One fan tells Barron's that the stock could top $110,000 in the next year. If so, it would trade for roughly 1.4 times our estimate of book value in 12 months: $80,000 a share. That price target doesn't seem outlandish in view of the projected price-to-book-value ratio. In a better economic and financial environment, Berkshire might even trade up to $125,000 a share, implying a multiple of book value closer to the 10-year average.
Cheaper shares even cheaper?
Berkshire's class B shares, worth about 1/30th of the A shares, fetch about $3,000 each. The B shares look like an even better buy than the A shares because they sell at a 2.5% discount to their theoretical value. But the discount has persisted for some time and could continue, as the B shares can't be converted into A shares.