This is factually incorrect. The quoted P/E of BRK is not reflective of all the earnings accruing to BRK (ignores look-through earnings of minority stakes). As widely known, BRK is better valued on a sum of the parts basis, of its substantial private investments, quoted investments and insurance operations (float). When you back out the implied P/E of its non-quoted investments, the 'private' business trades at a significant discount to the market (at c.10.x last time I looked). For a simple but powerful analysis see T2 Partners BRK presentation, updated monthly on their website.