Subject: Re: Berkshire's stock price
Why is it rising and rising while absolutely not cheap anymore, in a straight line?

A guess? Just the random wanderings of valuation.

If we look back at the last year, we really have not seen BRK trade under median P/B since mid October 2022. It's almost 220 trading days since we have seen valuations below median. A really nice run we can all enjoy.

But the market is moody and it doesn't like to give us exactly 125 trading days above and below median a year. If we look back to May 2019 to April 2021, we went nearly 500 trading days never trading above median trailing P/B other than a handful of brief blips above. A wonderful time to accumulate.

So where do we go from here? I have no idea. I'm only holding a few Jan25 Leaps currently and I've sold a fair number of Jan24 covered calls so I'm betting there will be lower prices on offer soon. The market will almost certainly make a fool of me.

Jeff