Subject: Fair value?
I have most recent book value per B at 291.72, so current price to book is 1.58x. In recent past, this is clearly on the high side of things.

Warren preferred to do buybacks at 1.2x (which is likely unrealistic) and commented that double book value is likely high. So, 1.6x is an average.

If they grow book at 10% year, we could still do well if the stock stays at a 1.6x ish valuation.