Subject: Re: Dec 31 BV?
Nice work!

My Interpretation: BRK's price since 2000 practically always is in a channel, ranging from 1.2 x Peak BV to 1.7 x Peak BV. If it reaches the upper border it comes down again, if it reaches the lower border it comes up again. Both extremes do not persist.

For a full year now the share price is over the upper end of that range, an unusually long time, only comparable to around 2007/8 (so that I personally expect it to come down again --- which is why I still have some puts :)

Other valuation estimates point to the same thing. Berkshire is at the extreme upper end of its valuation range.

Why? Don't know, not seeing a value-boosting catalyst any time soon, quite the opposite. Investing all that cash could take many years.