Subject: Re: brk- 15 years looking back,
The usual argument:

15 years ago the S&P500 was cheap. Now it's breathtakingly overvalued:
https://dqydj.com/sp-500-peak-...

15 years ago Berkshire was cheap. Now it's fairly valued based on current, somewhat depressed earnings, and has 20% of value in cash.

Ray Davies says it best...?
https://www.youtube.com/watch?...