I have a "five grove" model for intrinsic value(IV) that I have used for the last 5 years.

Things can bounce around a bit because of the equity portfolio valuation so I use Peak IV as my own reference point. If I did not think that IV generally was increasing continuously I probably would not be a shareholder. Measurement can be a little lumpy, though.

Although I cannot provide you with anything quantitative, I would say that having the market price exceed 90% of my Peak IV number is very, very unusual. Right now, market value is about 98.8% of my Peak IV. The market price on a relative basis is certainly on the high side in my opinion.

With that said I do think that we will see a new Peak IV when the year end numbers are released. Huge Q4 securities gains should be a big driver.