Is Warren Buffett’s Berkshire Hathaway Worth More Dead or Alive?

Long post on Berkshire Hathaway's "business model" - how it grows and why the model works even if Buffett isn't at the helm. This post argues that Berkshire is "...not a lifeless closed-end investment fund, but a living, breathing stalwart – a mega-cap company that needs to be compared to (and valued like) other mega-caps." Uses the history of a small cap stock, Strattec (STRT), to illustrate why capital reallocation by a holding company works.