Subject: Re: Buffett Premium
Personally, given that Buffett is standing down, there's lots of cash earning low returns,it's an inflationary environment and lots of macro economic uncertainty and headwinds with the busineses. Why would I expect Berkshire to trade higher than average PB?

I expect a slow grind down to 1.35x book value. If there's a market meltdown Berkshire will get battered too and that'll be a good time to buy as they can deploy the cash,

It doesn't make sense to me that it should trade at higher than average multiples because of the optionality of the cash pile. The price is not that forward looking imo.