The case for value is made not only relative to Berkshire's past, but also relative to 'what else is on offer'.

It's arguable that with cash/short/medium-term bonds returning a decent amount, the case for Berkshire is reduced a bit.

Particularly for an older investor, if you can now get returns on bonds that are entirely adequate to your needs, then BRK might be arguably too much risk in the short-to-medium term at this price, rather than good value.

I mean, B's have been under $270 in the last 9 months and well under $200 in the last 3-and-a-bit years, under various circumstances that could well recur.

Even if BRK just sails along flat for a few years (as it has done in the past, sometimes), coiling up the value spring, well, cash accounts will be going up during that period.

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Consider too, things change with inflation (doubly so with taxable assets during inflation).

From Buffett's own writing (1979 letter to partners):

"One friendly but sharp-eyed commentator on Berkshire has pointed out that our book
value at the end of 1964 would have bought about one-half ounce of gold and, fifteen
years later, after we have plowed back all earnings along with much blood, sweat and
tears, the book value produced will buy about the same half ounce. A similar comparison
could be drawn with Middle Eastern oil. The rub has been that government has been
exceptionally able in printing money and creating promises, but is unable to print gold or
create oil."

Berkshire Hathaway: Letters 1979

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Regarding 'value relative to other things'. Berkshire is up 27% from its lows last year.

There are many other quality stocks in the SP500 which are not up 27% from their lows last year.

A few large companies are flat or even down since BRK last hit recent lows.

Some of those companies are sufficiently high quality that they've been bought by Buffett himself, (and at far higher prices!).

BAC and VZ, to name but two.