25 Jul 2015 Berkshire Hathaway’s Bright Future ( Portfolio )

“Berkshire is cheap, and the risk-reward is favorable,” says David Rolfe, chief investment officer at Wedgewood Partners, a Ladue, Mo., firm that counts Berkshire among its largest holdings. “Buffett is giving you a road map on valuation, and we’re closer to 1.2 times book than two times.”