Subject: Re: Price to Book has been a quick, sim...
But for calculating P/BV, it would not make sense since price is not inflation adjusted.

IMO, inflation adjustment is done for all purposes. Yes, it's used for generating the trend line, but looking at the real, inflation-adjusted stock price is also appropriate. Stock indexes on average increase by 6.5% (Siegel's constant) plus inflation. Eventually, when you sell your Berkshire stock, you spend that money on higher (inflation-adjusted) prices. So at the end of the day, the inflation-adjusted stock price is what really matters.