Home Financials  Summary Berkshire Hathaway (BRK.A/BRK.B) enters a new era as Greg Abel assumes the CEO role, and I expect the valuation focus to shift back to the P/B ratio. Despite diversification, BRK’s insurance segment still drives over 50% of pre-tax earnings, reinforcing the relevance of book value in the valuation. In the meantime, a record $397B cash position signals limited investment opportunities and weakens the argument for book value premium. I feel optimistic for Abel to keep improving operating efficiency, but elevated P/B ratio of 1.44x can offset future return potential. I do much more than just articles at Envision Early Retirement: Members get access to model portfolios, regular updates, a chat room, and more. Learn More » Yossakorn Kaewwannarat/iStock via Getty Images BRK stock: Q3 changes made P/B ratio more relevant I last analyzed Berkshire Hathaway (NYSE: BRK.A ) (NYSE: BRK.B ) on Mar 27 with an article titled " Berkshire Hathaway: Why I Set A $450 Limit Buy Order”.…