Berkshire’s Equity Portfolio Is Up Sharply this Quarter. Its Own Stock is Lagging.

1. Berkshire's equity portfolio is thriving, primarily led by Apple. 2. Stock down 9% since May, partly due to Buffett's upcoming retirement. 3. Book value expected to rise 5%, stock reasonably valued at 1.5 times book. 4. Berkshire's large cash reserve limits aggressive investment amid market trends. 5. Previous sales of Apple and Bank of America stakes questioned by analysts.