Subject: Re: IV/BV
I'm sorry, I still can't understand what you are doing.

Your analysis suggests that intrinsic value was only 35% more than book value in 1999 (when market prices was around twice book value), and had risen over time as the market price became a lower and lower multiple of book. I just can't think of what you're doing with the data that leads you to this conclusion.
Can you explain the underlying principal as if to somebody stupid?

(as an aside, the buybacks at high P/B last year are known to be from a long time shareholder, so presumably have nothing to say about management's thoughts about fair value. The highest P/B paid for buybacks that were not from long time shareholders is, I believe, about 1.48 in Feb 2022)

Jim