Knighted, seems you know exactly what I intend. I am inspired by 2x this year having bought BRK calls when Price/PeakBV was in one of the lowest of Jim's buckets. First Jan'24 calls which until 3 days ago were up around 40%, then Sep29 (Price/PeakBV=1.22) Jan'25 calls which were up over 70%. That ignited the thought to extend that strategy to not act on only the extremes but going a bit up the 'bucket ladder' => buying calls already at higher Price/PeakBV than around 1.2x to have more such actionable events. That's why I asked Jim for those data. When you are now saying

I've found in the past that translating bucket of return type of data like this into a trading strategy with cut-offs does not always produce the slam dunk results one might intuitively assume. I found that to be true in this case. When I backtested a few years ago, the best I recall seeing was a ~1% CAGR advantage

the question for me is: Did you find this to apply also to staying with valuation extremes like 1.3x (or lower), or only when you go far higher, much more into the middle of the valuation range?