Subject: Re: 1 Year Out
Amazing how many recs you can get for a typo--sorry.

It was supposed to say this:

How long has it been since price-to-peak-book was over 1.4?
That has only ever exceeded 1.2 years once in the past, the longest-ever wait being 2.1 years in the stretch ending almost exactly 10 years ago.
At the moment we're at 0.9 years and counting. (not 1.2 years and counting).

Specifically, the last close above 1.4 times peak-to-date nominal book per share was 2022-05-04
That was not long after the most recent peak closing multiple of 1.586 on 2022-03-28
We fans always think multiples like that are deserved so we never really think there will be price pull-back.


Jim