Warren Buffett is Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B). And vice versa.

But we can still talk about selling Berkshire Hathaway while considering Buffett an investing god.

Warren Buffett himself sometimes even comments on his own company's share price. In 1995, he said in his normal understated fashion, "As I write this, with Berkshire stock at $36,000 -- Charlie and I do not believe it undervalued."

So with all due respect to Mr. Buffett, I'll lay out the cases for buying, selling, and holding Berkshire Hathaway. Then I'll share my thoughts.

Buy: For what it's worth, Goldman Sachs (NYSE: GS) is bullish -- setting a 12-month price target of $152,000 for Class A shares and $101 for Class B shares. Or 27% above current levels. Goldman breaks Berkshire down into its component businesses, making the distinction between industrial and non-industrial (e.g., insurance and investments) operations.

So, it's unfair to judge Berkshire by earnings because many of its assets are investments whose gains aren't reflected in the bottom line period to period. But on a book-value basis, Berkshire is historically cheap.

Also, it is nice to say that Warren Buffett works for you. Not only do you have a great investor taking care of some of your money, but you also get in on some of the sweetheart deals no one but Buffett is offered.

Sell: One reason to question the future of Berkshire is its size. As mutual fund managers know, it gets increasingly tough to beat the market the more money you have under management. You're less nimble and forced to take bigger positions in bigger companies to move the needle, as they say. I've written in the past that Buffett can no longer buy fast-growing small caps.

Another fear is Berkshire's succession planning. Many folks invest in Berkshire solely because it's run by Buffett and his partner Charlie Munger. Buffett is 79. Munger is 86. As his biographer Alice Schroeder points out, Buffett is steeling Berkshire to be a post-Buffett success, but you can't lose a Buffett and not be affected.

A third, less-talked-about ding is the complexity of some of Berkshire's insurance businesses. Not so much GEICO, but rather the reinsurance business. When you reinsure other insurance companies, making a few wrong bets can be crippling.

Hold: At its current size, it's not totally unfair to think of Berkshire and its collection of assets as a more specialized play on the U.S. economy than exchange-traded funds like the SPDR S&P 500 ETF (NYSE: SPY) and PowerShares Exchange-Traded Fund (Nasdaq: QQQQ), which tracks the Nasdaq 100.

The bottom line
I come out somewhere between a hold and a buy at current prices. If I didn't already own shares, I'd consider buying at today's prices.