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Plain Midwest English, folksy metaphors, long-horizon. Hard rule: Circle of competence: if the business cannot be explained simply, pass.
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
ROIC / ROE durability
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: no durable advantage.
Walter Schloss
Cigar Butt Specialist
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Historical. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Historical. Hard rule: PB < 0.8, low debt, diversified holdings. 47-year ~15.3% annualized..
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
Cigar Butt Specialist
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Graham's disciple; never attended college, outperformed most MBAs.) cannot be applied to the facts on the page.
John Neff
Low P/E + Growth-Adjusted Screener
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Historical. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Historical. Hard rule: Windsor Fund. Low P/E with growth adjustment (original GARP). 31 years beating the market..
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
Low P/E + Growth-Adjusted Screener
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Turned Windsor Fund into a powerhouse through disciplined value.) cannot be applied to the facts on the page.
Seth Klarman
Distressed & Special Situations
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Cautious, cash-heavy, academic-practitioner. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Cautious, cash-heavy, academic-practitioner. Hard rule: Margin of safety is a philosophy, not a slogan — downside first.
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
downside to liquidation or conservative FCF
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: priced as a quality compounder with no discount.
Chuck Akre
Compounding Machine Identifier
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Contemporary. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Contemporary. Hard rule: Three-legged stool: business model / reinvestment / management. ~13%+ compounded..
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
Compounding Machine Identifier
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Akre Focus Fund; identifies businesses that compound relentlessly.) cannot be applied to the facts on the page.
Terry Smith
High ROCE + Buy-and-Hold Candidate
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Contemporary. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Contemporary. Hard rule: Fundsmith. Buy good companies, don't overpay, do nothing..
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
High ROCE + Buy-and-Hold Candidate
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (The English Warren Buffett; ultra-low turnover.) cannot be applied to the facts on the page.
Hetty Green
Extreme Cheapness + Balance Sheet Purist
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Historical. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Historical. Hard rule: The Witch of Wall Street. Extreme cheapness + impeccable balance sheets..
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
Extreme Cheapness + Balance Sheet Purist
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (First woman to amass a fortune through investing in America.) cannot be applied to the facts on the page.
Duan Yongping
Business Model Clarity Checker
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Plain Chinese-internet elder-brother tone: 本分, 买股票就是买公司. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Plain Chinese-internet elder-brother tone: 本分, 买股票就是买公司. Hard rule: Buying a stock is buying a piece of a company — if you would not buy the whole business, pass.
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
business model in one sentence
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: cannot explain how the company makes money without jargon.
Li Lu
Circle of Competence + Civilization Cycle
Isolated
View
Cautious — the file is open, the bar is not cleared. Owner test on BRK-B: P/E not on file, P/B 0.00, ROE 9.3%, net income $67.0B.
Why
Why: Contemporary. I want a business I would own in full. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Owner earnings lens on BRK-B. Contemporary. Hard rule: Himalaya Capital. Munger family asset manager. Chinese assets expert..
Numbers on file: P/E not on file; P/B 0.00; ROE 9.3%; net income $67.0B; revenue YoY -1.0%. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
A low multiple that needs a hero story is not a margin of safety. A rich multiple with durable ROE can still be a business — but then price is the risk.
Underwrite frame: Worth further homework.
Risks
Main risk: a multiple that looks cheap because earnings are peak, or a quality story that needs the multiple to re-rate.
Looks at
Circle of Competence + Civilization Cycle
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Author of Civilization, Modernization, Value Investing and China.) cannot be applied to the facts on the page.
Peter Lynch
Ten-Bagger Hunter
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: Six-category company classification system.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. Six-category company classification system..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
EPS growth
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: story is complicated or constantly changing.
Bill Miller
Contrarian Growth Identifier
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: Buys high-competitive companies temporarily out of favor.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. Buys high-competitive companies temporarily out of favor..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
Contrarian Growth Identifier
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Buys high-competitive companies temporarily out of favor.) cannot be applied to the facts on the page.
Julian Robertson
Global Long/Short Pairing
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: The godfather of hedge funds; spawned the Tiger Cubs.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. The godfather of hedge funds; spawned the Tiger Cubs..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
Global Long/Short Pairing
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (The godfather of hedge funds; spawned the Tiger Cubs.) cannot be applied to the facts on the page.
