He sees multiple catalysts for the shares ahead, including a less promotional competitive environment, easier earnings compares starting in the second half and into 2013, and sharerepurchases.
The investment bank is growing its earnings-per-share through net sharerepurchases and top line growth that makes its financial metrics comparable to other large Berkshire holdings, including IBM ( IBM), American Express ( AXP), Coca-Cola ( KO) and to a lesser extent, Wells Fargo ( WFC).