Nice analysis. I do have a question about the pink line as of Q1 2000, though. The high and low prices during Q1 2000 were $57,800 and $40,800 respectively, and the beginning and ending BV/share were $87,987 and $37,013 respectively. That puts the low P/B during the quarter at 1.07 using the beginning BV/share and 1.10 using the ending BV/share. At its low price for the quarter on March 10th BRKA stock was pretty clearly undervalued. I even recall Warren offering to buy back stock if anyone wanted to send in their certificates. However the pink line suggests that BRKA was overvalued. Where do you think the discrepancy lies?

Also, do you think that it would help to go back to, say, 1995, just for perspective? BRKA stock was clearly overvalued in Q2 1998 at a P/B as high as 2.8. I think that it helps to see the value estimate at points in time when BRKA was clearly overvalued, such as Q2 1998 and Q4 2007, and at times when BRKA was clearly undervalued, such as Q1 2000, Q1 2009 and Q1 2020. In addition, in terms of value growth rate there was a sharp knee to a lower growth rate in about mid 1998. Just a suggestion.

Thanks for sharing,
rrr12345