Andreas Halvorsen
Large-Cap Growth + Industry Leader
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: Largest Tiger Cub successor fund.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. Largest Tiger Cub successor fund..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
Large-Cap Growth + Industry Leader
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Largest Tiger Cub successor fund.) cannot be applied to the facts on the page.
Stephen Mandel
Growth-Value Cross-Validator
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: One of the most consistent Tiger Cub performers.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. One of the most consistent Tiger Cub performers..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
Growth-Value Cross-Validator
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (One of the most consistent Tiger Cub performers.) cannot be applied to the facts on the page.
Lee Ainslie
Tech/Services Deep Fundamental
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: Tiger Cub evergreen; consistent performer across cycles.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. Tiger Cub evergreen; consistent performer across cycles..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
Tech/Services Deep Fundamental
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Tiger Cub evergreen; consistent performer across cycles.) cannot be applied to the facts on the page.
Bill Ackman
Quality Giant + Activist Catalyst
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: Made $2.6B shorting COVID in 2020; famous Herbalife battle with Icahn.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. Made $2.6B shorting COVID in 2020; famous Herbalife battle with Icahn..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
Quality Giant + Activist Catalyst
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Made $2.6B shorting COVID in 2020; famous Herbalife battle with Icahn.) cannot be applied to the facts on the page.
David Tepper
Distressed Reversal & Crisis Bottom-Fisher
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: Doubled his fund in 2009 by buying bank stocks at the bottom.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. Doubled his fund in 2009 by buying bank stocks at the bottom..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
Distressed Reversal & Crisis Bottom-Fisher
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Doubled his fund in 2009 by buying bank stocks at the bottom.) cannot be applied to the facts on the page.
Mohnish Pabrai
Formulaic Buffett Cloner
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: Paid $650K for a charity lunch with Buffett; considers it the best investment ever.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. Paid $650K for a charity lunch with Buffett; considers it the best investment ever..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
Formulaic Buffett Cloner
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Paid $650K for a charity lunch with Buffett; considers it the best investment ever.) cannot be applied to the facts on the page.
Joel Greenblatt
Magic Formula + Special Situations
Isolated
View
Skeptical — the burden of proof is on the bull case. Classify BRK-B before cheering growth. revenue YoY -1.0%. P/E not on file.
Why
Why: Author of The Little Book That Beats the Market.. Unclassified growth is a narrative. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Classify before multiple. Author of The Little Book That Beats the Market..
revenue YoY -1.0%. P/E not on file. revenue $247.2B. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Fast growth with no category is how you buy a story. Stalwart growth with a broken category is how you overstay.
Underwrite frame: Pass for now.
Risks
Main risk: mis-classification — a cyclical labeled a compounder.
Looks at
EBIT/EV
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: low ROC dressed up as growth.
David Einhorn
Financial Statement Quality Inquisitor
Isolated
View
Skeptical — the burden of proof is on the bull case. Invert BRK-B first. What has to be false for the bull to die?
Why
Why: kill-shot seat. Red team only: interrogate, do not pitch a long Footnotes beat stories. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Invert BRK-B. Red team only: interrogate, do not pitch a long.
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Name what must be true for the bull: earnings quality, leverage (D/E not on file), and whether footnotes hide the cycle. If I cannot name the kill path, I am not doing the job.
Underwrite frame: Pass for now.
Risks
Main risk: the fraud/cycle path is in the footnotes and the bull case ignores it.
Looks at
receivables vs revenue
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: earnings quality fails even if the narrative is popular.
Michael Burry
Extreme Contrarian: Hidden Assumptions
Isolated
View
Skeptical — the burden of proof is on the bull case. Invert BRK-B first. What has to be false for the bull to die?
Why
Why: kill-shot seat. Red team: dismantle the valuation model's hidden assumptions Footnotes beat stories. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Invert BRK-B. Red team: dismantle the valuation model's hidden assumptions.
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Name what must be true for the bull: earnings quality, leverage (D/E not on file), and whether footnotes hide the cycle. If I cannot name the kill path, I am not doing the job.
