In Search of the Buffett Premium

1. Conventional wisdom is that Berkshire Hathaway shares have enjoyed a “Buffett Premium”, and perhaps that was the case in the past.
2. At the 2017 annual meeting, Warren Buffett seemed to say that there was no “Buffett Premium” in the stock at the time.
3. It is too much to expect Warren Buffett and Charlie Munger to ensure the future of Berkshire Hathaway decades after they are no longer in the picture.