Subject: (Repurchase Price/Book Value) Ratios
Last 15 months ratio of average repurchase price to book value. Price expressed in B and takes into account both A & B repurchases. Quarter end book value used for all 3 months in the quarter.

1.57 and 1.56 from the last 2 months are the highest ever. Feels like a step change in what he is willing to pay. However, upon closer inspection, he has paid close to these levels in the past. Note 1.51 & 1.49 for Sep & Aug last year.

		Average
		Repurchase	Book		ARP/BV		
		Price (ARP)	Value (BV)	Ratio

March		415.47		265.08		1.57
February	414.12		265.08		1.56
January		370.08		265.08		1.40
December	360.71		259.58		1.39
November	355.27		259.58		1.37
October		48.50		259.58		1.34
September	366.42		242.28		1.51
August		361.16		242.28		1.49
July		347.62		242.28		1.43
June		335.55		248.64		1.35
May		329.00		248.64		1.32
April		308.57		248.64		1.24
March		308.51		231.95		1.33
February	306.07		231.95		1.32
January		312.92		231.95		1.35


1Q-24 BV calc:
571,490 million shareholders' equity
------------------------------------	= 265.08
1,437,251 Class A outstanding * 1500