Underwrite frame: Pass for now.
Risks
Main risk: the fraud/cycle path is in the footnotes and the bull case ignores it.
Looks at
embedded growth rate in the multiple
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: terminal growth or multiple assumes a world that the footnotes contradict.
Carl Icahn
Governance & Self-Dealing Interrogator
Isolated
View
Skeptical — the burden of proof is on the bull case. Invert BRK-B first. What has to be false for the bull to die?
Why
Why: kill-shot seat. Icahn Enterprises. Corporate governance and self-dealing scrutiny. Footnotes beat stories. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Invert BRK-B. Icahn Enterprises. Corporate governance and self-dealing scrutiny..
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Name what must be true for the bull: earnings quality, leverage (D/E not on file), and whether footnotes hide the cycle. If I cannot name the kill path, I am not doing the job.
Underwrite frame: Pass for now.
Risks
Main risk: the fraud/cycle path is in the footnotes and the bull case ignores it.
Looks at
Governance & Self-Dealing Interrogator
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (The original activist investor; the "Icahn Lift" is a real market phenomenon.) cannot be applied to the facts on the page.
Dan Loeb
Narrative & Catalyst Authenticity Checker
Isolated
View
Skeptical — the burden of proof is on the bull case. Invert BRK-B first. What has to be false for the bull to die?
Why
Why: kill-shot seat. Third Point. Sharp shareholder letters + event-driven analysis. Footnotes beat stories. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Invert BRK-B. Third Point. Sharp shareholder letters + event-driven analysis..
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Name what must be true for the bull: earnings quality, leverage (D/E not on file), and whether footnotes hide the cycle. If I cannot name the kill path, I am not doing the job.
Underwrite frame: Pass for now.
Risks
Main risk: the fraud/cycle path is in the footnotes and the bull case ignores it.
Looks at
Narrative & Catalyst Authenticity Checker
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Known for scathing letters to underperforming management teams.) cannot be applied to the facts on the page.
Paul Singer
Tail Risk & Legal/Contract Vulnerability
Isolated
View
Skeptical — the burden of proof is on the bull case. Invert BRK-B first. What has to be false for the bull to die?
Why
Why: kill-shot seat. Elliott Management. Activist and distressed debt. Tail risk and legal vulnerability. Footnotes beat stories. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Invert BRK-B. Elliott Management. Activist and distressed debt. Tail risk and legal vulnerability..
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Name what must be true for the bull: earnings quality, leverage (D/E not on file), and whether footnotes hide the cycle. If I cannot name the kill path, I am not doing the job.
Underwrite frame: Pass for now.
Risks
Main risk: the fraud/cycle path is in the footnotes and the bull case ignores it.
Looks at
Tail Risk & Legal/Contract Vulnerability
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Famous for battling Argentina over sovereign debt for 15 years — and winning.) cannot be applied to the facts on the page.
Michael Steinhardt
Consensus Divergence Tester
Isolated
View
Skeptical — the burden of proof is on the bull case. Invert BRK-B first. What has to be false for the bull to die?
Why
Why: kill-shot seat. Hedge fund pioneer. 30-year ~24% annualized. Where does this thesis diverge from consensus? Footnotes beat stories. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Invert BRK-B. Hedge fund pioneer. 30-year ~24% annualized. Where does this thesis diverge from consensus?.
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Name what must be true for the bull: earnings quality, leverage (D/E not on file), and whether footnotes hide the cycle. If I cannot name the kill path, I am not doing the job.
Underwrite frame: Pass for now.
Risks
Main risk: the fraud/cycle path is in the footnotes and the bull case ignores it.
Looks at
Consensus Divergence Tester
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (One of the first true hedge fund managers.) cannot be applied to the facts on the page.
Stanley Druckenmiller
Conviction Concentration Stress Test
Isolated
View
Skeptical — the burden of proof is on the bull case. Invert BRK-B first. What has to be false for the bull to die?
Why
Why: kill-shot seat. Duquesne Capital. 30+ year ~30% annualized. "If you had one shot, would you bet big?" Footnotes beat stories. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Invert BRK-B. Duquesne Capital. 30+ year ~30% annualized. "If you had one shot, would you bet big?".
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Name what must be true for the bull: earnings quality, leverage (D/E not on file), and whether footnotes hide the cycle. If I cannot name the kill path, I am not doing the job.
Underwrite frame: Pass for now.
Risks
Main risk: the fraud/cycle path is in the footnotes and the bull case ignores it.
Looks at
Conviction Concentration Stress Test
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Soros's top lieutenant; never had a losing year.) cannot be applied to the facts on the page.
Charlie Munger
Inversion Thinking Arbiter
Isolated
View
Skeptical — the burden of proof is on the bull case. Invert BRK-B first. What has to be false for the bull to die?
Why
Why: kill-shot seat. Invert: how would this thesis get killed? List the kill-shots before the romance Footnotes beat stories. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Invert BRK-B. Invert: how would this thesis get killed? List the kill-shots before the romance.
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Name what must be true for the bull: earnings quality, leverage (D/E not on file), and whether footnotes hide the cycle. If I cannot name the kill path, I am not doing the job.
Underwrite frame: Pass for now.
Risks
Main risk: the fraud/cycle path is in the footnotes and the bull case ignores it.
Looks at
incentive structure
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the idea only works if several things go right at once without a margin.
William O'Neil
CANSLIM Entry Point
Isolated
View
Skeptical — the burden of proof is on the bull case. No trigger, no implied entry on BRK-B — quality seats do not move this pencil.
Why
Why: without a stage/breakout/turtle trigger, a good business is still not an entry.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Trigger or nothing. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Stage / breakout / turtle — pick the method this seat uses. A constructive quality seat elsewhere does not create an entry here.
Underwrite frame: Pass for now.
Risks
Main risk: entering because the committee liked the business.
Looks at
quarterly EPS acceleration
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: laggard in a leading group.
Mark Minervini
SEPA Stage-2 Confirmation
Isolated
View
Skeptical — the burden of proof is on the bull case. No trigger, no implied entry on BRK-B — quality seats do not move this pencil.
Why
Why: without a stage/breakout/turtle trigger, a good business is still not an entry.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Trigger or nothing. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Stage / breakout / turtle — pick the method this seat uses. A constructive quality seat elsewhere does not create an entry here.
Underwrite frame: Pass for now.
Risks
Main risk: entering because the committee liked the business.
Looks at
SEPA Stage-2 Confirmation
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (US Investing Championship winner with 155% annualized return.) cannot be applied to the facts on the page.
Richard Dennis
Turtle Breakout System
Isolated
View
Skeptical — the burden of proof is on the bull case. No trigger, no implied entry on BRK-B — quality seats do not move this pencil.
Why
Why: without a stage/breakout/turtle trigger, a good business is still not an entry.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Trigger or nothing. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Stage / breakout / turtle — pick the method this seat uses. A constructive quality seat elsewhere does not create an entry here.
Underwrite frame: Pass for now.
Risks
Main risk: entering because the committee liked the business.
Looks at
Turtle Breakout System
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Proved trading can be taught through the Turtle experiment.) cannot be applied to the facts on the page.
Ed Seykota
Trend-Following Momentum Confirmer
Isolated
View
Skeptical — the burden of proof is on the bull case. No trigger, no implied entry on BRK-B — quality seats do not move this pencil.
Why
Why: without a stage/breakout/turtle trigger, a good business is still not an entry.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Trigger or nothing. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Stage / breakout / turtle — pick the method this seat uses. A constructive quality seat elsewhere does not create an entry here.
Underwrite frame: Pass for now.
Risks
Main risk: entering because the committee liked the business.
Looks at
Trend-Following Momentum Confirmer
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (16-year account growth of 250,000x (with compounding).) cannot be applied to the facts on the page.
Steve Cohen
Short-Term Signal & Tape Reading
Isolated
View
Skeptical — the burden of proof is on the bull case. No trigger, no implied entry on BRK-B — quality seats do not move this pencil.
Why
Why: without a stage/breakout/turtle trigger, a good business is still not an entry.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Trigger or nothing. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Stage / breakout / turtle — pick the method this seat uses. A constructive quality seat elsewhere does not create an entry here.
Underwrite frame: Pass for now.
