3 years ago



12-Month Investment

12-Month Investment Return • Current intrinsic value: $232,300/share • Plus 10% growth of intrinsic value of the business (book value grew 2.6% in Q1 '14) • Plus $7,500/share cash build over next 12 months • Equals intrinsic value in one year of $263,000 • 40% above today's price -18-

Catalysts • Continued earnings growth of operating businesses • Likelihood of meaningful acquisitions and investments – If there's a recession, this becomes more likely – Buffett disclosed at the 2012 annual meeting that he came very close to consummating a $22 billion acquisition • New stock investments • Additional cash build • Share repurchases (if the stock drops to 1.2x book or below) -19-

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