I think that we're both right. From Yahoo finance: "Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, the most important of which are insurance businesses conducted on both a primary basis and a reinsurance basis. Berkshire's principal insurance businesses are GEICO, General Re, Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group. Berkshire also owns and operates a number of other businesses that offer apparel, building products, finance and financial products and flight services. In addition, the Company operates retail businesses consisting of several independently managed home furnishings and jewelry retail operations." At 11:55 AM 3/7/2004, Tom Knight wrote:
Berkhire-Hathaway is a stock holding company, not an insurance company. Since it holds stock in other companies, and has a stock value itself, it is common for its stock to trade above or below the combined value of the stock it owns. It is perfectly plausible for its equity holdings to be 114% of its market value.
It has never split its shares, and current share price is in the high tens of thousands of dollars. Warren Buffet is the director, and has just issued his letter to shareholders. I'd recommend it as a good read.