Subject: Re: Just to be provocative
It seems that if we’re to forecast BRKA’s price growth over the next 20 years, we need to know what is likely to happen to the S&P price multiples. Thoughts?

Secular bull markets can start only from low valuation levels. US equity market multiples are currently a whole lot more like 2000 than they are like 1982.
It would seem to me that if multiples start high, then a medium-to-long term trend of lowish price increases is rather more likely than a trend of highish price increases.

Jim