As to Berkshire's stock price...

Using Jim's narrative is and has been for years an excellent way to make a decision to buy and to sell. If you plan to hold the stock, which evidently a few here do, then price/value is something best enjoyed as entertaining after you've bought. It is, or will be, proof that popularity comes and goes, like the metaverse was the future... and then end of Facebook... and 5 seconds later AI became the only two letters of the alphabet.

The risk is always eras like the late 1990's when years of one-dimensional thinking reduced Berkshire and Buffett to a level of near being despised by most investors...you know kind of like ole dealraker is now since he said, "Please can we go elsewhere of DG!" For those with a huge overweight of Berkshire just realize a plan is what you have until you get punched in the mouth. Then you are in grind and survive mode and owning a lot of any one stock will put you in the 100% probability of that punch-in-the-mouth coming to you.

Life is great, if you can stand it. Instead of obsessing over beating the market or never experiencing those fobidden lower quotes (from when you bought) on an over-weighted stock, there's the option of putting probability of a good outcome, or more importantly lessen one of bad outcome, on your side by simple well-thought out diversification. Sleep well, avoid the euphoria and depressive states?

It is an option and it works. And it keeps the mind far-far-far away of non-productive daily focus on price to book or price to value...unless of course you plan to constantly buy and sell.