10 Nov 2012 Buffett's Latest Bargain: Berkshire Hathaway
"Berkshire is very cheap here," says David Rolfe, chief investment officer at Wedgewood Partners in Ladue, Mo. He argues that Berkshire offers an "incredible margin of safety" at current levels because of limited downside and significant upside, if investors are willing to assign a higher price/book multiple to the stock. He says he's "resigned" to the idea that Berkshire may appreciate only in line with book-value growth, but with book growing at about 10% annually, that's not such a bad thing.