PS, in case anyone is interested, the recent figures for my valuation yardstick.

Like book value, it's something that rises approximately the same rate as value, but isn't itself fair value: it needs a constant multiplier, the value of which is unknown. However, more or less by coincidence, it tracks market price fairly closely. All figures in today's money with CPI 322.6.

I included the ratio not because the specific number is meaningful, but because of the trend: to the extent that my "2.5 column" metric has merit, it suggests that the fair P/B ratio has been drifting down a bit, not up, in this stretch. This all comes down to the slowdown in net profit in operating subsidiaries.

            Real       Real
Quarter     Book      2.5 col   Ratio
2013-12    186797     306054    1.638
2014-03    190180     305856    1.608
2014-06    193208     315483    1.633
2014-09    196001     325488    1.661
2014-12    199659     330507    1.655
2015-03    201998     334675    1.657
2015-06    203079     341058    1.679
2015-09    204876     345254    1.685
2015-12    211397     349001    1.651
2016-03    214063     329662    1.540
2016-06    214900     330808    1.539
2016-09    219328     344223    1.569
2016-12    230000     358253    1.558
2017-03    235819     371717    1.576
2017-06    241012     378468    1.570
2017-09    246289     379055    1.539
2017-12    276897     391224    1.413
2018-03    273598     395652    1.446
2018-06    279101     412519    1.478
2018-09    292718     438052    1.496
2018-12    271987     433101    1.592
2019-03    287880     451983    1.570
2019-06    294910     459896    1.559
2019-09    306668     472756    1.542
2019-12    327876     499798    1.524
2020-03    286032     452823    1.583
2020-06    309321     463637    1.499
2020-09    328208     471590    1.437
2020-12    355666     515975    1.451
2021-03    360038     542472    1.507
2021-06    372914     581834    1.560
2021-09    373176     597545    1.601
2021-12    397470     604017    1.520
2022-03    392439     609887    1.554
2022-06    346433     581663    1.679
2022-09    337471     573429    1.699
2022-12    337634     591645    1.752
2023-03    373790     570743    1.527
2023-06    395662     590809    1.493
2023-09    382000     567517    1.486
2023-12    408936     605901    1.482
2024-03    413322     617743    1.495
2024-06    430321     629677    1.463
2024-09    448280     652350    1.455
2024-12    461577     666937    1.445
2025-03    460159     666591    1.449
2025-06    466106     678111    1.455

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