Risks
Main risk: entering because the committee liked the business.
Looks at
Short-Term Signal & Tape Reading
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Arguably the greatest short-term trader in history.) cannot be applied to the facts on the page.
Jesse Livermore
Stop-Loss Iron Rule + Let Profits Run
Isolated
View
Skeptical — the burden of proof is on the bull case. Holding BRK-B is not the default. Sell rule first.
Why
Why: Made $100M shorting the 1929 crash.. Hope is not a position.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Sell rules first. Made $100M shorting the 1929 crash..
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
If the reason to stay is hope, the seat is already late. Write the violation that forces a sale.
Underwrite frame: Pass for now.
Risks
Main risk: moving the stop because the story is still pretty.
Looks at
Stop-Loss Iron Rule + Let Profits Run
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Made $100M shorting the 1929 crash.) cannot be applied to the facts on the page.
Bernard Baruch
Early Exit Optimist
Isolated
View
Skeptical — the burden of proof is on the bull case. Holding BRK-B is not the default. Sell rule first.
Why
Why: Advised multiple US presidents; the "shoeshine boy" indicator.. Hope is not a position.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Sell rules first. Advised multiple US presidents; the "shoeshine boy" indicator..
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
If the reason to stay is hope, the seat is already late. Write the violation that forces a sale.
Underwrite frame: Pass for now.
Risks
Main risk: moving the stop because the story is still pretty.
Looks at
Early Exit Optimist
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Advised multiple US presidents; the "shoeshine boy" indicator.) cannot be applied to the facts on the page.
Nicolas Darvas
Box Theory Trailing Stop
Isolated
View
Skeptical — the burden of proof is on the bull case. Holding BRK-B is not the default. Sell rule first.
Why
Why: A dancer who turned $25K into $2M in 2 years.. Hope is not a position.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Sell rules first. A dancer who turned $25K into $2M in 2 years..
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
If the reason to stay is hope, the seat is already late. Write the violation that forces a sale.
Underwrite frame: Pass for now.
Risks
Main risk: moving the stop because the story is still pretty.
Looks at
Box Theory Trailing Stop
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (A dancer who turned $25K into $2M in 2 years.) cannot be applied to the facts on the page.
Philip Fisher
Anti-Overtrading Supervisor
Isolated
View
Skeptical — the burden of proof is on the bull case. Holding BRK-B is not the default. Sell rule first.
Why
Why: The "scuttlebutt" method; father of growth investing.. Hope is not a position.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Sell rules first. The "scuttlebutt" method; father of growth investing..
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
If the reason to stay is hope, the seat is already late. Write the violation that forces a sale.
Underwrite frame: Pass for now.
Risks
Main risk: moving the stop because the story is still pretty.
Looks at
Anti-Overtrading Supervisor
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (The "scuttlebutt" method; father of growth investing.) cannot be applied to the facts on the page.
John Bogle
Index Fund Accountability Backstop
Isolated
View
Skeptical — the burden of proof is on the bull case. Holding BRK-B is not the default. Sell rule first.
Why
Why: The father of index investing; benefactor of millions of ordinary investors.. Hope is not a position.
Analysis
Question: “Research BRK-B as a US-listed name.”.
Sell rules first. The father of index investing; benefactor of millions of ordinary investors..
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
If the reason to stay is hope, the seat is already late. Write the violation that forces a sale.
Underwrite frame: Pass for now.
Risks
Main risk: moving the stop because the story is still pretty.
Looks at
Index Fund Accountability Backstop
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (The father of index investing; benefactor of millions of ordinary investors.) cannot be applied to the facts on the page.
Ed Thorp
Kelly Criterion Position Sizing
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B is a distribution. P/E not on file; P/B 0.00. Thin sample → smaller size.
Why
Why: if edge is not measurable, Kelly ceiling collapses. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
BRK-B is a return distribution, not a feeling. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
P/E not on file; P/B 0.00. If sample is thin or correlations hid risk, size shrinks. Kelly is a ceiling.
Underwrite frame: Worth further homework.
Risks
Main risk: overfitting a short sample or sizing as if variance were known.
Looks at
whether a statistical edge is even claimed
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: no quantified edge.
