If we define 'fair value' as the maximum price BRK itself is willing to pay for a share (admittedly against BRK statements that it only purchases at a discount to fair value), based upon P/Book, we're currently at or around fair value.

I believe March 2024 is the current repurchase high water mark if one goes by P/Book: A shares purchased at $623,205.69, or $415.87 per B share equivalent, while book was at $265.08 per B share (1.567...).

If you assume book as the valuation metric, today's adjusted price based on last reported book (or highest reported book to date) is $457.22 (1.567 * $291.72).

If we're looking at maximum price BRK has actually paid, we're at $626,685.61 in May 2024, or $417.79 in B equivalents.

One could do worse, but one could probably do better.

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