Subject: Re: Value, when to buy
What's the CAGR for the trendline over the past 5, 10 years?

 1  year:   5.85%
 2  years:  5.92%
 3  years:  5.37%
 5  years:  6.97%
10  years:  7.92%
15  years:  8.44%
20  years:  7.83%
25  years:  7.44%

Those are returns in addition to inflation.

The recent slight slowdown, by the way: book per share has done well, but earnings in the operating subs have been poorly, mainly but not exclusively due to BHE. Holding up fine on trend, but not growing as they used to. Since one of the two models inside the valuation yardstick has operating earnings as a major input, the slope (real growth rate) of the value line has been pulled down. I expect a very slight upturn at some point, as inflation+5.85% is below what I would consider the "monkey with a dartboard" level.

Speaking as a monkey with a dartboard, I've done better than that, anyway : )

Jim