Corporate finance question in the attached image $($#$2)$

2) Warren Buffett's Annual Letter to Shareholders [February 25, 2012] A) B) C) D) In his recent letter to Berkshire's shareholders, Warren Buffett writes, "When Berkshire buys stock in a company that is repurchasing shares, we hope for two events: First, we have the normal hope that earnings of the business will increase at a good clip for a long time to come; and second, we also hope that the stock underperforms in the market for a long time as well." Why would Buffett hope that his investment underperforms? There is a phrase on Wall Street "talking your book," which means spreading information that would help your investment positions. For example, shorting a stock and then saying publicly the company is heading to bankruptcy. In his annual letter, Buffett says, '"Talking our book' about a stock we own, were that to be effective, would actually be harmful to Berkshire, not helpful as commentators customarily assume." Why would spreading true information that increases the market value of Berkshire's positions actually be harmful to his shareholders? Berkshire owns two regulated utilities: MidAmerican and BNSF. MidAmerican is an energy company serving the midwestern US and BNSF is one of the largest freight railroad networks in North America. In describing these businesses, Buffett writes, "A key characteristic of both companies is the huge investment they have in very long-lived, regulated assets, with these partially funded by large amounts of long-term debt that is not guaranteed by Berkshire." These businesses could borrow money on better terms (reducing costs for Berkshire's shareholders) if the debt was backed by Berkshire. How does Berkshire NOT backing these loans make MidAmerican and BNSF worth more? In his letter, Buffett also discusses the valuation of financially healthy firms. Is the following statement true, false, or uncertain? Because the Free Cash Flow Method deducts hypothetical taxes, the resulting valuation estimates for such firms are less reliable than those obtained from the Capital Cash Flow Method, which deducts actual taxes.