Subject: Re: BRK.B performance vs Price/Book
Price to book has become increasingly less relevant due to steady buybacks. Buybacks occur at prices above book but below intrinsic value thus they increase the intrinsic value per share while simultaneously reducing book value per share. So the gap between intrinsic value and book value per share over time will become greater and greater. This is one of the main reasons Buffett had permanently abandoned growth in book value per share as a metric to measure progress of BRK.