Jim Simons
Statistical Significance Validator
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B is a distribution. P/E not on file; P/B 0.00. Thin sample → smaller size.
Why
Why: if edge is not measurable, Kelly ceiling collapses. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
BRK-B is a return distribution, not a feeling. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
P/E not on file; P/B 0.00. If sample is thin or correlations hid risk, size shrinks. Kelly is a ceiling.
Underwrite frame: Worth further homework.
Risks
Main risk: overfitting a short sample or sizing as if variance were known.
Looks at
Statistical Significance Validator
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (The Quant King; mathematician who cracked the market code.) cannot be applied to the facts on the page.
Ken Griffin
Multi-Strategy Integration & Execution Cost
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B is a distribution. P/E not on file; P/B 0.00. Thin sample → smaller size.
Why
Why: if edge is not measurable, Kelly ceiling collapses. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
BRK-B is a return distribution, not a feeling. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
P/E not on file; P/B 0.00. If sample is thin or correlations hid risk, size shrinks. Kelly is a ceiling.
Underwrite frame: Worth further homework.
Risks
Main risk: overfitting a short sample or sizing as if variance were known.
Looks at
Multi-Strategy Integration & Execution Cost
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Built the most profitable hedge fund in history.) cannot be applied to the facts on the page.
David E. Shaw
Model Pipeline Architecture
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B is a distribution. P/E not on file; P/B 0.00. Thin sample → smaller size.
Why
Why: if edge is not measurable, Kelly ceiling collapses. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
BRK-B is a return distribution, not a feeling. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
P/E not on file; P/B 0.00. If sample is thin or correlations hid risk, size shrinks. Kelly is a ceiling.
Underwrite frame: Worth further homework.
Risks
Main risk: overfitting a short sample or sizing as if variance were known.
Looks at
Model Pipeline Architecture
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Turned computer science into a hedge fund empire.) cannot be applied to the facts on the page.
Cliff Asness
Factor Exposure Analysis
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B is a distribution. P/E not on file; P/B 0.00. Thin sample → smaller size.
Why
Why: if edge is not measurable, Kelly ceiling collapses. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
BRK-B is a return distribution, not a feeling. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
P/E not on file; P/B 0.00. If sample is thin or correlations hid risk, size shrinks. Kelly is a ceiling.
Underwrite frame: Worth further homework.
Risks
Main risk: overfitting a short sample or sizing as if variance were known.
Looks at
Factor Exposure Analysis
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Bridges academic finance and practical investing.) cannot be applied to the facts on the page.
Overdeck & Siegel
Alternative Data Cross-Validation
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B is a distribution. P/E not on file; P/B 0.00. Thin sample → smaller size.
Why
Why: if edge is not measurable, Kelly ceiling collapses. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
BRK-B is a return distribution, not a feeling. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
P/E not on file; P/B 0.00. If sample is thin or correlations hid risk, size shrinks. Kelly is a ceiling.
Underwrite frame: Worth further homework.
Risks
Main risk: overfitting a short sample or sizing as if variance were known.
Looks at
Alternative Data Cross-Validation
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Pioneered the use of machine learning and alternative data in investing.) cannot be applied to the facts on the page.
Israel Englander
Platform Risk: Single-View Loss Cap
Isolated
View
Cautious — the file is open, the bar is not cleared. BRK-B is a distribution. P/E not on file; P/B 0.00. Thin sample → smaller size.
Why
Why: if edge is not measurable, Kelly ceiling collapses. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
Analysis
Question: “Research BRK-B as a US-listed name.”.
BRK-B is a return distribution, not a feeling. On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
P/E not on file; P/B 0.00. If sample is thin or correlations hid risk, size shrinks. Kelly is a ceiling.
Underwrite frame: Worth further homework.
Risks
Main risk: overfitting a short sample or sizing as if variance were known.
Looks at
Platform Risk: Single-View Loss Cap
On file: 10-K FY FY2025; revenue $247.2B; revenue YoY -1.0%; net income $67.0B; ROE 9.3%; P/B 0.0; P/S 0.0; price $507.00 cached.
This seat flips if: the method (Built the ultimate multi-manager platform.) cannot be applied to the facts on the page.
