Subject: Re: Price to Book has been a quick, sim...
A couple of things popped out at me. First, Book Value has gotten noisier than in the distant past....

I think you will find that this is not because of any change in Berkshire's business, but because
it seems you have graphed the change in book value in constant dollars rather than looking at percentage changes.

A 1% fluctuation in book value is no more meaningful than it ever was, but is a much bigger change in dollar terms than it was years ago.
So, in dollar terms, it seems like the fluctuations are getting larger and larger.
Which they are in absolute terms, of course, but they aren't getting any more meaningful as a fraction of the value.

Try replacing your Y axis values of "real book per share" with "log of real book per share", and *then* do a linear fit.

Jim