On a takout I would be content by a industry norm of 2.25 book value.In this case it works out to be 2.25x15.81=$35.57so anything short of 27.50 is a buy in my opinion, the only negative is the illiquidityof these shares, thats why i have them in my ira and pension accounts.
But is BERK worth 2.25X its book value when a majority of it is in long-term Fannie Mae bonds? Just reflecting, I don't know the answer for certain.(Long-term interest rates seem likely to rise, perhaps significantly, reducing their value. Fannie Mae's accounting problems could also reduce their value somewhat.)
I, am, not sure but willing to bet on it, that eventually the above value will be achieved either by a takeout or by continuing their expansion through acquisitions