Subject: IV estimate
The IV estimate as of Jun 30 using the weighing machine method is $731K/A-share, or 1.54x BV. In the weighing machine model IV is taken to be the trendline of price versus BV (log-log) over a long period of time, in this case 60 years. Both the high and low price for the quarter are used for the regression, and the r^2 is 0.976.

This IV estimate is slightly lower than that by the stock repurchase model, which uses the highest P/BV paid as the IV estimate, or 1.57x BV.

FWIW