Subject: Re: Current Price To Peak Book...
Interesting stuff, rrr. Thanks for sharing your thoughts about how the recent trend in valuation is related to near-term forward returns. Makes sense.

I don't apply any such adjustments myself. I just like to keep an eye on price/peak book so I have an idea of where BRK stands on the valuation cycle. Sometimes I've added when valuation is below average. I've never yet sold any due to overvaluation concerns.

I knew I remembered some posts by Jim that went into more detail about the relationship of price/peak book to returns, so I went looking and found this one without much fuss. Any links to charts on the subject, or other related analysis would be welcomed.