Subject: A comment on current Book Value
A couple of methods have been discussed for smoothing out fluctuations in Book Value.
1. Reported BV
2. Peak BV
3. Trend inflation-adjusted BV

This quarter's increase in BV was just shy of a 32% annualized rate, which you might think makes it a bit high. However, all three methods give very close to the same answer for current BV.

Reported and Peak BV are both the same, at $389367. Trend inflation-adjusted BV is just slightly lower, at $385997. It seems that current BV can be trusted without adjustment to the extent you're willing to trust BV.

(Trend BV brought forward to the end of February is $391138 if anyone cares.)