Here's Whitney Tilson's presentation explaining why Berkshire Hathaway's stock could jump 45% in the next year

Hedge fund manager Whitney Tilson, the founder of Kase Capital, is a big Berkshire Hathaway bull.

In a new presentation, Tilson asserts that Berkshire Hathaway's A shares could have a 45% upside in the next year.

He said the stock price was trading 25% below its intrinsic value, which does not include any Warren Buffett premium. In other words, Tilson doesn't see the company's value declining if Buffett dies.

Tilson thinks there is an 80% probability that Buffett, 85, will be running Berkshire for five more years and a 50% likelihood that he'll stay on for 10 more years.

We've included the presentation below.