Thank you for straightening me out, Chris. You can see that I'm trying to narrow down what Buffett estimates IV to be by looking at the price and P/B where he is willing to repurchase shares, not repurchase shares or actually issue shares. Maybe you can help me.

Repurchases: The highest repurchase price paid so far, and the highest P/B, was in March, 2024, when he paid an average price for A-shares of $623K. That represents 1.60 times the starting book value for that quarter and 1.57 times the ending book value for the quarter. In February he paid $621K per A-share, representing 1.60 times the starting book value for that quarter and 1.56 times the ending book value for the quarter.

No repurchases: Berkshire made no repurchases in June, July, August and September when the stock price ranged from $610K/A-share to $716K/A-share, representing about 1.45 times book value to 1.73 times book value.

Stock issuances: On Sept 30 Berkshire issued B-shares in partial payment for BHE shares. The B-shares closed at $460 on Sept. 30, corresponding to an A-share price of $690K and a P/B of 1.58.

It looks to me from the above data points that Buffett believes that a fair price for Berkshire shares is about 1.58x book value. Or? Berkshire shares currently sell for 1.55x BV.