Ann: SWISH Full Field Development to Grow Output & Net Income, page-35

Great post @danpech

I don't disagree with this logic exercise as it pertains to current market sentiment, but would add that there is always the possibility that market sentiment towards energy companies can improve from the current nadir.

The potential catalyst for this could be the re-emergence of global inflation (there are some small signs that this may already be happening) or an energy crisis where the world is caught net-short energy in which case investor desire for an energy hedge could see P/E's increase from here.

I'm not saying the above definitely will happen, just that it is a possibility that in no way is priced into BRK shares.