Enough about the recession impacting earnings. Everyone knows recessions do that. Where's the ship going? Fearless prediction:

1. YE 2010 investments per share 100k per A. Float is increasing, and that's in there. Earnings are increasing, and that's in there.

2. Non-recession BRK earnings power, post-BNI closing, $6666 pre-tax. I'm not talking recessionary earnings here. Much of BRK - Shaw, Marmon, Acme Brick, the consumer goods companies, the real estate - is cyclical. Railroads like new addition BNI are classically cylical. When the recovery takes hold, this big locomotive is really going to put on a head of steam. Appropriate multiple is 12x, given BRK's continuing exponential growth of earnings and investments, which is the whole point of BRK.

My Year-end 2010 estimate of IV is 180k per A, 6k per current B, $120 per split B.