I increased my holdings of BRKb today. How many days in one's lifetime do we have the following all happening at once; Berkshire announces $9 acquisition - Wall Street sells the buyer, earthquake/tsunami/nuclear melt downs - overall global markets weak, especially reinsurance stocks.
I still don't see the compelling reasons to buy BRK. The conglomerate part (Marmon, etc.) does keep "chugging along", but when all is said and done it looks more like one of those old tired conglomerates of the 70s and 80s - WR Grace, etc. Something is always doing well and gets the headlines, but overall the stock price just languishes.
I have a significant holding in Fairfax, and as I just posted here, opened my first time ever position in MRH. They are easier for me to understand than BRK, and WB would say buy what you understand.
Many agree with your premise, including the great man himself. However, I see other outcomes because of recent developments being able to move the big needle; Berkshire India, rising RE rates with Omaha standing tall to take on risk that others (Bermuders) jettison because they have been weakened by Japan. Marmon, Wrigley/MARS, and the railroad...keep on chuggin along.