Subject: Re: Current Price To Peak Book...
"If one thinks that Berkshire's P/B is now falling (after having risen from 1999 to 2022), then one might want to subtract a small amount from the 2025 expectation."

Another correction. Berkshire's P/B fell from 1999 to 2010, and has been rising since. Still, it's almost a given that if P/B falls, then the return will fall.