Subject: Re: Value, when to buy
The 20-year-average valuation level today would correspond to $612733 per share ($408.49 per B). That price (or lower) might perhaps make a good re-entry target?? Of course that number will rise with share value and with inflation as time passes.

I just wanted to add to that: the comment above is interesting and perhaps useful, but should not be confused with an estimate of the intrinsic value of a share.

Maybe Berkshire has been undervalued for most of the last 20 years, or overvalued. The comment is merely about the observed average valuation level, for better or worse.

Jim