[nostrademons]

You can get a good idea of whether Buffett thinks Berkshire is undervalued or overvalued by whether he uses cash or stock for acquisitions, though. When the stock is overvalued, he'll trade overvalued Berkshire stock for undervalued other stocks. When the stock is undervalued or fairly-valued, he'll use cash for the purchase.

Everything recent has been done with cash, AFAIK.

[mattmaroon]

Yeah, that's true. I just wish you could imitate him like an EFT.