It seems pretty reasonable to assume, as in the past, that any security with an intrinsic value rising over time will
(a) see new high prices from time to time, and
(b) see waits between such fresh highs that get only so long

However, I like to note that the time it takes to hit a new high is pretty dependent on what the valuation was like the LAST time it hit a new high.
If Berkshire had traded at twice book a year ago, it would make sense to be prepared for a much longer wait for a fresh all time high.
Conversely if it had been bouncing along the bottom of its valuation multiple range for a while, the wait is likely to be shorter.

A potentially more predictive metric along the same lines:
How long has it been since price-to-peak-book was over 1.4?
That has only ever exceeded 1.2 years once in the past, the longest-ever wait being 2.1 years in the stretch ending almost exactly 10 years ago.
At the moment we're at 1.2 years and counting.

Jim