Assumes the economy continues to recover and a mild hurricane season in 2010. I don't see how you can give BRK a p/e like a non-growth company, when you look at the excellent earnings growth. Buffett is growing BRK's earnings through diverse, very steady streams at a remarkable rate, while keeping debt among the lowest of all large American companies. The rating agencies are smoking crack to downgrade - it's like they grade BRK on a curve, compared to itself alone. BRK's debt is among the lowest of all companies of comparable size, while BRK's asset and cash positions are enormous. It's another good reason not to be loony and have those derivatives contracts where downgrades trigger collateral calls. Despite tempting mispricing, Buffett didn't go there, and that permits him carte blanche to do what he will to increase BRK's value. And he is.