Subject: Re: IV/BV
Here are the IV/BV from the "weighing machine model." Again, the estimated IV is simply the trendline in the 60-year plot (log-log) of P vs BV (which has an r^2 of 0.98).

date, IV/BV
Dec '99, 1.35
Dec '04, 1.39
Dec '09, 1.43
Dec '14, 1.49
Dec '19, 1.55
Dec '24, 1.60

For comparison, the repurchase price paid in Mar, 2024 was 1.601x the BV at the start of the quarter and 1.567x the BV at the end of the quarter. Berkshire also issued B-shares on 9/1/24 at 1.565x the Sept 30 BV.