The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network TIP810: Berkshire Hathaway 2026 Valuation w/ Chris Bloomstran
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Apr 26, 2026 
Chris Bloomstran, founder and portfolio manager of Semper Augustus known for deep Berkshire analysis, breaks down multiple valuation methods for Berkshire Hathaway. He discusses intrinsic value drivers, Greg Abel’s leadership and compensation, how to assess buybacks, and the challenges of valuing OpenAI. Short, focused takes on succession, margins, and long-term return expectations.
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Berkshire's 2025 Intrinsic Value Rose About 9.3 Percent
- Berkshire's intrinsic value rose ~9.3% in 2025 to about $1.2 trillion driven by 13.7% stock-portfolio returns and 10.5% book value growth.
- Chris Bloomstran uses four reconciled methods (sum-of-parts, GAAP-adjusted, 1.75x book, two-prong marketable+operating) to triangulate a $570 B-share fair value.
Adjust Reported Operating Earnings For Accounting Noise
- Reported operating earnings can mislead because currency translation, mark-to-market debt, reserve development, and goodwill write-offs distort the headline change.
- After adjusting for those items, Chris finds operating economic earnings up ~$1.1 billion despite the headline near-$3 billion decline.
Judge Greg Abel By How He Deploys Cash In A Crisis
- Judge Greg Abel by his actions in a true crisis and whether he 'swings hard' with Berkshire's cash when opportunities arise.
- Expect Greg to use a network (Ted, Adam, subsidiary managers) and not act alone on large capital allocation choices.
