Berkshire Hathaway has delivered a 78.8% share price gain over the past 5 years, and with Warren Buffett now stepping back from the chairmanship, investors are asking whether that track record is still supported by the returns the group earns on its capital at today's valuation. A 78.8% return over 5 years puts real weight on the question of whether Berkshire's current price is still aligned with the quality of returns it can generate on the capital it deploys. The transition to Howard Buffett as chair and Greg Abel overseeing capital allocation may support continuity in how Berkshire reinvests cash, which matters directly for the future returns earned on shareholders' capital. What if you looked at Berkshire Hathaway through its earnings instead?
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