Jim,

I have the same question as Lear, but from a slightly different perspective. In the past, you have suggested that, in the long run, you expect the per share value growth (instead of per share price growth) of Berkshire to approach Siegel's constant (i.e., around 6.7% + inflation) and not fall below that. And even that may take time as we are not there yet (if I recall correctly, your recent estimates of per share value growth are around 8.5% plus inflation).

Hence, even if the trend line falls, you don't expect it to fall too much (more than a couple percent points per year)? Did I get that right? If so, the price per trend book value may still be a meaningful metric to use. No?

Please let me know if I missed something.

Thanks!

Berkshire Hathaway FAQ

---

Contact Shrewd'm
Contact the developer of these message boards.