The world has come to appreciate Berkshire as more than an insurance company with more concentration (aka - majority stakes?) than other insurance firms due to TAM. Geico, Coca-Cola, DQ are among the few names one thinks of with the Buffett empire for the super bowl of annual meetings and shareholder letter. When the world chooses to look at BRK as they do a Google in terms of scope of business, the shares trade at a higher multiple. Perhaps even the B shares will split someday!