This is the second part to Todd Kenyon's article on Warren Buffett's Berkshire Hathaway, and his attempt at putting an intrinsic value on the behemoth company.

Right off the bat Buffett comments on the credit debacle:

Below is the first part of Todd Kenyon's notes on Warren Buffett's annual shareholder letter that was released last night.

"As always, Buffett reinforced many of his main tenants: good businesses have sustainable competitive advantages, generate attractive returns on capital, and are run by extraordinary managers, even if they don't have to be: