Dear Investment Team,

Hello Team, I have revised the spreadsheet to include a 9th and final equation. The result of which may be found here. I am including a second sheet that analyzes Berkshire Hathaway since 1995, it may be found here. I used the average annual rates of growth for both assets and liabilities over 3, 5 and 10 year spans. I also used the actual inflation and interest rate data from each year. If you scroll down the page you will see 4 charts laybled A to D. Chart C and D are most interesting for they show the estimated and actual stock prices of Berkshire from 2005 to 2025. It is important to note that my equation almost perfectly tracks Berkshire when the interest rate and inflation rates are held constant at 5 and 2 percent respectively. Because of Chart D, I am certain that my equation is accurate and because I do not attempt the gloss over economic data with logarithms and square roots I am certain that this equation will work for other companies too. The next company I will model is Intact Financial Corporation, then Apple Computers. Stay tuned!

Sincerely,

King Arthur Henry George of Britain

May 7, 2026