What small companies do you think have the most promise of being the ''next'' Berkshire Hathaway (if any company exists like this).

Names I've heard floated: Markel Corp, Leukadia, Sears Holdings, etc.I'd be interested in insurance or non-insurance companies.

Common denominators I've noticed in ''potential'' Berkshire-like companies...Note: many companies do not fulfill some of these criteria.

1) Ability to consistently grow book-value at a good rate. (MKL, LUK, BRK, SHLD)

2) Conservative in capital allocation - i.e. knowing your ''circle of competence'' and not taking risks in businesses you do not understand.

3) Respect for shareholders - not letting executive management binge on stock options and actually treating the company is stock be worth something.

4) Durable long-term competitive advantage: A company with strong brand and/or business design that makes high entry costs in the field unavoidable.An easy business but not a simple business.

[Other potential critieria: not letting the stock split (reduce volatility and select for long-term investors), being very conservative with cash and having a predictable cash flow, minimal debt load.]

So what companies do you think have fantastic long-term prospects and over-time will prove to be sensational businesses? (forget the short-term)Why?Do any of your businesses use insurance ''float'' to engage in private-equity like buyouts like Berkshire?

BRK/A is not a ''company'' - it is a fund. No company has an equivalent way to duplicate it. Some say the BAM group is a top opportunity of this type.

If you're looking for the next company that may have the long term geometrically explosive returns that BRK/A and BRK/B have experienced under Buffett is management, you may find it valuable to look at the New America selections each week in the Investor is Business Daily