Subject: Re: Price to Trend Book Value
Am I interpreting your earlier posts correctly?

Yes. Inflation-adjusted book value has increased at a bit over 14% in the last year and a half, substantially outperforming its long-term average for that short time period. But if you look at the long term price chart (2000-current) of the log of inflation-adjusted BV, you can see it's noisy, but very close to linear for the last 24 years. You can also see the outperformance of the last 7 dots on the chart (the 1.5 years in question) as it goes from being valued below the trend line to today when it is just a bit above the trend line.

https://ibb.co/2s2bYTb