BRK tends to trend for a while so I guess I'm looking for an indication that the rally is stalling / about to reverse. I'm not looking for a big pull-back. A long time ago, Jim did some research that seemed to indicate that you should consider a rally in BRK intact as long as it remained within 3% of its recent new high.

I´d suggest not to look at that in isolation. It´s one factor, but others might point at least longer(!) term to a different direction (Zeelotes always warns about using one indicator in isolation instead of a bunch of them, combined, to get the full picture).

For me the question still is whether such a rally is not followed by a big pullback if it leads BRK to the upper border of it´s longterm Price/BV channel - or even above it as was the case in the first months of 2025. In all those cases BRK rallied strongly - only to come back to the middle of the range within a year.

IF(!) Price/BV still is the single best indicator for predicting it´s future ratio it´s risky to expect the price to hold, see 2015, 2018, 2022, 2025: In all cases it rallied to, close to or (in 2025) above that upper 1.55xBV valuation - and came back big.

The question of course is whether that in the past so reliable Price/BV channel is still intact or does not apply any more, whether Berkshire is the same company as then or a different animal now ("...waking up from a 15 year slumber...") - or at least seen as such with Greg at the helm.

My impression is that the "Go Berkshire, go" faction is overwhelmingly in the majority here, as nobody apart from one ever buys BRK puts, no matter how high Berkshire´s price is compared to it´s BV. That´s understandable as everybody(?) here is an owner and who wants to see his share price go down and to even bet on it?

Even the originator of that chart might be less convinced of it being still valid than me who still think "gravity will win" and added to my puts. It´s a lonely place to be "Devil´s advocate" (Btw: Great movie with Keanu Reeves & Al Pacino) and "Last man standing" - but I love it :)