Subject: Re: indexes down another 1.5-2 percent
$480 sounds a bit rich to me.

Back of the envelope examples
Book/share growth nominal 10.4%/year and 1.4x March 2026 book would be a price around $477 around Q2 next year.
Book/share growth nominal 6.1%/year and 1.4x March 2026 book would be a price around $454 around Q2 next year.

Those aren't what you'd call forecasts, but they seem to be in the general range of what would be pretty usual.
(The lower 6.1% growth rate example is because it doesn't currently look like this will be a banner year for earnings or stock returns in general)

It would not be at all surprising to see some trading below $430. I wouldn't expect buybacks to resume above $460ish, if then.

Jim