Subject: Re: MorningStar Valuation
"How long does it take the weighing machine to weigh?"

Good question. I would say definitely longer than 10 years. If you plot P/B versus time since 1965, you'll see that P/B has oscillated between 0.4 and 2.1. P/IV has oscillated, too, no matter how one estimates IV. Personally I think that P/IV was greater than 1.0 from late 2000 to late 2007, and below 1.0 from 2008 to 2021.