Subject: Re: Rational Walk summary
He has a chart of monthly share repurchases with a Price to Last Disclosed Book Value. For 2022 Q4 purchases, the Book Value used is the one as of Sep 30, 2022.

By this metric the shares purchased in November and December 2022, were at the highest PB ever paid.

This leads me to speculate that Buffet's estimate of IV is at least 1.6 PB.

And share repurchases have continued into 2023. I hope Mr. Market continues to give us substantial discounts to IV.