Subject: Re: Chris Bloomstram 2022 Letter is out
A good letter this year and always an interesting deep dive on Berkshire. Interestingly his very detailed multi-method valuation analysis also seems to yield an IV number hovering roughly in the $380 per B area.

My quick and dirty heuristic of the maximum buyback price to date being at least 10% below Buffett's estimate of contemporaneous intrinsic value and then allowing for a conservative 8% return on overall equity in the period elapsed.

At the current price that number suggests more than 25% discount to IV at today's price.